Parties to a Life Insurance Policy

Who are the parties involved in a life insurance policy?

A life insurance policy is actually a life insurance contract between the insurance company and the owner of the life insurance policy.

The owner of the life insurance agree to pay a premium to the insurance company in return the insurer agrees to pay out a death benefit upon the death of the insured person. The recipient of the death benefit would be the person or persons named in the life insurance policy as beneficiary.

The parties to a life insurance policy include the insured person, owner of the life insurance policy, the life insurance company, the primary beneficiary and the secondary beneficiary.