If I am the owner of the life insurance policy, who is able to get information on the policy?
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Asked June 1, 2016
For an accurate answer, it is important to understand a few insurance terms. These terms are the policyholder, the insured and the beneficiary. A policyholder is defined as the one who actually owns the insurance policy. The beneficiary is defined as the person who collects the benefit when the insured dies. The insured is the person who is actually covered by the insurance policy.
The policyholder, or the owner of the policy, is in control of the policy. This means the owner is responsible for all aspects of the policy including paying premiums and making any changes. The policyholder is the only one who can gain information about the policy until the insured dies. At that time, the beneficiary can begin the process of accessing the policy to gain the death benefit listed in the policy terms. The insured cannot make any changes to the policy or gain information either. The only way an insured can make changes or gain information is if he or she is the policy owner, or policyholder, as well.
In some cases of elderly policyholders, another person can make decisions if he or she has been named the power of attorney over the elderly person. Once this occurs, the power of attorney can gain access to the policy and make changes. Again, this can only happen if power of attorney is granted.
Answered June 3, 2016 by GWGLife