Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Why is ownership of the insurance policies vital?

April 26, 2017Insurance ownership policies vital

0

Posted

Why is ownership of the insurance policies vital?

1 Answer

0

Posted

The owner is a person who controls the policy and has the right to name further beneficiaries. For instance, your spouse might be the current owner of a health insurance policy that has you named them as the beneficiary. This means that your spouse can change the beneficiary at any time, differing to what is desired or needed.