If you own a policy on someone else's life i.e. your spouse, kids, business partner, employee's you need to designate a contingent owner to these policies.
Why?
Let's say you, the owner of the policy, passes away and the insured is still living. If you have not directed a contingent owner there is no direction to the insurance company on who to make the next owner.
What happens then?
Probate court.
Your family, business, will be at the mercy of the court, namely the time they take, to give direction on the next owner of the policy.
To avoid this and lace up your system of policies one more notch you can add a contingent owner with a form and your signature.
You can access this form either through your online account with the insurance company or with their customer service department.