Who Should Own My Life Insurance Policy? 
As an adult you should own your own insurance policy . The owner has the right to borrow , cancel and change the beneficiary . Under certain conditions it makes sense for someone else to be the owner of the policy including -LRB- 1 -RRB- policies on dependent children should be owned by their parents -LRB- 2 -RRB- policies purchased by a corproation to cover one of their employees under key man insurance -LRB- 3 -RRB- policies on grown children who are not mentally capable of making financial decisions . Typically the owner is the person who is financially responsible for the premium payments and would face financial challenges in the event of the insured 's death . 