Can I assign my policy to a third party or place it in trust?
Yes, you can assign your policy to a third party. This could be a:
- building society.
Doing this would mean that you would be transferring ownership of your policy to the third party and giving away all rights under the policy to that third party.
In the event of a claim, we would pay any claim to that third party.
You can also place your policy under trust. This allows you to nominate trustees who in turn will pay the cash sum to nominated beneficiaries in the event of a claim.
If you’re thinking of assigning your policy to someone else, or placing it under trust, we suggest you seek professional advice.