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Anonymous

25 Nov 2020

∙

Should my parent (policyowner) transfer the ILP they bought for me (life assured) to me?

What are the pros and cons? What happens if the policyowner passes away?

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Jonathan Chia Guangrong

25 Nov 2020

SOC at Local FI

Hi there.

Not sure how old you are at the moment, but technically your parents should no longer be the policyowner once you turn 21.

Basically, being the policyowner of the policy will allow you to perform some transactions like withdrawals, premium / sum assured changes (if allowed), nomination of proceeds, etc.

If you are still below 21 when the policyowner passes away, rightfully there will be a need to transfer ownership of policy to surviving parent.

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