Can I switch my life insurance company?
If you switch life insurance providers, you'll face a new two-year contestability period. Switching to a new provider means you will have to pay the upfront fees again. Your current provider is likely able to convert, replace or supplement your existing policy to achieve coverage that meets your needs.
Can I transfer ownership of a life insurance policy?
Yes, generally you can transfer a life insurance policy to another owner by filling in a Memorandum of Transfer. The policy owner has entire control over the life insurance policy; decide who the beneficiaries are, the payment arrangements and the amount of coverage.
What is the term for a transfer of a life insurance policy?
Assignment. You can transfer (assign) your policy to another person or organisation. The life insurance company is not responsible for making sure that the transfer is valid.