What Is Irrevocable Life Insurance? 
Life insurance is not usually referred to as irrevocable but there is such a thing as an Irrevocable Life Insurance Trust -LRB- ILIT -RRB- that you may be referring to . This is a trust that owns one or more life insurance policies , and is the beneficiary of said life insurance policies , for tax purposes . By virtue of being irrevocable , it is not able to be changed by the person who has set it up to avoid paying estate taxes on the proceeds . 