An “Assignment of Life Insurance Policy as Collateral” is used as a way to obtain a loan or other financial transaction by using a life insurance policy as collateral or security. In this process, the policyholder of the policy (called the assignor) transfers the rights to the policy to a lender or other party (called the assignee) as security for payment. In the event of default on the loan or other obligation, the assignee can claim the policy proceeds to cover the amount owed.
What documents do I need to submit for an assignment of my Olé life insurance as a guarantee?
Send an email to evaluacion@olelife.com with the following:
Life Assignment of Policy as Collateral Form completed and signed by the policy owner and witness.
Attach the following documents:
- A color copy of the official identification of the Policy Owner, same that is current, valid, and with a photo.
-Official identification of the witness, which is current, valid, and with a photo.
-Documents from the financial institution concerning the credit granted.
Specify the amount and purpose of the loan.