The term revocable beneficiary is primarily used in life insurance. If a life insurance policy has a revocable beneficiary, the policyholder can change the beneficiary at their own discretion. They do not need the approval of the beneficiary. This sets policies with a revocable beneficiary apart from policies with an irrevocable beneficiary.
In Switzerland, life insurance policies are issued under the pillar 3a and the pillar 3b categories of retirement and precautionary savings. Life insurance policies which fall under the pillar 3a category are always irrevocable because the beneficiaries are legally designated (spouse, children, legal heirs).
Only pillar 3b life insurance policies may allow for a revocable beneficiary. The cash value of permanent life insurance policies which have revocable beneficiaries is not protected from seizure in the event of personal bankruptcy. The cash value of pillar 3b policies which name your spouse or children as irrevocable beneficiaries cannot be seized.
See also:
Guide to permanent life insurance
Term life insurance vs. mixed life insurance
Revocable trusts explained
Deal of the Day 
