Transfer of Ownership or Putting your Policy in Trust


If you wish to transfer ownership of your Canada Life policy, create a trust or make alterations to a trust, this must be done by way of a Deed. We have provided a number of sample draft deeds below to deal with a variety of situations. All deeds should be reviewed by your own solicitor to ensure that it meets your requirements and so that you fully understand the implications of what you are doing.

If you cannot find a deed to suit your situation, please contact your own solicitor and ask him or her to draft a deed for you (at your own expense) and send it to us.

These deeds are only relevant for policies that can be assigned such as life assurance and investment policies. Please remember that a pension policy cannot be assigned and if you wish to transfer part of your pension policy as part of a separation/divorce arrangement, you must consult your own solicitor.

If you already have a policy and you now want to transfer ownership of the policy or create a trust, please see the list of options below. Please read the explanatory notes that accompany each deed to ensure you have chosen the correct option.


What do you want to do?

  1. Transfer from your sole ownership to another person. Click here
  2. Transfer from your sole ownership to more than one person. Click here
  3. Transfer from joint names to another person/more than one person. Click here
  4. Transfer from a company to a person/more than one person. Click here
  5. Transfer from your sole ownership/joint ownership to a company. Click here
  6. Nominate a person(s) to benefit from your policy (held in your sole name) on death and otherwise than on death (such as serious illness claims, surrenders etc.). Click here
  7. Nominate a person(s) to benefit from the policy (held in joint names under a joint life last survivor policy) on death and otherwise than on death (such as serious illness claims, surrenders etc.). Click here
  8. Nominate a person(s) to benefit from the policy (held in joint names under a dual life policy) on death and otherwise than on death (such as serious illness claims, surrenders etc.). Click here
  9. Revoke (i.e. cancel) a trust that was previously created on a policy (sole ownership). Click here
  10. Revoke (i.e. cancel) a trust that was previously created on a policy (joint ownership). Click here

Questions and Answers on transferring ownership and trusts.

I own a policy jointly with my wife and I want to transfer the policy into her sole name. Which deed should I use?

Please see Deed 1: "Transfer from joint names to another person/more than one person"

I am setting up an investment policy with my husband on a joint life last survivor basis and we want our children to benefit from the proceeds of the policy on our deaths and otherwise than on death. Do I need to create a trust and which deed should I use?

Yes, you do need to create a trust. Please see Deed 7: "Nominate a person(s) to benefit from your policy (held in joint names under a joint life last survivor policy) on death and otherwise than on death (such as serious illness claims, surrenders etc.)"

I want to appoint a person to benefit from my policy. I see that I will be a trustee on the policy. Do I need to appoint an additional trustee?

It is not necessary to appoint an additional trustee. However, it is recommended that you do so as to ensure that there is someone to give effect to the trust if you were to die. Please remember though that the trustees become the legal owners of the policy and any alterations to the policy will require the consent of all of the trustees and any claims on the policy will be made payable to all of the trustees.

I want to appoint beneficiaries to my policy and I see that to do so, I must create a trust on the policy. What are the consequences of creating a trust?

You must obtain advice from your own solicitor on the consequences of creating a trust. Please be aware that on creating a trust, the trustees become the legal owners of the policy and any alterations to the policy will require the consent of all of the trustees and any claims on the policy will be made payable to all of the trustees.

I only want to create a trust and appoint beneficiaries to benefit from my policy in the event that I die. Can I do this?

The sample trust deed which we have provided creates a trust on the policy now and provides that the beneficiaries you nominate will benefit on death and otherwise than on death. This means that the trustees become the legal owners of the policy. Our sample deed does not provide for creating a trust effective only on your death. If you want such a deed, you will need to instruct your own solicitor to draft the necessary deed at your own expense and send it to us.

Will stamp duty be payable on any transfer of ownership?

Stamp duty may be payable on the transfer of ownership or the creation of a trust. We have included a stamp duty form with each sample deed which gives more detail on whether stamp duty is payable. Generally speaking, where the transfer is between spouses, no stamp duty is payable. Click here for further general information on stamp duty.