The purpose of this Deed of Assignment - Life Insurance or Endowment Policy is to transfer, or change, the legal ownership of a life assurance policy from the assignor to the assignee. 

Please note: if you assign a life policy, you will lose all entitlement to the proceeds of the policy and you will no longer have any control over the assigned policy.  

This Deed of Assignment - Life Insurance or Endowment Policy document template incorporates warranties of the assignor’s title to the policy, it is fully comprehensive and balanced.

The assignment of a life assurance policy may have tax implications, independent taxation advice should be obtained.

The assignment of a policy does not change the life (or lives) assured. Therefore, if a policy on the life of X is assigned to Y, the policy proceeds will still be payable on the death of X, not Y.

Where the policy is held in joint names X and Y and is being assigned into the sole name of X, X must sign the deed as both an assignor and the assignee. Y only signs as an assignor. Where the policy is subject to a prior charge (that is) previously assigned to a bank or building society, the previous assignment will take priority over this assignment.

Please note: This document is designed to be used for life or endowment policies only.

This Deed of Assignment - Life Insurance or Endowment Policy is in Microsoft Word format, written in plain English, easy to use and edit.