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If death benefits pass with the ownership of the TEP are they payable on the death of the new owner or the previous owner?

April 26, 2017Benefits death owner ownership pass Payable previous TEP

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If death benefits pass with the ownership of the TEP are they payable on the death of the new owner or the previous owner?

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When a policy is sold the ‘life assured’ remains the original policyholder. If the life assured dies before the policy matures and if the life office is advised of the death, the benefits will be paid to the new owner.