What is the key difference between “revocable beneficiary” and “irrevocable beneficiary” in insurance?

The “revocable beneficiary” is a designation in which the policyholder has all the rights to change the beneficiary name without the consent of the named beneficiary. On the other hand, the “irrevocable beneficiary” is a designation in which the policyholder must ask for the beneficiary’s consent before changing the beneficiary’s name. In this condition, the policyholders cannot change the beneficiary’s name without their consent, even if they have purchased the insurance and paid the premiums.