Collateral Assignment
Use this option to assign your policy to a financial institution as collateral.
What you need to know
A policyowner may assign their policy to a financial institution as additional security for a loan. Once the loan is fully repaid, the policy can be reassigned back to the policyowner.
Instructions
1. Download the Collateral Assignment Form.
2. Refer to the “Submission Checklist” in the form and prepare the required supporting documents.
3. Print the form and obtain signatures from all parties. Ensure all signatures are provided in wet blue ink.
4. Mail the completed original hardcopy forms, along with any supporting documents (if applicable) via the following address:
Manulife (Singapore) Private Limited
8 Cross Street
#15-01 Manulife Tower
Singapore 048424
To request a Business Reply Envelope for your submission, click here.
FAQs
Who can I assign my policy to under a Collateral Assignment?
You may make a Collateral Assignment only to a financial institution, such as a bank.
Are all policies eligible for Collateral Assignment?
Not all policies are eligible for Collateral Assignment. The following policies cannot be assigned:
- Policies that are not in force
- Policies with certain riders, unless the riders are terminated before the assignment
- Policies purchased using CPF Investment Scheme (CPFIS-OA/SA) funds
- Policies purchased using Supplementary Retirement Scheme (SRS) funds
- Policies under a trust nomination, unless the trust nomination has been revoked with the consent of all trustees and beneficiaries
- Policies pledged under the Home Protection Scheme (HPS) exemption
What is the minimum age requirement?
- The Assignor and Assignee must be at least 18 years old.
- Witnesses must be at least 21 years old and cannot be the Assignor or Assignee.
Who can act as a witness?
A witness must:
- Be at least 21 years old; and
- Not be the beneficiaries of the policy.
Can the Assignor and Assignee sign on different dates?
Yes. If the Assignor and Assignee sign on different dates, the effective date of the Absolute Assignment will be the later of the two signing dates.
What is the estimated processing time for the request?
- Requests received before 3pm will be processed in 3 business days.
- Requests received after 3pm will be treated as received on the next business day.
If your request requires additional review or special handling, processing may take longer. We will contact you if further information or supporting documents are required and keep you updated on the status of your request.
