Request a written release
After the secured obligation is fully satisfied, ask the lender for a written assignment release. Then follow the insurer’s process to record it and confirm the release has been completed.
Do not assume the policy should end
The policy may still protect your family, business partners or other long-term needs. Review beneficiaries, remaining term, renewal costs and conversion deadlines before canceling or changing coverage.
Check for other obligations
Before seeking release, confirm the assignment does not secure another outstanding obligation. The policy and actual assignment documents control the process and continuing rights.
Read SBA collateral assignment of life insurance for the initial documentation process.