This means that there is no need to wait for two or three years of policy ownership in order for the full amount of the death benefit to be paid out. (goodfinancialcents.com)
Life insurance policy ownership means you have all the control and responsibility of the policy. (quotacy.com)
In regards to your statement about policy ownership at age 21, buying life insurance on a child may be what your agent was referring to. (quotacy.com)