REVOCABLE BENEFICIARY

The ability of a policy owner either to change who will receive the compensation from his or her policy or to terminate the policy without having to get consent from the current beneficiary. Most life insurance policies have this feature.

This is the opposite of an "irrevocable beneficiary".

A revocable beneficiary on a policy is usually the best course of action, as it allows you to change the beneficiary on the policy should certain circumstances change. It is harder to change the beneficiary on an irrevocable policy because it requires the consent of the current beneficiary.