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Absolute Assignment of Life Insurance Policies

An absolute assignment transfers all ownership rights of a life insurance policy.

An absolute assignment transfers all ownership rights of a life insurance policy.

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  •   1. What Is the Assignment of Insurance Benefits?
  •   2. What Is a Life Insurance Assignment?
  •   3. Does Life Insurance Count Towards the Two Million for Federal Estate Tax?

An absolute assignment of a life insurance policy involves transferring all rights and ownership decisions to another party. You could have one of several reasons for wanting to do this; for example, using the policy as collateral for a loan, or making a donation to your favorite charity at death. Making an absolute assignment is relatively simple as long as your life insurance policy allows it.

How Transfer of Ownership Works

Absolute assignment is akin to a transfer of ownership, in that you are giving all ownership rights to another party. Although you remain the insured under the contract, the new party can change the beneficiary (usually to itself), it can make decisions about investment options of a whole-life policy, and it can take any other action that does not jeopardize the policy's in-force status. You remain responsible for the premium payments, and you could be in breach of the assignment provisions if you don't pay them.

Collateral Loan Bank Assignment

Absolute assignment of life insurance is often done when a person applies for a loan. If the bank is concerned that the loan might not be repaid if you died, if might require a life policy with an absolute assignment to the bank. The bank names itself the beneficiary of the policy up to the amount of the loan balance. Any residual death benefit would go to your named beneficiary.

Financing a Charitable Gift

Another use of absolute assignment is to make a charitable gift. This approach is gaining in popularity.

Life insurance is often purchased to finance a charitable donation by the estate of a deceased individual. One drawback to this approach is that the entire gift goes through the estate and might incur probate delays and fees.

The use of an absolute assignment streamlines the process, as the charity can name itself the beneficiary of the policy. The charity can issue you a tax receipt for every premium, which you can deduct as a charitable contribution.

Absolute Assignment Legal Considerations

Insurance companies freely provide assignment forms that are straightforward and easy to fill out. Once an assignment is complete, a copy of the form should be filed with the insurance company.

The life insurance company may withhold part of its payout to any beneficiary -- including a newly designated one -- if a premium hasn't been fully paid, or because of other indebtedness. That might have legal ramifications for you and the assignee, in which the insurance company will take no part.

  • Standard Life Insurance Co. of New York: Absolute Assignment Form
  • Waypoint Partners: Assigning Your Life Insurance Policy
  • Collateral Assignment Agreement

Philippe Lanctot started writing for business trade publications in 1990. He has contributed copy for the "Canadian Insurance Journal" and has been the co-author of text for life insurance company marketing guides. He holds a Bachelor of Science in mathematics from the University of Montreal with a minor in English.

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Home » Articles Library » 2 Ways to Transfer Ownership of a Life Insurance Policy

2 Ways to Transfer Ownership of a Life Insurance Policy

Things to Know about Borrowing Against Your Life Insurance Policy

As property, policyowners can transfer their life insurance contracts to other persons or entities. A policyowner can transfer either all or only some of the “bundle of rights” that comprises a life insurance policy to almost any person or entity.

The two basic ways of making a lifetime transfer of a policy are: (1) the absolute assignment; and (2) the collateral assignment. An absolute assignment, as its name implies, transfers all the policyowner’s rights irrevocably. A collateral assignment, again as its name implies, assigns so much of the death benefit as necessary for as long as necessary to secure a lender’s rights. But no more of the proceeds will go to the lender than the amount of debt owed.

Requirements

The assignment does not have to be of any particular form (absent specific provisions in state law or the contract to the contrary). Because life insurance is treated as personal property, policyowner may transfer ownership rights, not only by many different types of documents, but also by many different actions. For example, if a person sells a business and the business owns a life insurance policy, the sale of all the assets of the business carries with it the personal property the business owned – including the life insurance.

Likewise, a property settlement in connection with a divorce may have the effect of transferring the ownership of life insurance on the life of one or the other (or both) spouse(s) even though no one ever uses the word “assignment” with regard to these transfers. But this type of transfer (where a clause in the divorce decree disposes of life insurance) is both very dangerous and very awkward. If a policyowner names his new spouse as beneficiary of the insurance proceeds and the insurer has no notice or knowledge of the divorce decree’s change, both spouses are likely to claim the proceeds. Furthermore, if the decree requires the policyowner spouse to maintain the policy for the benefit of his or her ex-spouse, the policyowner cannot obtain a policy loan-even to keep the policy in force through a premium loan.

