Reviewed by THOMAS J. CATALANO Verified by SUZANNE KVILHAUG
If a person, including a trustee, has the authority to change a life insurance policy’s beneficiaries, borrow money from the policy’s cash value, or otherwise alter or modify the policy in any way, they are considered to be owners.

Even if the individual does not take action and does not borrow from the policy, this occurs. The insured person acquires ownership rights simply by having the ability to do so.

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