What is a policyowner?
A policyowner is the person who has all rights, title, and interest to a life insurance contract. These rights include transferring ownership, changing the beneficiary, collecting dividends, collaterally assigning the policy, and obtaining a policy loan. Note: The policyowner does not automatically receive benefits upon the insured's death. Generally, proceeds are payable to the beneficiary. The policy owner may or may not be the same as the beneficiary. Note: Centrian Life will only provide policy information and allow policy changes to be made when requested by the policyowner.
Note: When contacting our call center, you will be requested to provide positive verbal identification as a policyowner.
Our mailing address is:
Centrian Life Insurance
P. O. Box 4044
Woburn, MA 01888-4044
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How can I change the ownership of my policy?
The ownership can be changed at anytime only by the policyowner. We require the signature of the current owner* as well as the new owner/assignee. Note: If the owner/assignee is to receive proceeds at the time of claim, they may also need to be designated as beneficiary.
*If the current policyowner is deceased, please contact our office for additional assistance.
Note: When contacting our call center, you will be requested to provide positive verbal identification as a policyowner.
Our mailing address is:
Centrian Life Insurance
P. O. Box 4044
Woburn, MA 01888-4044
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Who can be named as policyowner?
The owner of a policy can be:
- The Insured
- A relative (spouse, parent, child*)
- Individual not related to Insured ("no relation")
- An "established" Trust (You must provide the name of the Trust and trustee(s) and the date of the trust)
- A Corporation such as a business or funeral home (You must provide the Federal Identification Number)
Note: In certain circumstances, multiple or contingent owners may be designated. Consult with a representative of our call center for more details. 1-800-315-0552, Monday - Friday 8:00 A.M through 6:00 P.M. (ET).
* IT IS NOT RECOMMENDED TO DESIGNATE A "MINOR" (UNDER AGE 18 YEARS) AS A POLICYOWNER. IF A MINOR OWNS A POLICY, NO CHANGES CAN BE MADE TO THE POLICY UNTIL THAT CHILD ATTAINS LEGAL AGE (18 YEARS).
Note: When contacting our call center, you will be requested to provide positive verbal identification as a policyowner.
Our mailing address is:
Centrian Life Insurance
P. O. Box 4044
Woburn, MA 01888-4044
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What do I do if the policyowner passed away?
Contact our office so that we may review the policy record to determine the new owner. We may require that different signatures and/or materials be provided. Once we have obtained this information, we can either contact the new owner by phone or mail and provide them with details or simply send the required form and instructions to you.
Note: We require a certified copy of the deceased owner's death certificate.
Note: When contacting our call center, you will be requested to provide positive verbal identification as a policyowner.
Our mailing address is:
Centrian Life Insurance
P. O. Box 4044
Woburn, MA 01888-4044
> Back to Top