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What happens after you sell your policy

Once you sign the absolute assignment and your insurer records it, the policy belongs to us. Here is what happens next, what you need to do, and what stays the same.

Last reviewed 15 October 2026

From signature to payment

The order of events after you accept our written offer.

  1. You sign the assignment

    On your insurer's own form, filled in completely before you sign. You keep a copy of everything.

  2. Your insurer records the change

    The assignment goes to your insurer, which updates its records to show us as the policyowner.

  3. We pay you

    By bank transfer or PayNow, into an account in your own name, after your insurer has recorded the assignment. The amount is the price in our written offer.

  4. You get it in writing

    We send a written confirmation of the payment. Your insurer may also write to confirm the new owner; practice varies by insurer.

  5. The premiums become ours

    We pay every premium due after the assignment is recorded. The sale agreement states who pays any premium that falls due before then.

Your checklist after the sale

A few things only you can do.

  • Check the payment

    Make sure the amount matches our written offer and comes from SurrenderPolicy's company account.

  • Confirm with your insurer

    Call your insurer on a number from its own website and ask it to confirm the new owner. Insurer contact details

  • Stop your premium payments

    Cancel the GIRO or card instruction for this policy only once your insurer has confirmed the change, so no premium is missed in between.

  • Keep your papers

    Keep the offer, the sale agreement, your copy of the assignment and our payment confirmation together.

  • Review your cover

    The policy no longer protects you or your family. If anyone relied on it, make sure other cover is in place, and let them know it has been sold.

What stays the same

An assignment changes the owner and nothing else about the policy.

The life assured

The policy still covers the same person's life. Only the owner changes.

The policy terms

Benefits, bonuses and the maturity date are as they were. The insurer applies the same terms to the new owner.

Your other policies

Selling one policy doesn't affect any other policy you hold with the same insurer.

Your information

We keep the sale records only as long as we own the policy and the law requires. Privacy notice

After the sale: questions

Can I change my mind after signing?

Not on your own. Once the assignment is recorded, only the new owner can transfer the policy again. Before you sign, you can stop at any point.

What if my insurer doesn't record the assignment?

Then the sale does not complete, the policy stays yours, and no money changes hands. We tell you why and whether it can be put right.

What if the life assured dies after the sale?

Any death benefit is paid to us as the policyowner, under the policy's terms. This is why we ask you to think about your cover before you sell.

Will you contact me again?

Only if your insurer needs a detail about the policy confirmed. We will never contact you to ask for money.

Is the money taxable?

We can't give tax advice. If you are unsure how the payment is treated in your case, ask a tax adviser or IRAS.

Not sold yet? Start with a straight answer

Tell us about your policy and we tell you whether we would buy it. No NRIC, no obligation.

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