Before either the absolute or collateral type of assignment or any other instance of a policy ownership transfer is valid, the policyowner must notify the insurer (and, where required by the terms of the contract, the insurer must consent to the assignment). Once notified in writing at the insurer’s home office, the insurer must honor the policyowner’s transfer—unless the terms of the contract itself forbid assignments. So if the insurer then disregards (by intention or neglect) the assignee’s rights and makes payment to someone else, the courts may force the insurer to make a second payment to the assignee. If the policyowner gives no notice to the insurer, it will be protected in a transaction initiated by a former owner. For instance, if the former owner applies for a policy loan and he has not given the insurer proper notice that he had assigned the policy, the insurer is protected in making that loan.

The insurer does not, however, have to verify the bona fides of the transaction between the policyowner and the transferee nor the validity of the transaction. In other words, the insurer is not accountable for the mental or legal capacity of the policyowner to make the assignment (unless it had knowledge that the policyowner was not legally competent to make it or there were irregularities in the assignment form).

Absolute Assignments

Policyowners use an absolute assignment in life insurance planning when the policyowner wants to sell or give away all of his or her rights under the contract. The goal might be to obtain valuable consideration, to save estate taxes, avoid creditors, or purely for love and affection and to assure the transferee of financial security. There are many common examples of sales and gifts: 

  • A client might sell a policy on his life to his business.
  • A business might sell a policy on an employee’s life to the employee or to the employee’s spouse or child or trust (or to a pension plan).
  • A shareholder might sell a policy on his life to a new business associate.
  • A client might give a policy on her life to her spouse.
  • A client might give a policy on his life to his children or to a family trust.

Tax Implications

Both sales and gift transactions have important and sometimes unexpectedly expensive tax implications. Planners should thoroughly research before allowing any sale of a life insurance policy. Also, understand what should be considered before allowing a client to make a gift of a policy. A valid gift requires that the donor have contractual capacity and intent to make a voluntary gratuitous transfer and the gift must be delivered to and accepted by the donee (assignee).

Nontax Implications

Planners must be aware of the nontax implications of an absolute assignment in order to avoid them and/or alert the client to their potential effect. Some of these are: 

Although an absolute assignment itself may not per se change the interest of a revocable beneficiary, as a practical matter the new owner can immediately change the beneficiary and often makes that change almost simultaneously with the assignment. Some absolute assignment forms state that the new owner is automatically the primary policy beneficiary until the new owner makes a change to the beneficiary designation.

If the policyowner made an irrevocable beneficiary designation before making an absolute assignment of the policy, in most states the assignment will not defeat that designation (without the written consent of the beneficiary) and the transferee should be apprised of this fact.

Absolute assignments may put the policy and its proceeds beyond the claims of the  policyowner’s creditors, but planners should inform policyowner that—like diamonds—an absolute assignment is forever. There is a loss of both control and flexibility from the transferor’s viewpoint.

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Absolute Assignment of a Life Insurance Policy

Absolute Assignment means complete Transfer of Rights. The person who transfers the rights is called the Assignor and the person to whom the rights are being transferred is called the Assignee.

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The process of transferring rights of a Life Insurance Policy is called Assignment. There are 2 types of Assignment.

  • Absolute Assignment
  • Conditional Assignment

Hence Absolute Assignment means completely transferring whole and sole rights of the policy from the Assignor to the Assignee without any further terms and conditions applicable.

The process of assignment is complete only when the original Policy Document has been endorsed or a fresh Policy Document has been issued in favour of the Assignee.

Let’s take an example:

Rahul owns a Life Insurance policy of value Rs 5 lakhs. He would like to gift it to his best friend Ajay.

Thus, in that case, he would like to perform Absolute Assignment of the policy in Ajay’s name such that the death or maturity proceeds are directly paid to him. Rahul’s family members or nominee does not have any right on the policy money.

After the assignment is executed, Ajay becomes the absolute owner of the policy. If he wishes, he may again transfer it to someone else for any other reason. This type of Assignment without any further clauses attached to it is called Absolute Assignment.

life insurance absolute assignment form

Example in real life of Absolute Assignment happens in case of an Insurance Policy being taken by the employer as a perquisite for the employee. Once the policy is purchased, it is transferred to the employee’s name under Absolute Assignment clause. Hence the employee becomes the owner of the policy, but the employer pays for it till the end. Thus, instead of paying the employee cash, they purchase an insurance policy in their name and add it to their Annual Income Package.

