What Is Life Insurance Assignment?

  1. 12689 POINTS
    Ted Ratliff
    Owner, SFS Associates,
    Generally this would be when you assign ownership or benefits of a life insurance policy to another individual or business.  This is common for example when making preneed funeral arrangements.  The insurance policy is assigned to the funeral home.  Sometimes assignment may be used to help cover a debt.
    Answered on May 26, 2013
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    David RacichPRO
    Fountain Hills, Arizona
    There are two types of life insurance assignments: collateral and endorsement. The circumstances will dictate which option to take. But fundamentally you’re using the cash values (sometimes the death benefit) an asset pledge for a loan or a restriction to cash values while an employment agreement may be in force.
     
    Answered on May 26, 2013
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