Life Life cover insurance query

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faolteam

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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
 
faolteam said:
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
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You used to be able to buy old endowment assurance policies. Best to have her ask Royal London.
 
Here's an old Irish Times article about doing this. At that time there were a small number of companies who would buy second-hand endowment policies, but I don't think any of them are still trading.
 
faolteam said:
Okay but could i buy it off my sister and get it put in my name ?
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Yes.
You'll need to get a deed of absolute assignment drawn up. The life company may have a template you can use, but you'll need to get a solicitor to look it over. I believe stamp duty is payable on the execution of the deed. Once it's done, the person assured on the policy will change from your sister to you, meaning you own the policy. The life assured will remain as your sister.
 
why does the life assured remain as my sister , if im going to be assured on 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 ?
 
faolteam said:
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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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.
 
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