If you own a participating policy with a mutual life insurance company, you are an owner of the company. As an owner, you have ownership rights such as approving the board of directors. This may be a small benefit, but it’s nice to know that you have additional rights of ownership besides the dividend companies. Just like with stock ownership, participating policy owners “have a say” in the leadership of the company. Practically speaking, it is rare that mutual policy owners actually participate in the election of the board of directors. Even so, the option to do so does exist.