Assignment of Life Insurance as Security

This Assignment of Life Insurance as Security is between an individual (the “assignor”) who agrees to assign proceeds under a life insurance policy to another party (the “assignee”) as security for a debt. This agreement sets out the specifics of this assignment including assignor’s covenants to maintain the life insurance policy in good standing and send notice to the insurer to take all steps necessary to effect this assignment. It is imperative that this type of arrangement be set out in writing. A written Assignment of Life Insurance as Security will be helpful in the event of disagreements or misunderstandings between the parties. (continued ...)