What Is Irrevocable Assignment Of Life Insurance? 
Irrevocable Assignment of Life Insurance can refer to irrevocable assignment of ownership and/or benefits . If you assign ownership of your policy irrevocably to another party , you can no longer make any changes to the policy . This type of assignment is often used for tax purposes , by assigning ownership of the policy to an Irrevocable Life Insurance Trust -LRB- ILIT -RRB- . If you assign benefits of your policy to another party irrevocably , they will receive the payment when you pass . This type of assignment is often used to designate life insurance to be used for funeral expenses under Medicaid spend down guidelines . 