Deed of assignment: life insurance policy or endowment policy
- Solicitor approved
- Plain English makes editing easy
- Guidance notes included
- Money back guarantee
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 could be any, but it is a sale in that money changes hands.
The document includes 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 of this document if you are a trustee assigning the policy to a beneficiary. See: Deed of assignment: transfer life assurance policy by trustees.
If you are making or receiving a transfer as part of a divorce or separation, use Assignment of policy on separation.
Every 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.
Document features and contents
The deed of assignment includes the following paragraphs:
- Warranties by the assignor;
- The assignment;
- Dispute resolution;
- Severance and invalidity;
- Form: Notice of Assignment to deliver to the insurer and bank.
This document was written by a solicitor for Net Lawman. It complies with current New Zealand law.
"I have found Net Lawman perfect for my needs and saved me thousand of dollars in legal fees getting a lawyer to produce these douc's from scratch. I have used three of the Net Lawman doc's to basically write up the NDA, contract, Non Solicitation agreements to a level of being 95% complete and then used my lawyer to sign off. My lawyer even commented how complete these doc's are.
Thanks guys, great service/product.
Cheers Dean"Dean Harper
"The document was extremely useful and I shall certainly use your service again"Colin Poole
"...Yes very useful. I understand the terminology etc as I've seen a fair few legal docs before. Notes are very helpful. Gives me some base insight without the expense of a solicitor! "John K