Assignment of Benefits
You have the right to assign your life insurance benefits to someone else as a gift or as a viatical assignment, but only when a viatical assignment is allowed by state law. This means you can transfer or assign all rights, title, interest and ownership, both for the present and future which includes:
  • the right to make any contributions required to keep the benefits in force,
  • the privilege of obtaining an individual policy of life insurance (conversion), and
  • the right to designate or change the beneficiary designation.
Assignment of benefits is a complicated financial and legal matter. If you are considering an assignment, please contact Metropolitan Life Insurance Company at 888-878-8490 for additional information.
Viatical Assignment
An option for terminally ill retirees is to sell their life insurance for cash to viatical settlement companies that buy life insurance policies. Viatical settlement companies offer different levels of cash payment options and the criteria for qualifying varies from one company to another. You must contact a viatical settlement company directly to obtain information regarding its program options.
For further information about the viatical option, please call Metropolitan Life Insurance Company at 888-878-8490.