While the life assured will always remain with the policy, the ownership of the policy is transferable by Absolute Assignment – A legal transfer of all rights and full benefits from the Assignor to the Assignee.
For life insurance policies, insurable interest is only required at the point of inception (Section 57 Insurance Act). After the policy has been in force, it can be assigned to any third party (individual or entity).
For policies with irrevocable beneficiaries, the appointments have to be revoked prior to Assignment.
We recognize that these endowment policies are valuable saving tools that the policyowners have been servicing for years. Instead of having them terminated upon premature surrendering, they can be transferred and continue to serve as useful financial saving tools.
No. There are currently no MAS administered regulations which govern the sale, purchase and distribution of Resale Endowment Policies and Resale Whole Life Policies.
Cashier’s order or a cheque from the insurer made to the seller (in the form of policy loan) and the remaining with cash.
Nothing, we make it as convenient as possible for the policyowner.
Yes, upon successful transaction.