What Does It Mean To Be The Owner Of A Life Insurance Policy? 
The owner of the life insurance policy `` owns '' the policy and has the right to control it . The owner does not have to be the insured person ; in fact , the policy owner may be a business or trust . The owner also does not have to be the payor . However , the owner could change beneficiaries or make other decisions for the policy that the payor did not intend , so normally those two roles coincide . Finally the owner may be the beneficiary ; or the beneficiary may be a grandchild , a charity , an employees family , or whoever the owner desires to receive the money upon the death of the insured . 