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Deepak Yohannan is the Founder & CEO of MyInsuranceClub. He enjoys writing on Personal Finance and focusses on explaining the basic concepts of insurance in simple language.

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Absolute Assignment

What does absolute assignment mean.

Absolute assignment refers to a policyholder transferring his or her ownership of a policy to another party. That transfer means that all of the coverage within that policy will now go to the newly named party. The original owner of the policy does not have to state his or her reasons for doing so nor does he or she need to stipulate any conditions for the transfer.

Insuranceopedia Explains Absolute Assignment

There are a number of reasons why a policyholder transfers all of their rights to a policy to another person or entity. They might think of it as a gift to someone else. It could be the sole means of paying off a loan. Even if the insured has now given up their rights to all of the claims and privileges, they are still responsible for payments for the policy. The new owner might have been asked by the original owner to pay the insurer after the transfer is completed, but if the newly named party fails to do so, the negligence will not be blamed on that person but on the original policyholder.

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What Is a Collateral Assignment of Life Insurance?

life insurance absolute assignment form

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University.

life insurance absolute assignment form

A collateral assignment of life insurance is a conditional assignment appointing a lender as an assignee of a policy. Essentially, the lender has a claim to some or all of the death benefit until the loan is repaid. The death benefit is used as collateral for a loan.

The advantage to using a collateral assignee over naming the lender as a beneficiary is that you can specify that the lender is only entitled to a certain amount, namely the amount of the outstanding loan. That would allow your beneficiaries still be entitled to any remaining death benefit.

Lenders commonly require that life insurance serve as collateral for a business loan to guarantee repayment if the borrower dies or defaults. They may even require you to get a life insurance policy to be approved for a business loan.

Key Takeaways

  • The borrower of a business loan using life insurance as collateral must be the policy owner, who may or may not be the insured.
  • The collateral assignment helps you avoid naming a lender as a beneficiary.
  • The collateral assignment may be against all or part of the policy's value.
  • If any amount of the death benefit remains after the lender is paid, it is distributed to beneficiaries.
  • Once the loan is fully repaid, the life insurance policy is no longer used as collateral.

How a Collateral Assignment of Life Insurance Works

Collateral assignments make sure the lender gets paid only what they are due. The borrower must be the owner of the policy, but they do not have to be the insured person. And the policy must remain current for the life of the loan, with the policy owner continuing to pay all premiums . You can use either term or whole life insurance policy as collateral, but the death benefit must meet the lender's terms.

A permanent life insurance policy with a cash value allows the lender access to the cash value to use as loan payment if the borrower defaults. Many lenders don't accept term life insurance policies as collateral because they do not accumulate cash value.

Alternately, the policy owner's access to the cash value is restricted to protect the collateral. If the loan is repaid before the borrower's death, the assignment is removed, and the lender is no longer the beneficiary of the death benefit.

Insurance companies must be notified of the collateral assignment of a policy. However, other than their obligation to meet the terms of the contract, they are not involved in the agreement.

Example of Collateral Assignment of Life Insurance

For example, say you have a business plan for a floral shop and need a $50,000 loan to get started. When you apply for the loan, the bank says you must have collateral in the form of a life insurance policy to back it up. You have a whole life insurance policy with a cash value of $65,000 and a death benefit of $300,000, which the bank accepts as collateral.

So, you then designate the bank as the policy's assignee until you repay the $50,000 loan. That way, the bank can ensure it will be repaid the funds it lent you, even if you died. In this case, because the cash value and death benefit is more than what you owe the lender, your beneficiaries would still inherit money.

Alternatives to Collateral Assignment of Life Insurance

Using a collateral assignment to secure a business loan can help you access the funds you need to start or grow your business. However, you would be at risk of losing your life insurance policy if you defaulted on the loan, meaning your beneficiaries may not receive the money you'd planned for them to inherit.

Consult with a financial advisor to discuss whether a collateral assignment or one of these alternatives may be most appropriate for your financial situation.

Life insurance loan (policy loan) : If you already have a life insurance policy with a cash value, you can likely borrow against it. Policy loans are not taxed and have less stringent requirements such as no credit or income checks. However, this option would not work if you do not already have a permanent life insurance policy because the cash value component takes time to build.

Surrendering your policy : You can also surrender your policy to access any cash value you've built up. However, your beneficiaries would no longer receive a death benefit.

Other loan types : Finally, you can apply for other loans, such as a personal loan, that do not require life insurance as collateral. You could use loans that rely on other types of collateral, such as a home equity loan that uses your home equity.

What Are the Benefits of Collateral Assignment of Life Insurance?

