1. COO and Senior Agent, Outlook Life, All 50 States
    An assignee on a life insurance policy is a person or entity to whom life insurance proceeds would be paid to cover a debt or other obligation. Usually, the beneficiary of the policy is stated as the Insured's choice (e.g. spouse). Then an assignment form is filled out which would assign to the lender the amount that is owed at the time of the Insured-borrower's death. The remainder that is left after paying off the loan to the assignee, is given to the beneficiary.
    Answered on July 20, 2013

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