Who maintains the right to make decisions regarding coverages in a life insurance policy?

The policy owner maintains the right to make decisions regarding coverages in a life insurance policy. This includes the ability to choose the type and amount of coverage, add or remove riders, change beneficiaries, and make adjustments to the policy as needed. The policy owner is typically the individual who applied for the insurance and has a vested interest in maintaining the policy's terms and conditions.

In life insurance, while the insurance company provides the policy and pays out benefits, it does not have the authority to unilaterally modify the coverage without the policy owner's consent. The beneficiary is designated to receive the death benefit upon the insured's passing, but they do not make decisions about the coverage itself. The insured is the individual whose life is covered under the policy, but they may not necessarily be the policy owner. It is the policy owner who holds the ultimate decision-making power regarding the coverage.