What type of beneficiary can be changed by the policy owner without needing the beneficiary's consent?

The choice of a revocable beneficiary is correct because it allows the policy owner to change the beneficiary designation without needing the consent of that beneficiary. When a beneficiary is designated as revocable, the policyholder retains control over the policy and can modify or revoke the beneficiary designation at any time while the policy is in force. This flexibility is an important feature for policyholders who may wish to update their estate plans or financial arrangements without facing additional complications.

In contrast, an irrevocable beneficiary cannot be changed by the policyholder without the consent of that beneficiary, providing the beneficiary a degree of security that they will remain entitled to the policy proceeds. Preferred and contingent beneficiaries also involve different roles within the beneficiary designation hierarchy but do not inherently relate to the ability to change the beneficiaries without consent. Contingent beneficiaries receive benefits only if the primary beneficiary is unable to do so, while the preferred beneficiary is usually just one with priority, but neither affects the consent requirement regarding changes.