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?

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?

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

Thanks for the reply! and if I could enquire two concerns of mine, and hope you can enlighten me further:

1- Why is it that she can transfer it to any other person (e.g. my mother/her father) when the life insured is the same? I mean, it boggles me, as in either cases, the benefits are mine to enjoy (hospital admissions, daily cash allowance, etc) Except for death benefit, I guess, which the policyholder can grant to any persons mentioned as nominee.

2- How is it more complicated doing absolute assignment than to leave it as-is? I'd thought it'd be easier now, given that the consent can be easily given?

3- While this may be the case now, it may not be the same in the future, which worries me that the insurance lapses, or suspended(??) and I have to look for new insurance coverage. Which would be hard as I would have gotten older and maybe with medical conditions that would not allow me to get new insurance (or with very high loading)

This makes sense. So in my case, any claims made for accidents happening to me (3rd party), the payment from the insurance (2nd party) shall go to my wife as the policyholder, which is the first party? If this is the case, in the event that the first party party passes on, the contract ends and the policy ends. Any residual savings shall be made to the policyholder for it to be managed by the nominee?

I intend to withdraw some money from my Prudential (Conventional) ILP plan, but my servicing agent says that there's a need to check for sustainability report? Errr just why is this, since I am paying the premium regularly through direct debit.