Copyright © 2024 The Legal Stop Limited. All Rights Reserved.
The Legal Stop Limited – Company Number: 7394508
Free Documents | Confidentiality Agreement | Partnership Agreement | Employment Contract | HR Policies
Web Cookies: By using our website you agree to our use of web cookies in accordance with our privacy statement .
Home » Blog » How to Assign a Mortgage Life Insurance Policy
Table of Contents
If you’re on this here blog, I can assume a couple of things:
I can also probably assume you’re a responsible adult – or at the very least, you’re very good at pretending, which as we all know: all the best people are.
Now, there is one thing you need to know.
This one thing is either coming to you too late, or just in the nick of time, depending on whether or not you now own a house.
The banks are great for mortgages, but they’re a rip off when it comes to Mortgage Protection Insurance in Ireland.
They’ll try to force you to buy their Mortgage Protection (a type of Life Insurance that will pay off the rest of your mortgage if you die) because:
You’re basically paying them so they can pay themselves if you die or get sick before you’re done paying off your mortgage.
Yes, it sucks.
No, there’s not a massive amount you can do about it except arm yourself with all the information you can.
Which is why I’m going to talk you through Mortgage Protection, buying it, and assigning it to your bank/lender.
And that’s it, fairly straightforward, ignore the bank if they try to spook you by saying it causes delays if you don’t buy from them. It doesn’t.
As I said above: it’s a type of insurance that pays off the rest of your mortgage if you die. You have to get it if you’re buying a house. You can buy it from the insurer directly, your bank/lender, or a broker who will usually work with all the insurers.
You also have the option of using existing Life Insurance cover (for example, if you already have a policy) as your cover.
To make that crystal clear, your options are:
If you’ve already bought your policy and are wondering about how to actually assign it, I get round to that in a second.
By the way, you can’t use life insurance that you have through work (death in service benefit) for a mortgage.
Yes. Mortgage Protection is a type of Life Insurance that only covers your mortgage to your lender. Life Insurance leaves a tax-free lump sum to your dependents. They could use it to pay for literally anything they want.
A $2,500 human-sized replica mask of your cat, for example .
Is it confusing? 100 percent.
Is it confusing on purpose? 100 per cent.
My two cents? Get Life Insurance and Mortgage Protection. It’s two pay-outs. It won’t break the bank monthly, but it could mean an awful lot to your family down the line.
Think of it like this: A Mortgage Protection payout gives your family a mortgage-free home. A Life Insurance payout gives your family a replacement income. They need both, so you need both.
Yes. Any time you want. It could totally be worth it for a better price or benefits, so seriously: look into it. A few euro in the difference might not seem like much, but take that €5 a month and multiply it out by 12 and then by the length of your actual mortgage (which could be up to 35 years) and you’d be surprised how much it’ll add up to.
Just look at that fiver go. €5 x 12 x 35 = €2,100.
And that’s before we go anywhere near the difference you could save if you wanted to switch your actual mortgage down the line.
And don’t mind your bank if they say that getting Mortgage Protection or assigning an existing Life Insurance policy will delay your mortgage or that they’ll look more favourably on your application if you do what they want.
Remember: It’s all a
They’re trying to scare you into buying their overpriced policy.
Tell them where to go.
Because you already know where you can get the best mortgage protection quotes .
To make it legal.
Otherwise, it’s a bit like two young fellas swearing loyalty by spitting into a handshake. You telling your bank about your existing policy is grand and all, but if anything happens, they want the legal papers to say they get any payout.
Otherwise, all they’ve got is a spitty handshake and no cover.
It’s a bit like giving your bank a gift. You take out the policy and pay the premiums. When you die (no ‘ifs’ here, pal), your bank gets any pay-out.
To assign the policy (or policies if you have taken two single life policies) you need to complete a deed of assignment for each policy,
The deed is a legal document that forms part of your legal pack. It’s written in legalese, which means it’s completely impenetrable to normal people.
You can try reading it, but honestly, you’ll have as much luck taking another crack at Finnegans Wake. At least then you can sound cultured if you pretend you read Joyce’s gibberish.
You have to sign the deed of assignment.
Listen, it’s a bit like Apple’s terms and conditions; everyone ticks the box and nobody has a clue what they agreed to. Have you just sold your soul to a factory wherever iPhones are manufactured? Possibly.
But you’re still gonna have to do it.
The bit you sign is called the Notice of Assignment. You sign it and send it back to your bank along with your mortgage protection certificate.
The bank then sends it to the insurer and the insurer notes the bank as the legal owner of your policy.
