What Does Irrevocable Mean In Life Insurance?

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    Peggy Mace
    Most of the U.S.
    Irrevocable means not able to be changed or reversed. When it applies to life insurance, it usually refers to an irrevocable life insurance trust (ILIT) set up for estate tax purposes. The owner of the policy is transferred to the ILIT, and the original owner is no longer allowed to make changes to the policy.
    Answered on October 28, 2013
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