If it is your insurance policy, then you own it. Do you have a paper copy of the policy? It will say who the owner is. As the owner, you get to decide the beneficiary, and the amount of insurance, or cancel it if you want.
It is also possible that someone else such as your spouse owns a policy on your life. They control the policy, but your life is insured. Business partners may sometimes own policies on each others’ lives to protect against the catastrophic effect of losing one partner. What if you have a life insurance policy at work? The employer probably owns the policy on your life, but you may have certain rights such as naming the beneficiary or paying for additional coverage.