Now, because the assignment is in effect a legal transaction, the banks don’t let us get involved so it’s up to them to send the necessary documents in a timely fashion to the insurer.
Once it’s with the insurer, we can chase it and give the insurer a bit of a prod if you’re in a rush but until then, our hands are tied.
*That’s how it usually works but each bank may do things differently.
The insurer will assign your policy to the bank, so the bank becomes the owner of your policy and gets any pay-out.
The insurer will send a confirmation of the assignment letter to the bank stating:
“Thank you for your recent Notice of Assignment in respect of the above-numbered policy. We have noted your interest and confirm that we hold no prior charge on this policy.”
Once the bank has confirmation of the assignment, they’re happy to issue your mortgage cheque.
If you’re buying as a couple we recommend two single life policies to reduce any potential inheritance tax.
Assigning two policies works in the same way as assigning a single policy only you will have to complete a Deed of Assignment for each policy.
And just like that, you’ve assigned your policy.
Your TL;DR of tips, once more:
That’s all, folks!
I hope that clears up how to assign a mortgage life insurance policy to a bank. It’s simple, no matter how difficult your bank may try to make it seem.
But if you have any questions, please complete the short form below and I’ll be right back or even better: call me
Have a nose through our free life insurance guides
As Ireland's leading life insurance broker, we specialise in comparing the rates and policies from the top five Irish life insurance providers and offering the very best value quotes to suit the individual needs of our clients. Our expertise lies in finding a suitable insurance plan for those with specific needs, be it a particular illness, occupation or claim history, we've got you covered in every sense!
If the document isn’t right for your circumstances for any reason, just tell us and we’ll refund you in full immediately.
We avoid legal terminology unless necessary. Plain English makes our documents easy to understand, easy to edit and more likely to be accepted.
You don’t need legal knowledge to use our documents. We explain what to edit and how in the guidance notes included at the end of the document.
Email us with questions about editing your document. Use our Lawyer Assist service if you’d like our legal team to check your document will do as you intend.
Our documents comply with the latest relevant law. Our lawyers regularly review how new law affects each document in our library.
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.
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.
The deed can be used to assign a policy:.
The deed of assignment includes the following paragraphs:.
Choose the level of support you need.
We use some essential cookies to make this website work.
We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services.
We also use cookies set by other sites to help us deliver content from their services.
You have accepted additional cookies. You can change your cookie settings at any time.
You have rejected additional cookies. You can change your cookie settings at any time.
Beta This part of GOV.UK is being rebuilt – find out what beta means
Iptm7360 - assignments: when chargeable events arise, assignments for money or money’s worth.
The assignment of all the rights under a life insurance policy, capital redemption policy or life annuity contract (a ‘whole assignment’) is normally a chargeable event if it is for money or money’s worth. Exceptions are time-served qualifying policies in certain circumstances, as described in IPTM7310 and the specific exceptions described in IPTM7365 .
This only applies to assignments of the beneficial interest in the policy. An assignment of the legal ownership only, leaving the beneficial ownership unchanged, is not a chargeable event. A whole assignment not for money or money’s worth is not a chargeable event.
‘Money or money’s worth’ has a wider meaning than simply just cash, for instance if an individual transferred beneficial ownership of a policy to another person in return for a valuable asset then that would be an assignment for money’s worth.
In many cases an insurer will have information about an assignment which will enable it to decide whether the assignment was for money or money’s worth, and so whether chargeable event certificates need to be issued. The Stamp Duty category is not always a sound indicator of whether consideration has been given on the assignment because the wrong deed is sometimes used.
IPTM7370 to IPTM7385 give guidance on whether an assignment is for money or money’s worth in certain cases, such as on divorce. In other cases, the insurer is entitled to assume that an assignment is not for money or money’s worth unless it has information indicating that the assignment was for money or money’s worth, for instance that the purchaser of the policy is a dealer in second-hand policies. It is not required to enquire further into the nature of a particular assignment.
Where the assignment is pursuant to a court order, it is not for money or money’s worth. This is only likely to arise on divorce or separation.
An assignment of part of the rights (a ‘part assignment’) for money or money’s worth might be a chargeable event in its own right if a transaction-related calculation shows a gain. Or it may give rise to an ‘excess event’. These questions are considered in detail in IPTM7600 onwards.
A part assignment which occurs in an insurance year beginning on or after 6 April 2001 that is not for money or money’s worth, for instance by way of gift, cannot be a chargeable event or give rise to an excess event.
A part assignment not for money or money’s worth that occurred in an insurance year beginning before 6 April 2001 may have given rise to an excess event under the pre-FA01 legislation. The gain on such an event should be deducted in computing the gain on a later full surrender, maturity, whole assignment or death in the same way as for gains on other excess events - see IPTM7510 for the calculation rule.
