Aside from the person insured, the next most important person in an insurance process is the beneficiary. The beneficiary can be one person or more depending as the case may be. The proceeds of the insurance policy will be received by the beneficiary when the person insured passed away. The policy owner will designate who will be the beneficiary or beneficiaries with the option of changing it unless of course it is stipulated in the policy that the policy designation is irrevocable. In this case, the beneficiary has no choice but to agree to issues like changes in beneficiary, assignments included within the policy and even in the borrowing of cash value.