I have an ILP with GE, but the policy holder/owner is my spouse. How do I get the policy to be transferred fully to me?

Absolute assignment

Yes. A minor operation was done right after born.

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Called up my agent (Great Eastern), and she said cannot do! because my policy is 3rd party, not 1st party. I was like, what?? She say like forever the policy will be under my wife's name, and in case of her demise, the policy shall lapsed.

Question is, is there any other way?

hi 1tanmee, this is the time you find out if your agent is speaking the truth or not. you can call to GE customer service @ 1300-1300 88 (your spouse should call since spouse is the owner) and asked if policyowner can transfer the ownership to life assured (in this case is you right?).

You wife must do the assignment to you because she is the policy owner. If your wife dont take action, nothing can be done.

Why was the policy bought under her name ?

I did it for my other policies since I am the policy owner.



This post has been edited by mini orchard: Jul 31 2021, 01:39 PM

ok, usually what i will do is this. i will submit any medical procedure receipt, be it can claim or not. then wait for the claim result from claim department. do you still keep the receipt? try to ask agent to try submit?

I don't see issue with performing the absolute assignment with your wife signing it off.

If your agent can't do it, then deal direct with Great Eastern Helpline

Thanks for the number! Got my wife to call, and the response is the same said that the policy is 3rd party, and forever cannot transfer. the only way is if the policy holder (my wife) passed away, only then can I request for the ownership to be transferred. How la like this. i don't trust it fully, coz later if really when passed away, then say still cannot transfer, meaning i will lose all the coverage..


My wife has call the customer service, and the person say cannot, coz 3rd party
We bought the policy under her name because she can claim tax, like i cannot coz i work in gig economy (and salary below requirement for tax)


Well, not the case with mine- tried but say cannot

any one has any idea and can elaborate more in simple layman terms,
what is 3rd party and what is 1st party in life/health insurance?

for vehicle insurance,...i think i know,...but for life/health insurance?...i am like what?? too

thanks

This post has been edited by yklooi: Aug 2 2021, 07:07 PM

Yes, the information given by the customer service is right. Your wife can't transfer the ownership back to you and she can't absolute assign the policy back to u as well If it’s a Takaful plan. Do find out what type of plan u r having now.

No worries, I have done a case like your situation. Policy owner passes on and inform company by submitting the necessary documents e.g: death certificate, sign a Statutory Declaration with CTC from commission of oath then successfully transfer back to life assured.

This post has been edited by Ewa Wa: Aug 5 2021, 02:29 PM

Interesting.

I'll wait for Great Eastern to reply me then

A contract between the two persons is referred to as a contract between 2 parties. Party A and Party B.

When a 3rd person appeared in the contract but without any contractual duty, then he is considered a thirty party.

Eg. I bought a policy for my children. I am the policy owner and the 1st party and will pay the yearly premium. My children are the 3rd party. The insurance co is the 2nd party who will pay a claim for any injury or medical claim. The money goes to the policy owner and not the 3rd party.

3rd party dont have contractual rights.

The above is my opinion and a simple explaination and one must further read the contract tnc for additional or exclusion terms.

All employees under a company insurance are considered 3rd party. Any claims money goes to the company.

This post has been edited by mini orchard: Aug 2 2021, 09:09 PM

thanks for the explanation,...
in your example,...

Eg.
I bought a policy for my children.
I am the policy owner and the 1st party and will pay the yearly premium.
My children are the 3rd party.
The insurance co is the 2nd party who will pay a claim for any injury or medical claim.
The money goes to the policy owner and not the 3rd party.

(same situation i am having too...)

so in this case, can i pass this policy to my children when they are working while i am not?......some thing like mentioned "absolute assignment"?

Yes. That is what I did with the screenshot above. They are paying the premium now and can do whatever they want.

so currently still wondering "why" 1tanmee's 3rd party case is not able to use the the "absolute assignment".

I am also curious. Let me share another old GE experience.

My spouse bought a life policy and named her mother as a beneficiary. When she wanted to change the beneficiary, they reject her application indicating cannot be done. Not sure of the exact reason then but they did mention is stated in the policy.

So I am trying now to dig out the old policy (oredi surrendered) after reading 1tanmee case. Hope is still somewhere in the storage room.

During that time, was naive and just listen what was told.

thanks for telling.

my concern now is i had some ING>AIA insurance which i bought as a policy owner for my children and spouse......hopefully can use "absolute assignment" to change it years later when they can pay for their own.
hopefully 1tanmee can find out what is the actual reason for not able to....other than the 3rd party thing

wow,...now there is your 'OLD" case of cannot change to another beneficiary ,......wish you can manage to get the old policy and tell about the clause that mentioned "cannot be done"

Dear YK looi,


if talking about child policy. Your are the policy owner and ur child is the Life assured. in the policy contract we called it "Vesting Clause" when the child reaches 26yo where the payer benefit cease age. Read my print screen from policy contract.

is not done by "absolute assignment" but vesting clause.

Adult policy don't have this vesting clause only apply on child policy. refer my print screen for more information.



For wan tan mee's case, better refer to ur policy contract and find this statement "if the policy owner death, all her interest, power.. shall transfer to the life assured." Kindly read through the contract to clear ur doubts. Policy contract is much better than all the guessing here.