Don’t include personal or financial information like your National Insurance number or credit card details.
To help us improve GOV.UK, we’d like to know more about your visit today. Please fill in this survey (opens in a new tab) .
In the realm of intellectual property, a Deed of Assignment is a formal legal document used to transfer all rights, title, and interest in intellectual property from the assignor (original owner) to the assignee (new owner). This is crucial for the correct transfer of patents, copyrights, trademarks, and other IP rights. The deed typically requires specific legal formalities, sometimes notarization, to ensure it is legally enforceable.
This is a less formal document compared to the Deed of Assignment and is often used to record the assignment of rights or licensing of intellectual property on a temporary or limited basis. While it can outline the terms of the assignment, it may not be sufficient for the full transfer of legal title of IP rights. It's more commonly used in situations like assigning the rights to use a copyrighted work or a trademark license.
For example, company X allows company Y to use their trademark for specific products in a specific country for a specific period.
At the same time, company X can use a Letter of Assignment to transfer a trademark to someone. In this case, it will be similar to the Deed of Assignment.
An IP Sales Agreement is a detailed contract that stipulates the terms and conditions of the sale of intellectual property. It covers aspects such as the specific rights being sold, payment terms, warranties regarding the ownership and validity of the IP, and any limitations or conditions on the use of the IP. This document is essential in transactions involving the sale of IP assets.
However, clients usually prefer to keep this document confidential and prepare special deeds of assignment or letter of assignment for different countries.
In the context of intellectual property, a Declaration is often used to assert ownership or the originality of an IP asset. For example, inventors may use declarations in patent applications to declare their invention is original, or authors may use it to assert copyright ownership. It's a formal statement, sometimes required by IP offices or courts.
When assigning a trademark, the Declaration can be a valid document to function as a proof of the transfer. For example, a director of company X declares that the company had sold its Intellectual Property to company Y.
When companies or entities with significant IP assets merge, an IP Merger Document is used. This document outlines how the intellectual property owned by the merging entities will be combined or managed. It includes details about the transfer, integration, or handling of patents, copyrights, trademarks, and any other intellectual property affected by the merger.
In all these cases, the precise drafting of documents is critical to ensure that IP rights are adequately protected and transferred. Legal advice is often necessary to navigate the complexities of intellectual property laws.
This site uses cookies to store information on your computer.
Some cookies on this site are essential, and the site won't work as expected without them. These cookies are set when you submit a form, login or interact with the site by doing something that goes beyond clicking on simple links.
We also use some non-essential cookies to anonymously track visitors or enhance your experience of the site. If you're not happy with this, we won't set these cookies but some nice features of the site may be unavailable.
By using our site you accept the terms of our Privacy Policy .
If the document isn’t right for your circumstances for any reason, just tell us and we’ll refund you in full immediately.
We avoid legal terminology unless necessary. Plain English makes our documents easy to understand, easy to edit and more likely to be accepted.
You don’t need legal knowledge to use our documents. We explain what to edit and how in the guidance notes included at the end of the document.
Email us with questions about editing your document. Use our Lawyer Assist service if you’d like our legal team to check your document will do as you intend.
Our documents comply with the latest relevant law. Our lawyers regularly review how new law affects each document in our library.
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.
Every document is straightforward to complete and written in plain English.
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.
The deed can be used to assign a policy:.
The deed of assignment includes the following paragraphs:.
Choose the level of support you need.
Practical law uk legal update 1-202-1081 (approx. 3 pages).
The UK's largest and most visited divorce site. Modern, convenient and affordable services. We've helped over 1 million people since 2007.
01202 805020
Lines open: Monday to Friday 9am-5pm Free expert advice & service information Lines busy? Book a free consultation
Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.
Negotiate a fair deal from £299.
Helping you negotiate a fair financial settlement with your spouse (or their solicitor) without going to court.
Financial mediation is a convenient and inexpensive way to agree on a fair financial settlement.
This legally binding agreement defines how assets (e.g. properties and pensions) are to be divided.
Support for people who have to go to court to get a fair divorce financial settlement without a solicitor.
Free diy guide to divorce.
IMAGES
VIDEO
COMMENTS
Deed of Assignment: GENS6753 05/2021 Page 1 of 4 Deed of Assignment To change the legal ownership of a life assurance policy by way of gift only (gift assignment from joint assignors to single assignee). Please use black ink and write in CAPITAL LETTERS or tick as appropriate. Important: This deed is for the consideration of solicitors acting ...
