Deed of assignment: life insurance policy or endowment policy

This deed transfers the rights in an endowment or insurance policy to some other person or company, for money or value. It is suitable in a situation other than divorce.

Suitable for use in: England & Wales and Scotland
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About this document

Use this deed to assign (transfer) a policy for life insurance or an endowment to another person. The reason could be any, but it should be a sale in which money changes hands.

We include reasonable warranties by the seller and undertakings by the buyer. It is clear and simple, but thorough and complete for an arm’s length transaction.

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.

We offer a simpler version if you are a trustee assigning the policy to a beneficiary.

If you are making or receiving a transfer as part of a divorce or separation, use this alternative document.

Completing this deed

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 document

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

Features and contents

The deed includes the following paragraphs:

  • Warranties by the assignor
  • The assignment
  • Dispute resolution
  • Severance and invalidity
  • Notice of assignment to deliver to the insurer or bank
Draftsman

This document was written by a solicitor for Net Lawman. It complies with current English law.

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