About this deed of assignment for a life insurance policy
Use this deed of assignment to transfer a life insurance policy to another person. The reason for transfer might be as a gift, as settlement of a divorce or on separation, or in return for a payment.
The transfer will be complete and valid only when the insurer has been formally notified. As well as the deed document, we have included a template notice that the assignment has taken place. This may or may not be useful to you: your insurer may prefer you to use their own form, but sometimes other parties, like your bank, also need to know or appreciate being told.
Additionally, if the reason for transfer is divorce or separation, this document includes undertakings and promises so that either party cannot fail to cooperate.
We offer a simpler version of this document if you are a trustee assigning the policy to a beneficiary. See: Deed of assignment: transfer life assurance policy by trustees.
The document is straightforward to complete and written in plain English.
Completing this deed of assignment
For technical legal reasons, all assignments of life policies must be by deed and not by contract. The main practical difference is that a deed requires a witness to the signatures. Unless it is more convenient to do otherwise, the same witness can verify the signatures of both parties.
Taxation of life assurance policies is complex and we recommend that you consult with a tax accountant. The effect of tax is also an important consideration in assessing the value to the assignee of the policy.
When to use this deed of assignment
The deed can be used to assign a policy:
- from one individual to another, for payment or as a gift
- In a sale by the life assured to anyone or any company
- for a transfer to a former spouse or life partner
Document features and contents
The deed of assignment includes the following paragraphs:
- Warranties by the assignor
- The assignment
- Limitation of liability
- Publicity: allows you to decide whether any part of the deal can be made public
- Dispute resolution
- Severance and invalidity
- Form: Notice of Assignment to deliver to the insurer and bank
Reasons to buy from Net Lawman
Full money back guarantee – buy with confidence
This deed of assignment for a life insurance policy comes with a no questions asked full money back guarantee. You take no risk that it might not be right. Once you buy it, we’ll give you 30 days to evaluate it in any way you want. If for any reason you’re not happy, just e-mail us and we’ll refund your money in full immediately.
Guidance notes included - prior legal knowledge is not required
Comprehensive guidance notes, written by the author of the document, are included. These notes ensure that you don’t need to be a lawyer or have knowledge of the law to understand which paragraphs you should edit to complete the template.
Minimal editing required
This deed of assignment for a life insurance policy has been written specifically in such a way that you don’t need to spend hours editing it. It uses an approach where you remove the sections that aren’t applicable to you, so you don’t have to add any back, write your own, or worry about whether you are using correct legal language.
Paragraphs have been written to stand alone from each other. Removing one that isn’t applicable to your circumstances doesn’t affect the standing of any other in the document.
Plain language minimises future disagreements
Your deed of assignment is real law written in plain language that all parties will understand. This will minimise the likelihood of later disputes.
Delivered straight to your inbox
As soon as you complete the secure checkout process, we will send your deed of assignment for a life assurance policy straight to your inbox. We will also keep a copy for you for 60 days in our customer area so you can access it even when you are away from your e-mail.
Still unsure whether this is the right document for you?
If you are unsure whether this deed of assignment for a life insurance policy is suitable for your particular circumstances, then you have two options. The first is to buy now, evaluate the template, and use the 30 day, full money back guarantee to obtain a refund if it isn’t suitable. You take no risk in seeing the document. The second option is to contact us and ask. We can’t offer you legal advice on your situation, but we can help you find the document you want. We aim to respond to your question within 24 hours. |
