If a policy owner has an irrevocable beneficiary and wishes to cash in the policy, what must he do?

In situations involving an irrevocable beneficiary, the policy owner has limited rights over the policy's benefits. An irrevocable beneficiary has a legal interest in the policy, meaning the policy owner cannot alter the beneficiary designation or access the cash value without the beneficiary's consent. Therefore, if the policy owner wishes to cash in the policy, obtaining the consent of the irrevocable beneficiary is mandatory. This protects the rights of the beneficiary, ensuring that they are aware of the policy owner's intentions and allowing them to consent to any changes that may affect their entitled benefits.