Who Should Own Your Life Insurance Policy? 
Generally , you will want to be the owner of your own life insurance policy . Two of the three parties of a life insurance policy -LRB- owner , insured , and beneficiary -RRB- must be the same entity so you do not violate the goodman triangle -LRB- a tax issue arises when you have 3 different parties on a life insurance policy -RRB- . As most insureds want to have control over the policy that is on their life , they will be the owner and insured of the policy . If you are purchasing the life insurance for estate planning purposes , you may be using an Irrevocable Life Insurance Trust -LRB- ILIT -RRB- and putting the insurance into the trust . When you do this , the ILIT would be the owner and beneficiary of the policy . 