Who owns my policy?
The policy owner is the person, or trustees, with legal control of the policy. Usually that is the person who applied and pays the premiums. The owner can make changes and, if the policy is not in trust, the payout usually goes to them or their estate. Your policy schedule shows who the owner is.
Owner and life insured
The owner and the person whose life is covered can be different, for example when one partner insures the other.
Policies in trust
Once a policy is in trust, the trustees are the legal owners and decide what happens to the payout under the trust's terms.
Changing ownership
Assigning a policy is a legal step. Ask your insurer and seek advice first.
This article is general information about UK protection insurance, not personalised financial advice. Policy terms vary between insurers and products, so always check your own policy documents.
Last updated 27 October 2026