About this document
Use this deed to transfer a life assurance policy to a former spouse or life partner.
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 for that purpose.
We offer a simple version of this deed if you are a trustee assigning the policy to a beneficiary.
If you are selling or buying a policy for money, use this similar document.
For technical legal reasons explained further here, all assignments of life policies must be by deed and not signed by hand.
In practice, this means that you need a witness to your signatures. Unless it is more convenient to do otherwise, the same person 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.
Features and contents
The document includes the following:
- Warranties by the assignor
- The assignment
- Dispute resolution
- Severance and invalidity
- Notice of assignment to deliver to the insurer or bank
This document was written by a solicitor for Net Lawman. It complies with current English law.
Net Lawman responds 22 July 2013-
"I have used you in the past and am always impressed!"
Diane Bantten (Acquit Debt Recovery) -
"First class . Written in accessible English - consistently to "you" and rendered down to the true essentials. Saved a great deal of time!"
Ian Binks -
"We are a small UK business who can not afford our costs to get out of control. NetLawman is a great option for young small businesses."
CCF(Automotive) Training & Consultancy Ltd.