This Deed of Assignment for an Endowment or Life Police allows one party (the assignor) to transfer this allows one or more people to transfer their rights in a specific policy (such as an endowment or life assurance policy) to another person or persons either a gift, in return for payment, or as part of a settlement on divorce or separation.
The assignment of a policy for money or money's worth may lead to liability for income tax as could the assignment of a policy as part of the rearrangement of assets between parties on separation or divorce. Taxation of life and endowment policies is complex and you should consult a professional adviser if you have any questions.
This Deed of Assignment is suitable for use in the UK - England, Scotland and Wales. The template includes clauses that allow you to specify:
- the policy or the property