Question:
❓Who actually controls a life insurance policy?
A) The person whose life is insured
B) The person who owns the policy
C) The insurance company
D) The beneficiary
Answer:
✅ B) The person who owns the policy
Here’s why:
The owner is the one with all the rights: they choose the beneficiaries, decide how long to keep the policy, and, with permanent insurance, can use the cash value.
The insured and the owner are often the same person, but not always.
Parents can own policies on their kids, business partners can own them on each other, and in some cases ownership can even be transferred.
That matters because the owner is the one with control—not the insured, not the beneficiary, and certainly not the insurance company.
