A beneficiary is an individual named on a life insurance policy who will receive the death benefit if you were to die.
You can name any person as your beneficiary. You are your spouse's beneficiary unless your spouse names a different beneficiary. You may change your beneficiary by written instruction at any time unless irrevocably appointed.
What is an irrevocable beneficiary? Someone who must, in writing, approve any changes made to the beneficiary.
Please note that in Quebec, if you make your spouse (excluding a common-law spouse) your beneficiary, that designation is irrevocable, unless you have specified otherwise.