What Is Life Insurance Ownership?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaThere are many policy players with a life insurance contract: insured, beneficiary , contingent beneficiary and owner. Sometimes a person can be both the insured and the policy owner. The policy owner can make changes and alterations in the policy, but the policy owner also is the tax payer if taxable events occur.Answered on September 10, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Life insurance policy ownership is the state of owning a life insurance policy. The owner of the policy usually instigates the contract. The owner may insure themselves, and choose another person as beneficiary, or they may insure someone else with whom they have an insurable interest, in which case they usually name themselves beneficiary. The owner can change beneficiary, policy features, or even cancel the policy at will.Answered on September 11, 2013flag this answer
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