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HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
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Life Policies: definitions: 'assured' and 'life assured'

The ‘assured’ is the legal owner of the policy. They are the person who applies for the policy and agrees to pay for the rights under it. In some policies the assured is referred to as the grantee or the policyholder. There might be more than one person shown as the assured, grantee or policyholder. If the policy is assigned or placed in trust, then the legal ownership passes to the assignee or the trustees of the trust.

The ‘life assured’ is the individual upon whose life payment of the benefits under the policy depends. There might be more than one life assured.

The assured and the life assured are often the same person but need not be.