What document is required to change legal ownership of a life insurance policy?

The document needed to change legal ownership of a life insurance policy is the Deed of Assignment. This legal instrument formally transfers ownership rights from the current policyholder to another individual or entity. The Deed of Assignment must typically be completed in writing and may require signatures from both the assignor (current owner) and the assignee (new owner), ensuring that the transfer is valid and recognized by the insurer.

Using a Deed of Assignment provides a clear and unequivocal record of the change of ownership, which can help avoid any potential disputes in the future regarding policy entitlements. Other forms such as a Notice of Assignment serve different functions within the management of an insurance policy but do not accomplish the direct transfer of ownership in the same manner as a Deed of Assignment. Thus, this document plays a critical role in ensuring that the new owner has full rights to the policy moving forward.