Who owns my policy?
The policy should state who the owner is. The owner controls the policy, decides the beneficiary, the amount of insurance and cancels it when they want.
The ownership is often in your own name. It is also possible that your spouse, business partner or the trustees of a trust could own a policy on your life.
If you have a trust that should be the beneficiary of the proceeds of the policy, then the trustees may be the policy owners.
Business partners may sometimes own policies on each other’s lives to protect against the catastrophic effect of losing one partner.
If you have a life insurance policy at work, the employer probably owns the policy on your life, but you may have certain rights such as naming the beneficiary or paying for additional coverage.
Talk to your InsuranceLab advisor to determine the correct policy ownership structure.
