How To Transfer Ownership Of Life Insurance?

  1. 4330 POINTS
    Jerry Vanderzanden, CLU, ChFC
    Co-Founder, Coastal Financial Partners Group, California
    Your life insurance professional, or the insurance company directly, can help with the administrative aspects which involve a policy change form. Since this changes ownership of property, there may be tax implications. If transferred, the fair market value may be the sale price the new owner pays for the policy. If no payment is made, it would likely be a gift for tax purposes. Consult with a tax or legal adviser for such matters.
    Answered on May 13, 2013
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