Can You Transfer Life Insurance Policies? 
Yes , you can transfer ownership of life insurance policies . There are , however , some things of which you should be aware . If the policy is currently assigned for collateral , or there is an irrevocable beneficiary , their consent would be required before a transfer . In Canada , with one exception , transfers of ownership are considered a deemed disposition . In other words , it is the same as if you cashed the policy in and it may trigger a taxable event . The one exception is a transfer to your child when the child is the only life insured under the policy . This creates an opportunity for an intergenerational wealth transfer . -LRB- If interested ask me for details -RRB- . Child includes any natural or adopted child , grandchild , stepchild , son or daughter - in-law . Check to be sure of the consequences , before you make a transfer . If you have further questions , or feel that I could be of assistance , please do not hesitate to contact me . If you would like to work with a local life insurance broker , you could start with a Google search . For example , if you search for : life insurance broker Halifax or life insurance agent Halifax , my name , along with several others , will come up . You can use the same method to find a life insurance broker in your community . 