Transfer of Ownership - Designation of Successor Owner Kit - Transfer of Ownership

Sep 19, 2026

Upload by Logic

Transfer of Ownership kit for New York Life Insurance and NYLIFE Insurance Company of Arizona, detailing how ownership of a life insurance policy is permanently assigned to designated new owners. It explains that proper signatures and required information are necessary for processing, outlines policy and owner information steps, and describes reportable policy sale conditions under federal regulations. It also covers successor owner/designation requirements and identity verification obligations when changing policy or account ownership.

LanguageEnglish

CategoryForms

FormatPDF

Pages23

Reading Time8 min

AccessFree to download

Transfer of Ownership

Step 1 Policy Information

Step 2 New Owner Information

# Transfer of Ownership/Designation ofSuccessor OwnerKit This kit contains the following forms: 21132 Transfer of Ownership/Designation of Successor Owner21131 Change of Beneficiary Form8069 My Payment Preferences The Current Owner and New Ownermust sign in Step 6 of Form 21132. WITHOUT THE PROPER SIGNATURESAND INFORMATION,THIS TRANSFER OF OWNERSHIP CANNOT BE PROCESSED. 22600(09/2026) NYLIFE Insurance Company of Arizona(Not licensed in every state)2355 Camelback Road,Suite 750Phoenix,AZ85016 ## Transfer of Ownership Once youmake a transfer of ownership,all ownership rights in the policy pass to the Owner(s)designated in SectionA,B,or C(the "NewOwner(s)")permanently.Subsequent transfers of ownership can be made without your knowledge,and therefore,you may not knowwho owns the policy on the life of the Insured/Annuitant.Beneficiary changes can also be made without your knowledge,so you maynot know the identity of the beneficiary designated to receive the death benefit of your policy.These factors are particularly significantwhen transferring the ownership of your policy for caash or other valuable consideration to an unrelated third party,such as in a viatical orlife settlement.There may be alternatives available in your policy without the necessity of a Transfer of Ownership.Contact your Agent/Registered Representatives or one of our Customer Service Professionals o discuss possible alternatives.You should consult your taxadvisor before any transfer of ownership.The word“policy”refers to policies and contracts issued by New York Life lnsurance Company,New York Life Insurance and Annuity Corporation,and NYLIFE Insurance Company of Arizona. Complete all required fields and initial any corrections that you make.If you do not,we may not be able to act upon your request. | STEP 1 POLICY INFORMATION.Tell us your policy information.You can change more than one policy as long as the
policy owner is the same and you are requesting the same changes for each policy. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Policy
number(s) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Insured/
Annuitant's
Name | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Is this Transfer of Ownership a reportable policy sale of a life insurance contract?
口No
□Yes
A"reportable policy sale"means the acquisition of an interest in a life insurance contract,directly or indirectly,if the acquirer has no substan-
tial family,business,or financial relationship with the Insured apart from the acquirer's interest in such life insurance contract. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | USA PATRIOTACT:Federal law requiresall inancialinstitutions to obtain,verify,and record information that identifies each person who
becomes the owner of an existing account.What this means for you:When you change policy/account ownership,we will ask for name,
address,date of birth,and other information that will allow us to identify the New Owner(s). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | STEP2 NEW OWNERINFORMATION.(If multiple owners are named,all will need to sign for any subsequent changes or requests)
Please check here if you are naming another owner and retaining the current owner. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A[
TO NAME AN
IND

FAQs

What is required to process a transfer of ownership request?

The current owner and new owner must sign in Step 6 of Form 21132. Without the proper signatures and information, the transfer cannot be processed.

When does a transfer of ownership pass policy rights to a new owner?

Once you make a transfer of ownership, all ownership rights in the policy pass permanently to the new owner(s) designated in Section A, B, or C.

What does a “reportable policy sale” mean?

A reportable policy sale is the acquisition of an interest in a life insurance contract when the acquirer has no substantial family, business, or financial relationship with the insured apart from the acquirer’s interest.

Sep 19, 2026

Upload by Logic