You used to be able to buy old endowment assurance policies. Best to have her ask Royal London.My sister wants to surrender her life policy royal London she already has one that's worth €50,000 with Irish life she said I don't need both so by selling the royal London back to them she does not get the full value , of I told her not to, but she wants to , my question is this can I buy it off her and either get it in my name or as I said to her was pay me back so much a week and keep it
Thanks in advance
Those are the kind of policy you can buy second hand.Savings endowment , life server
Those are the kind of policy you can buy second hand.Savings endowment , life server
You can execute a deed of absolute assignment to change the ownership of the policy.Those are the kind of policy you can buy second hand.
Can you explain ?
Yes.Okay but could i buy it off my sister and get it put in my name ?
Life assured can't be changed. In practice it doesn't make any difference to you owning the policywhy does the life assured remain as my sister , if im going to be assured on the policy
You would own the policy.so basically i now own the life assured if i die it covers me but its in my sister name, does that mean if i die who is the cheque made out to, My sister ?
Other way round. If you die, the policy remains in force and become part of your estate. If your sister dies, the policy ends and pays out its death value.so basically i now own the life assured if i die it covers me but its in my sister name, does that mean if i die who is the cheque made out to, My sister ?
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