A collateral assignment of a life insurance policy may be required if you need a business loan. Lenders typically require life insurance as collateral for business loans because they guarantee repayment if the borrower dies. A policy with cash value can guarantee repayment if the borrower defaults.

What Kind of Life Insurance Can Be Used for Collateral?

You can typically use any type of life insurance policy as collateral for a business loan, depending on the lender's requirements. A permanent life insurance policy with a cash value allows the lender a source of funds to use if the borrower defaults. Some lenders may not accept term life insurance policies, which have no cash value. The lender will typically require the death benefit be a certain amount, depending on your loan size.

Is Collateral Assignment of Life Insurance Irrevocable?

A collateral assignment of life insurance is irrevocable. So, the policyholder may not use the cash value of a life insurance policy dedicated toward collateral for a loan until that loan has been repaid.

What is the Difference Between an Assignment and a Collateral Assignment?

With an absolute assignment , the entire ownership of the policy would be transferred to the assignee, or the lender. Then, the lender would be entitled to the full death benefit. With a collateral assignment, the lender is only entitled to the balance of the outstanding loan.

The Bottom Line

If you are applying for life insurance to secure your own business loan, remember you do not need to make the lender the beneficiary. Instead you can use a collateral assignment. Consult a financial advisor or insurance broker who can walk you through the process and explain its pros and cons as they apply to your situation.

Progressive. " Collateral Assignment of Life Insurance ."

Fidelity Life. " What Is a Collateral Assignment of a Life Insurance Policy? "

Kansas Legislative Research Department. " Collateral Assignment of Life Insurance Proceeds ."

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  1. PDF Life Insurance Absolute Assignment (Owner)

    SECTION 1: About the Insured Policy Number(s): (1) (2) First Name Middle Name befd66e9-0aed-40f7-b0b1-1d0e5e5aff67 Permanent Address (3) Last Name (4) City Social Security Number State ZIP Phone Number Date of Birth (mm/dd/yyyy) SECTION 2: About the Assignment

  2. Absolute Assignment to Individual

    Absolute Assignment to Individual Metropolitan Life Insurance Company Please read instructions on page 5 before completing and executing this form. SECTION 1: Group Life Insurance Program Program of (Name of Employer/Policyholder) Insured Information Insured-First Name Middle Name Address Last Name City Social Security Number State ZIP

  3. Absolute Assignment of Life Insurance Policies

    An absolute assignment of a life insurance policy involves transferring all rights and ownership decisions to another party. You could have one of several reasons for wanting to do this; for...

  4. PDF Absolute Gift Assignment Form

    Absolute Assignment means the irrevocable transfer by an assignor to an assignee of all property rights, title, interests and incidents of ownership, both present and future, relating to the assigned group insurance coverage(s). Assignor means the person who makes the assignment.

  5. PDF Absolute Assignment

    The assignment of a life insurance policy is a voluntary act, the legal effect of which depends upon the expressed purpose and ... NATURE OF FORM - This is an absolute assignment form. It will effect an absolute and complete transfer to the assignee of every benefit, interest, property and right the assignor has in the policy.Nothing whatever ...

  6. PDF Standard Insurance Company Absolute Assignment of All Life and

    Absolute Assignment of All Life & AD&D Rights, 2430.pdf. Standard Insurance Company Absolute Assignment of All Life and 800.378.6059 Tel Accidental Death and Dismemberment 1100 SW Sixth Avenue Portland OR 97204 Rights Under a Group Policy. Please: (a) complete and deliver the original copy to the Assignee after it has been acknowledged by the ...

  7. 2 Ways to Transfer Ownership of a Life Insurance Policy

    An absolute assignment, as its name implies, transfers all the policyowner's rights irrevocably. A collateral assignment, again as its name implies, assigns so much of the death benefit as necessary for as long as necessary to secure a lender's rights. But no more of the proceeds will go to the lender than the amount of debt owed. Requirements

  8. PDF Absolute Assignment for Value

    Use the "Absolute Gift Assignment to Trustee" form when you want to assign insurance coverage(s) to a trust. Complete the form (you must complete Part Two, and the Assignee must complete Part Three). Submit it to the Employer/ Plan Administrator, who will complete Part Four and record the Assignment. After the Assignment has been recorded ...

