Owner Of Life Insurance Policy at Life

Owner Of Life Insurance Policy. The policyholder owns and controls the life insurance policy. Being the owner of a life insurance policy means:

Life insurance (or life assurance, especially in the commonwealth of nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policy holder). The owner can be either the insured or the beneficiary, and some policies may have more than one owner. There are a few basic ways to prevent life insurance proceeds from being included in your estate for purposes of the federal estate tax.

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You can own your own life insurance policy or you can just be the insured and someone else can own it. The owner does not have to be the payer or the insured, although it often is one or both of those. The owner of the policy is responsible for paying the premiums to keep the life insurance policy in force and the life insured protected. Personal property has an owner.