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Assignment of Policy as Collateral - Penn Mutual Life

Assignment of Policy as Collateral - Penn Mutual Life 2026

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The document is an assignment form for collateral security related to life insurance policies issued by Penn Mutual Life Insurance Company. It outlines the process for assigning policy rights as collateral, specifies the rights retained by the policyowner, and details the obligations of both the policyowner and assignee. The form must be completed accurately and returned to the company for processing.

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Click ‘Get Form’ to open the Assignment of Policy as Collateral in the editor.
Begin by filling out Section A: Policy Information. Enter the policy number(s), followed by the name of the insured, including first, middle, and last names.
If the owner differs from the insured, provide their full name in Section A as well.
Proceed to Section B: Collateral Assignment. Fill in the name and address of the assignee accurately.
Review all specified rights included in this assignment and ensure you understand which rights are retained by the policyowner(s).
Sign and date at the bottom of the form, ensuring all required signatures are present, including any irrevocable beneficiaries if applicable.
Finally, return your completed form via mail or fax to Penn Mutual Life Insurance Company using the provided contact details.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What does collaterally assigned mean?

How Does a Collateral Assignment Differ from an Absolute Assignment? A key difference is control. In a collateral assignment, the policyholder retains ownership, while the lender has claim over the benefits. An absolute assignment transfers complete ownership to another party entirely.

What does it mean if a life insurance policy is collaterally assigned?

Both term and permanent life insurance policies may be used as collateral, though some lenders may not accept term life policies since they dont have cash value.

Can I use my life insurance policy as collateral?

Life insurance can be used as collateral for auto or home loans, but it is also commonly used for small business loans. Often small business owners have to use most of their private money to fund their businesses.