Settlement on Life Insurance Policy

When it comes to a settlement on life insurance policy, there are three segments to a transaction on the life insurance: the insurer, the insured and the policyholder—although the insured and the policyholder are usually the same individual. If a husband purchases an insurance policy for himself, he is considered both the policyholder and the insured. However, if his wife purchases an insurance policy on her husband’s life, she is the policyholder and the husband is the insured.

The policyholder is the grantee and he/she will be the individual that will pay for the insurance policy. The beneficiary of the settlement on life insurance policy receives proceeds upon the death of the insured. The policyholder designates the beneficiary, but the beneficiary is certainly not a party to the insurance policy. The policyholder may even change the beneficiary unless the insurance policy has a designation for the irrevocable beneficiary.

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