Who controls changes in premium payments, cash values, and loans in a life insurance policy?

The policy owner maintains control over changes in premium payments, cash values, and loans within a life insurance policy. This person holds the rights to make decisions regarding how the policy operates. For instance, they can adjust premium payments based on their financial situation or the terms of the policy.

Additionally, the policy owner can take loans against the cash value of permanent life insurance policies, allowing them to access funds when needed. They determine how the cash value is utilized or invested, if applicable. This centralized control ensures that the policy owner can adapt the policy benefits according to their individual needs and circumstances over time.

In contrast, the roles of the insurance agent, beneficiary, and insurance company do not involve direct control of these elements. The agent acts as an intermediary between the policy owner and the insurance company, providing guidance and facilitating transactions but does not have authority over policy changes. The beneficiary is the person or entity entitled to receive benefits upon the policy owner's death, but they do not influence premium payments or cash values while the policy is active. The insurance company maintains the policy and its regulations but ultimately follows the directives of the policy owner concerning premium adjustments and withdrawals.