Deed of assignment: life insurance policy or endowment policy

This deed of assignment transfers the rights to an insurance policy or endowment policy to another party. It can be used when gifting or selling the policy, or as part of a settlement of a divorce or separation. It is easy to complete.
Suitable for use in: AB, BC, MB, ON and SK
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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 might be as a gift, as settlement of a divorce or on separation, or in return for a payment.

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.

Additionally, if the reason for transfer is divorce or separation, this document includes undertakings and promises so that either party cannot fail to cooperate.

The 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.

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
  • To or by the trustees of a trust for any reason
  • For a transfer to a former spouse or life partner
  • Use in all provinces of Canada

Document features and contents

The deed of assignment includes the following paragraphs:

  • Warranties by the assignor
  • The assignment
  • Limitation of liability
  • Publicity: allows you to decide whether any part of the deal can be made public
  • Dispute resolution
  • Limitation of liability
  • Severance and invalidity
  • All other legal paragraphs
  • 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 Canadian law.

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