Who is referred to as the owner of a life insurance policy?

The owner of a life insurance policy is defined as the individual who controls the contract and is responsible for making the premium payments. This person has the authority to make changes to the policy, such as adjusting the coverage amounts, changing beneficiaries, or surrendering the policy.

The owner is crucial as they retain all rights outlined in the policy agreement, which empowers them to manage the insurance contract according to their needs and circumstances. This role is distinctly different from that of the insurance company, which provides coverage and is the entity that underwrites the policy. The beneficiary, on the other hand, is the person designated to receive the death benefit upon the policy owner's passing but does not have control over the policy itself. Finally, the agent is simply the representative who facilitates the sale of the policy and does not have any ownership rights over it. Understanding the role of the owner is essential for grasping the fundamentals of life insurance policies.