Policy Owner
On a life insurance policy, the policy owner is the person who owns the policy. This is most often the person who is insured through the life insurance policy. At times, the policy owner is a relative of the insured, or a company.
The person or company that is the policy owner of your life insurance policy will be able to make all decisions relating to your life insurance. Most often they are the ones who established the life insurance policy, and determined who the beneficiaries were. This is why it is best to be the policy owner of your own life insurance policy. If, however, someone else owns the policy on your life insurance, this can work as a nice arrangement to give you some added life insurance benefits. Just make sure that you understand who controls your life insurance policy so there are no misunderstandings regarding your coverage.
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