there are five parties to an insurance contract there's the insured where the person who the insurance is on okay the owner which is normally the insur but doesn't have to be there is the premium payor the one paying the money into it and there's the beneficiary the one who will receive the tax-free death proceeds upon the death of the insured and then there's the insurer the insurance company you could have a different party fill all of those roles but many times I have clients who own their own policies and I have them own life insurance on somebody else on their spouse on their kids on their grandkids it's the owner of the insurance contract that gets all the taxfree accumulation and the tax-free income the insured simply has the death benefit
Tax-Free Retirement Planning