Are the right people owning my insurance policies? Does it matter?
Policy ownership is very important. Why? The policy owner is responsible for paying the premiums, making decisions about any changes to the policy, potential cancellations, and receiving the proceeds of the policy at claim time.
The different forms of policy ownership include: owning your own policy, owning someone else's policy, joint ownership, a company owned policy, and a trust owned policy. Partners Life have developed a handy information sheet that highlights the benefits and risks of each ownership type.
If you are unsure about which ownership structure is right for you talk to your lawyer or Financial Adviser.