What Is An Irrevocable Life Insurance Policy? 
The term irrevocable means that the policy can not be changed . For example you can have an irrevocable beneficiary or an irrevocable owner . This is common in Medicaid planning utilizing an insurance policy irrevocably assigned to a Funeral or Estate Trust . By assigning the policy to an irrevocable trust , the cash value is no longer considered a countable asset by Medicaid as long as other conditions are also met . There are other reasons for irrevocably assigning a policy to a trust or entity depending on the need . 