Deed of assignment
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Key features
England & Wales
Scotland
- Length:4 pages (850 words)
- Available in:
Microsoft Word DOCX
Apple Pages
RTF
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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 deed of assignment by trustees if you are a trustee assigning the policy to a beneficiary.
If you are selling or buying a policy for money, use this similar deed of assignment of a life insurance policy.
For technical legal reasons, all assignments of life policies must be by deed and not signed by hand. You can read more about what a deed is and when to use one.
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
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