Need to transfer your life insurance policy? Find out if you can here.

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So, you want to know if you can transfer your life insurance policy to another person? The short answer is ‘yes.’

But the details are important, right? That’s what we’re going to be looking into in this article.

Keeping this in mind, it’s all the more important that you answer the question right. So let’s look at the different scenarios and how you may want to answer that question:

So, can you transfer your life insurance policy to someone else?

Sure, you can. You can transfer your rights, title and interest in a life insurance policy to another person. There are some specifics involved, and we’ll get to it soon.

But why would someone want to transfer their life insurance policy to another person?

One of the most common reasons a life insurance policy may be transferred to another person is to provide security for a loan. In this case, the borrower assigns the life insurance policy to the lender. The lender is known as the assignee.

Once you’ve transferred your life insurance policy to another person, the assignee will receive the benefits from that policy. 

How do you transfer your life insurance policy?

The exact procedure to transfer your life insurance policy will vary from one life insurance provider to another. However, here’s a broad, step-by-step guide to help you with this.

  1. Firstly, to transfer the policy, you need to download the required form from the company’s website, or obtain it from the branch office.
  2. Then, you must fill out the relevant details. This may include the name, address, and signature of the assignee, the relationship between you and the assignee, and the reason behind the policy transfer.
  3. Once you’ve duly filled in the form, submit it to the insurer online or in person - whichever method is convenient for you.
  4. Remember to submit any other documents that your insurance provider may need along with the form.
  5. After your application for transfer is submitted, the insurance provider will take a few days to process the request. Then, upon approval, the transfer will come into effect.

What documents do you need to submit?

Again, this varies from one insurer to another. Generally, however, you will be required to submit the following documents:

  • The original policy document
  • Your KYC documents
  • The KYC documents of the assignee

That sums up the basics about transferring a life insurance policy

Read next: HOW DOES LIFE INSURANCE WORK?

Transferring life insurance policies is just one part of the picture. Want to know more about how life insurance works? We have a comprehensive blog on this.

Read it here

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