2. BY THIS DEED the Present Policy Owner (whose name and signature appear below) ASSIGNS the Policy described above to the New Policy Owner named in the Schedule of New Policy Owner(s) absolutely 3. By ticking one of the boxes below the Present Policy Owner confirms that this assignment is made As part of a divorce, annulment or separation ...
life policy on the Assignor's own life only with the consent of the Assignor's parents or guardians. ii. If the Assignor has attained the age of 16 years but has not yet attained the age of 18 years, the Assignor may assign a ... assignment deeds for every situation, this Deed is only intended to serve as a guide. Where this Deed is ...
therein and thereunder, subject to all the terms and conditions of the Policy and to all superior liens, if any, which the Insurer may have against the Policy. The sole signature of the Assignee shall be sufficient for the exercise of any rights under the Policy assigned hereby and the sole
Assignment of a life insurance policy may be made by making an endorsement to that effect in the policy document (or) by executing a separate ' Assignment Deed '. In case of assignment deed, stamp duty has to be paid. An Assignment should be signed by the assignor and attested by at least one witness.
International Investment Portfolio, please send this. form to: Prudential International Assurance, PO Box 13395, Chelmsford. CM99 2GH. Please give the full. name, address and date. of birth of the assignee -. i.e. the beneficiary. Section 1 - Deed of Assignment to Beneficiary of a Will or through Intestacy.
Use this deed to assign (transfer) a policy for life insurance or an endowment to another person. The reason could be any, but it should be a sale in which money changes hands. We include 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.
8. This Deed of Assignment is governed by and construed in accordance with the laws of the Republic of Singapore. 7. 6. The Assignor warrants that the rights and benefits assigned under this Deed of Assignment are free and clear of any liens, encumbrances, adverse claims or interests. 1. Life Insured: NRIC / Passport Number: Policy Number:
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 ...
Complete a Deed of Assignment (it forms part of your legal pack that the bank sends to your solicitor) Send the completed Notice of Assignment and your policy schedule to the bank. The bank sends the Notice of Assignment and the policy schedule to the insurer. The nsurer assigns your policy to the bank and sends a confirmation letter to the bank.
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 ...
2. BY THIS DEED the Present Policy Owner (whose name and signature appear below) ASSIGNS the Policy described above to the New Policy Owner named in the Schedule of New Policy Owner(s) absolutely 3. By ticking one of the boxes below the Present Policy Owner confirms that this assignment is made s part of a divorce, annulment or separation ...
Title: Microsoft Word - A Specimen of Deed of Assignment of Policy of Life Assurance.docx Author: e0300 Created Date: 11/22/2013 3:55:00 PM
The assignment of all the rights under a life insurance policy, capital redemption policy or life annuity contract (a 'whole assignment') is normally a chargeable event if it is for money or ...
4 min. In the realm of intellectual property, a Deed of Assignment is a formal legal document used to transfer all rights, title, and interest in intellectual property from the assignor (original owner) to the assignee (new owner). This is crucial for the correct transfer of patents, copyrights, trademarks, and other IP rights.
Deed of Assignment: Page 1 of 4 Deed of Assignment Gift Assignment To change the legal ownership of a life assurance policy by way of gift only (gift assignment from single assignor to single assignee). Please use black ink and write in CAPITAL LETTERS or tick as appropriate. Important: This deed is for the consideration of solicitors acting ...
UNITED COCONUT PLANTERS LIFE ASSURANCE CORPORATION COCOLIFE Building, 6807 Ayala Avenue, Makati City 1226 ... TIN 000-604-739-000 NV Website: www.cocolife.com ABSOLUTE DEED OF ASSIGNMENT OF LIFE INSURANCE POLICY POL_ADMIN-003-0721-3 KNOW ALL MEN BY THESE PRESENTS: That I, _____, of legal age, single /married, and residing at ...
Created Date: 7/31/2024 11:39:53 AM
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 assignment of a life policy may have tax implications. Independent taxation advice should be sought on the tax implications of the assignment of a life policy. This draft deed is a standard document designed only for use with RL360° Services policies which are written under Isle of Man law.
Summary. This new Standard document is for use on an assignment of an unregistered lease. It is suitable for use where: The assignor is assigning the whole of the property demised by the lease. The property is not subject to any underlease (s). The Standard document contains optional clauses that are appropriate in the following circumstances:
We wrote to the insurance company prior to the expiration of the policy (last month) to notify them that the order hadn't been fulfilled, and also to the Court who issued the order. We also sent a copy to my mother, to notify her. We received a reply from the insurance company requesting a deed of assignment, as they do not enforce court orders.