Can I put in a general instruction for all insurance policies where I am the policy owner but not the life assured to transfer the policy ownership to the specific life assured (after my death) in my Will?

Important: Whether an insurance policy can indeed be distributed to the named beneficiaries in the Will in any described manner is still subject to any additional terms and restrictions within the policy itself.

If the policy has already been absolutely assigned to another party who becomes the new policyowner, you no longer retain the rights to give it away. Furthermore, if you have a valid insurance nomination in place, our generated Wills are drafted not to override those insurance nominations.

While you as the policyowner own and fund the policy, the payout and termination usually depend on the life assured (which may not be you as the policyowner). For instance, policies can terminate once the life assured passes away, or some policies may continue on with a secondary life assured. There could also be provisions for joint ownership (where the surviving joint policyowner automatically inherits the policy), automatic transfers under specific conditions, or other special terms and restrictions.

To confirm that a specific instruction for the policy can indeed be carried out via a Will, we recommend that you check directly with the respective insurer regarding your policy terms and restrictions, as well as the assignment and nomination status.

Subject to any additional terms and restrictions within the policy itself, you may do this through a Will.

Under Select Clauses >> Other Instructions, key in the following (edit the details accordingly):

If the intended beneficiary might still be underage, you can key in this instead (edit the details accordignly):

For all insurance policies where I am the policy owner and my {Relationship}, {Name}, {Identification Number/details}, is the life assured/insured, I direct my Executor(s) to transfer ownership of the policies to {Beneficiary’s Name} upon my passing. If {Beneficiary’s Name} is not of sufficient age to legally hold the policies in his/her own name at that time, the policies shall be transferred to {Beneficiary’s Name}’s Guardian to hold in trust, with the express condition that full ownership is transferred to {Beneficiary’s Name} once he/she is of sufficient age to legally hold the policies him/herself.

The above includes all insurance policies bought before the testator's death (including policies bought after signing the Will). You can repeat the instructions accordingly for each individual beneficiary.

Can I have a generic wording without specifically naming each life insured?

It is generally recommended to be more precise naming the individual policies and the intended beneficiaries since using a broad category definition might still be vague and can be subject to interpretation.

Regardless, understanding the risks and you would still want to proceed ahead, you can key in this instead under Select Clauses >> Other Instructions (edit the details accordignly);

Unless otherwise specified in this Will, I declare that all interests, benefits, and net proceeds of insurance policies, for which I am the policy owner but not the life assured/insured, shall be distributed to the respective life assured/insured in the said policies as a gift (or to the life assured/insured’s Guardian until he/she is of age). The policy ownership shall be transferred to the respective life assured/insured (or to the life assured/insured’s Guardian until he/she is of age) to ensure their continued ownership of the policy. This instruction explicitly excludes policies where I am both the policyowner and the life assured/insured, or policies under joint ownership where I am not the last surviving joint owner.