What is a life insurance policy owner?

The owner of a life insurance policy is the person or entity that pays the premiums on the policy and has the rights of ownership.

The owner is responsible for paying premiums, managing the policy, choosing the beneficiaries, and handling the oversight of ownership.

The owner may or may not be the insured. Learn more about the owner of a life insurance policy.

Continue reading ...

In order to be the owner of a life insurance policy a person must:

1. Have an insurable interest in the person there are insuring; and

2. Be of adult age in order to enter a life insurance contract.

Insurable interest means you either rely on the person you want to insure for financial support, or you would lose out financially if the person you want to insure were to pass away.

Insurable interest exists between spouses, siblings, parents and their children, family members, and business partners,...
Continue reading ...