The owner of a life insurance policy is the person that has the legal authority over the policy. As the owner of a policy, you have the authority to make policy changes (e.g. beneficiary changes, coverage changes) and in general manage the policy. In most cases, the insured will be the owner of the policy, but in some cases a policy will be set up with an owner that is not the insured; in which case, the insured person will not have actual control over the policy in question. Make sure that you seek legal advice when considering differential ownership over a life insurance policy whether it be your policy or a policy that you may be opening on someone else.