An Assignment is the transfer by the holder of a life insurance plan (the assignor) of the benefits or proceeds of the plan to a lender (the assignee), as a collateral for a Mortgage or loan.
In the event of the death of the assignor, the assignee is paid first and the balance (if any) is paid to the plan’s beneficiary.
How to assign a life insurance plan
Firstly, you call us on 01 704 1010 or your advisor and tell us that you want your plan to be issued.
Secondly, we will issue your plan and then send you a Welcome Pack.
When you receive your Welcome Pack you will need to bring the Original Plan schedule included to your bank.
They will ask you to complete a deed of assignment or a Notice of Assignment
Thirdly, you or your bank will then send the notice of assignment to us.
What happens when we receive the notice of assignment?
We will assign the plan to your bank so the bank becomes the owner of your plan.
Who notifies my bank that the plan has been assigned?
We will send a confirmation of assignment letter to your bank.
Once your bank has the confirmation of assignment letter, they’re ready to issue your mortgage cheque.