The Policyowner is the person who owns a life insurance policy and holds all the rights associated with it, including the ability to make changes or access the cash value. This individual is responsible for paying the premiums and can also designate beneficiaries who will receive the death benefit. Understanding the role of the policyowner is important because it determines who controls the policy and its benefits.
Being the policyowner means you have the authority to make decisions about your insurance, such as changing coverage amounts or withdrawing cash value. If the policy is held in a trust or by another entity, those rules can affect how you manage the policy.