Check my policyHome / Sell my policy / A policy your parents bought
First find out who owns it. When parents buy an endowment or whole life policy for a child, a parent is usually the policyowner and the child is the life assured. Only the owner can sell, surrender or transfer the policy, so until it passes to you, the decision is your parent's.
Last reviewed 15 October 2026
Policy scheduleExample
PlanEndowment, 20 years
PolicyownerYour parent
Life assuredYou
Premiums paid byYour parent
The owner named here is the only person who can sell or surrender.
Your policy schedule names the policyowner and the life assured. They are often different people.
The most common set-up. Your parent pays the premiums and makes every decision. You are the person whose life is covered.
Some parents transfer a policy once the child is an adult. If the schedule or a later endorsement names you as owner, the choice is yours.
If the owner made a trust nomination, the trustees usually need to agree before the policy can be sold or transferred. Nominations explained
Ownership usually moves by an absolute assignment from your parent to you, on the insurer's own form. What absolute assignment means
Confirm who the policyowner is, and whether there is a nomination or a loan on the policy.
Each insurer has its own form and rules. Most need the new owner to be at least 18. Assignment forms by insurer
Both of you give identification to the insurer directly, through its own channels.
From then on the premiums are yours to pay, and any payout goes to you.
Keep it, sell it or surrender it. Each option is set out below.
The same choices as any other policy. Keep, sell or surrender: the full comparison
You pay the remaining premiums and receive the maturity payout. Your cover continues.
If it is a participating endowment or whole life policy paid in cash, we may buy it. You see our offer beside the net surrender value. Sell an endowment
The insurer pays the net surrender value and the policy ends, cover included. How to surrender
A paid-up policy or a policy loan can keep it going without more premiums. Paid-up policies
Often to fund university or a first home. They may expect the payout to be used for that, even after the policy is yours.
A payor benefit rider waives premiums if the payor dies or becomes disabled. It usually depends on your parent as payor, so ask the insurer what happens to it when ownership changes.
If you sell or surrender, the death benefit on your life goes with it. Arrange cover of your own first if you need it.
Check whether anyone has borrowed against it. A loan reduces what the policy is worth in any of the options.
Only once you own it. While your parent is the policyowner, only your parent can sell, surrender or transfer it.
Yes. The owner decides, and the life assured stays the same person after a sale. We still prefer the life assured to know about it.
It depends on the insurer. Most need the new owner to be at least 18. Ask your insurer before you start.
The policy is then dealt with under any nomination or as part of the estate. Inherited policies
Often these are long endowments with many years paid, which is when buyers usually look. Whether a sale beats surrender depends on the plan, the years left and the net surrender value.
Whoever owns the policy can ask. No NRIC, no obligation.