Who Can Own A Life Insurance Policy? 
Anyone can own their own life insurance policy , when they are the insured person in the policy . Sometimes people think that someone else should own their life insurance policy for tax purposes , when the possibility of their estate ever being large enough to incur estate taxes is nil , and life insurance does not incur income taxes . But there are legitimate situations -LRB- for tax purposes and otherwise -RRB- where another person owning the policy is wise . To own the policy , that person must have a financial interest in the life of the insured person . It is the owner of the policy who has the right to change the beneficiary . So be careful when choosing an owner . 