  9. PDF Form For Absolute Assignment / Transfer

    [Policyholder's name / duly authorised agent of the Policyholder] ("Assignor") do hereby assign / transfer all my rights, equities, liabilities and benefits in the insurance policy bearing number ("Assignee / Transferee") as per terms stated herein. ("Policy") to

  10. PDF ABSOLUTE ASSIGNMENT FOR VALUE

    Absolute Assignment means the irrevocable transfer by an assignor to an assignee of all property rights, title, interests and incidents of ownership, both present and future, relating to the assigned group insurance coverage(s). Assignor means the person who makes the assignment. Assignee means the person or entity to whom a transfer of ...

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    Use the "Absolute Gift Assignment to Individual" form when you want to assign insurance coverage(s) to an individual. Use the "Absolute Assignment For Value" form only if assignments for value are permitted under the Group Contract and the trustee is a viatical settlement provider. Complete the form (you must complete Part Two, and the ...

  12. PDF Absolute Assignment

    Absolute Assignment (Transfer of Ownership) Please read carefully prior to completing the Absolute Assignment GENERAL GUIDELINES For all absolute assignments, except change of Trustee, complete Sections 1, 2 and 4 For change of Trustee, complete Sections 1 and 4 If changing the Beneficiary(s), complete Section 3

  13. Absolute Assignment of Life Insurance Policy* (Change of Ownership

    ABSOLUTE ASSIGNMENT OF LIFE INSURANCE POLICY* (CHANGE OF OWNERSHIP) Other than signatures, please print using black ink or can be typed. Section 1: BASIC POLICY INFORMATION Insured Name(s) Policy Number Current Policyowner Name (s) Section 2: ASSIGNMENT INFORMATION

  14. Absolute Assignment of a Life Insurance Policy

    2 mins 32 secs Last Updated - January 4, 2023 Listen to this article The process of transferring rights of a Life Insurance Policy is called Assignment. There are 2 types of Assignment. Absolute Assignment Conditional Assignment Absolute Assignment means complete Transfer of Rights.

  15. Life Insurance Absolute Assignment (Owner)

    SECTION 1: About the Insured Policy Number(s): (1) (2) (3) First Name Middle Name Last Name Permanent Address (4) City State Social Security Number ZIP Phone Number Date of Birth (mm/dd/yyyy) SECTION 2: About the Assignment Check here if this Assignment is a Reportable Policy Sale for tax purposes, such as a transfer to a life settlement company

  16. PDF Absolute Assignment to Individual

    This assignment relates to the existing coverages now being assigned under the insurance policy (policies) and any replacement or substitute policy of the same or another insurance company providing insurance under the Program, and any amended or successor Program provided by the Employer.

  17. PDF Absolute Assignment and Beneficiary Designation

    Address: (Street) (City) (State) (Zip Code) all my right, title and interest thereunder including, but not limited to, the conversion privilege and the right to exercise all other options and privileges under the terms of the Policy, or any successor policy of Group Insurance, all without my consent and without notice to me.

  18. What is an Absolute Assignment?

    Updated: 09 June 2023 What Does Absolute Assignment Mean? Absolute assignment refers to a policyholder transferring his or her ownership of a policy to another party. That transfer means that all of the coverage within that policy will now go to the newly named party.

  19. A Collateral Assignment of Life Insurance

    When you apply for the loan, the bank says you must have collateral in the form of a life insurance policy to back it up. You have a whole life insurance policy with a cash value of $65,000 and a ...

  20. Forms Center

    Welcome to the Forms Center, the location for all administrative and policy servicing forms. Visit our Help Center for additional support. ... Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, Brighthouse Life Insurance Company, Charlotte, NC 28277 and, in New York only, by Brighthouse Life ...

  21. Absolute Assignment to Trust

    Absolute Assignment to Trust Metropolitan Life Insurance Company, New York, NY Please read instructions on page 4 before completing and executing this form. SECTION 1: Group Life Insurance Program Program of (Name of Employer/Policyholder) Insured Information Insured-First Name Middle Name Address Last Name City Social Security Number State ZIP

  22. PDF Life Insurance Absolute Assignment (Owner)

    Life Insurance Absolute Assignment Use this form to name a new Absolute Assignee (Owner). The Company indicated in this section is referred to as "the Company." Travelers Financial Paid-Up/Brighthouse Life Insurance Company Things to Know Before You Begin: • An absolute Assignee is entitled to exercise all ownership rights and receive the death

  23. PDF Absolute Assignment to Individual

    Absolute Assignment to Individual page 5 before completing and Please read instructions on executing this form. SECTION 1: Group Life insurance program Program of (Name of Employer/Policyholder) Insured information ... life insurance on the insured's life, the right, to the extent permissible to change the beneficiary(ies) and the ...