Changes in your personal life may create the need to change the policyowner. There may also be tax or legal advantages to having your life insurance policies or annuities owned by a trust, or by other family members who will be the beneficiaries.

The decision to change the policyowner should not be taken lightly. Before you fill out the form, contact your Northwestern Mutual Financial Network Representative, attorney, or other advisors to discuss the ramifications.

"Policyowner" Defined
The policyowner is the person or entity who owns an insurance policy or annuity and has all contractual rights. The policyowner does not have to be the person who is insured or who pays the premium, except on a tax-qualified annuity.

Multiple Policyowners
You may name multiple policyowners. All policyowners must act jointly on all policy transactions, however, and all their signatures are required on any documents that change the policy.

Premium Payments and Death Proceeds
Changing the ownership of a policy does not change the beneficiary or the person who receives the bill. To change these items, the new owner should submit a Change of Beneficiary form and the Change of Payer form.

To change the policyowner, print out and complete the Owner Designation form. This form is located on the Life Insurance landing page under printable forms.

When the current policyowner is a business or trust, the form must include the name of the business or trust, and the title of the person signing. The person who signs should not be the person insured or the person who will benefit from the change.

After we have accepted and recorded the information on your owner designation form, the change becomes effective as of the date the form was signed.