The policy owner - The person whose name the policy is in and to whom the benefits will be paid. In the event of your passing the people designated in your policy will receive the payout or otherwise it will go to your estate.
Combined ownership - The policy can be jointly owned by you and your partner. Under these circumstances the benefits will be shared by all parties, or in the event of your passing, to your spouse.
One other person or company - For example an employer will receive remuneration not the policy owner or their estate. This plan is sometimes used in the case of key person insurance but could be utilised by people who manage and control their own company.
An investment Portfolio- The insurance company will pay any invested income to the fund who will stipulate how to issue the benefits according to the regulations as stipulated in the portfolio. This investment portfolio can be self managed so as to be suitable to the needs of the client. There are specific Super Annuation policies that enable salary sacrifice and thereby maximising tax deductions.