Hi Folks! 
May I give my life insurance coverage to someone else? 
Any thoughts or firsthand knowledge on this? Your criticism will be highly appreciated.
You have the option to transfer ownership of your policy to another adult, including the policy beneficiary. Alternatively, you can establish an irrevocable life insurance trust and transfer ownership to it. It’s important to note that certain group policies, commonly offered through employment, may restrict or prohibit the transfer of ownership entirely.
The first question that comes to mind is what kind of policy is it? Does it have cash value? Is it a child/dependent policy with a guaranteed insurability rider?
If it has cash value, definitely do not let it lapse, instead find out what the value is. You can borrow against many cash value policies tax-free and use that money for whatever.
If there is a guaranteed insurability rider, that means that the policy can continue to be renewed and coverages sometimes can be changed without a medical exam. This is especially helpful if you have something like high blood pressure or diabetes that you did not have when the policy was issued.
Ownership of the policy is exactly as it sounds, who owns the policy. Which in turn means who can make changes to the policy including changing beneficiaries and how payouts are handled. My recommendation is to get the full policy and sit down with an agent to review policy in detail before making any decisions about continuing or discontinuing the policy.