We are currently seeking to purchase policies maturing in 2015 and beyond with a surrender value in excess of 7,000.
If your policy matches this criteria, please call 44 (0) 20 8731 5290 where your details will be taken by a member of the Valuations team or alternatively please email us at [email protected]
This type of Assignment without any further clauses attached to it is called Absolute Assignment.
Example in real life of Absolute Assignment happens in case of an Insurance Policy being taken by the employer as a perquisite for the employee.
If your policy has a cash value and you fail to repay the loan, the lender can cash out the policy to recover the money owed.
Should you die before repaying the loan, your insurance company will pay the lender a certain amount of money to cover the debt.If the insured dies before the debt is repaid, the balance of the debt is paid to the creditor out of the policy proceeds.If there are any funds left once the debt has been satisfied, the rest of the proceeds go to the policy's beneficiary.A policyowner has assigned a ,000 policy to cover a ,000 mortgage.How will the company pay the claim at the insured's death?If we are able to provide you with an offer, we will endeavour to reply within 5 working days. Company Number: 939239, Company VAT Number: 805732537.Authorised & Regulated by the Financial Conduct Authority.Thus, in that case, he would like to perform Absolute Assignment of the policy in Ajay’s name such that the death or maturity proceeds are directly paid to him.Rahul’s family members or nominee does not have any right on the policy money.Any money that is left over from the death benefit would be paid to your designated beneficiaries.Lenders will typically be willing to accept a life insurance absolute assignment as collateral for many types of loans.