Which entity typically bears the responsibility for selecting the beneficiaries of a life insurance policy?

The policyowner is the individual who holds the rights to the insurance policy and therefore has the authority to select the beneficiaries. This includes determining who will receive the death benefit when the insured person passes away. The policyowner can choose one or more beneficiaries and can also change beneficiaries as needed, provided they follow the policy's guidelines and legal requirements.

In this context, the insurance agent serves primarily as a facilitator, helping the policyowner understand their options but not having the authority to make decisions about beneficiaries. The insurer, or the insurance company, adheres to the policyowner's instructions regarding beneficiary designation but does not select them. Similarly, while a financial advisor may provide guidance on asset allocation and financial planning, the ultimate decision regarding the beneficiaries rests solely with the policyowner.