You can name your spouse, children, dependents, another family member, a friend, or a charity as a beneficiary. If you name more than one beneficiary, the insurance company will divide the death benefit. You can assign percentages of the death benefit to each beneficiary, e.g., 50 percent to your spouse and 50 percent to your children. You can name your beneficiaries when you purchase your policy if you wish to. You should discuss your plans with your beneficiary. You should decide if the beneficiary is revocable or irrevocable.
Revocable beneficiary: you can change the beneficiary at any time without telling them.
Irrevocable beneficiary: you must have written permission from the irrevocable beneficiary before you can make any changes.
Easy answer provided by FSCO (Financial Services Commission of Ontario)