Can a policyholder assign a life insurance policy to another party without the insurer's approval in Virginia?

A policyholder in Virginia can indeed assign a life insurance policy to another party without the insurer's approval, unless the policy specifically states otherwise. This flexibility in assignment allows policyholders to transfer the rights and benefits of the insurance policy to another individual or entity, which can be useful in various personal or financial situations.

The ability to assign the policy without obtaining prior approval from the insurer, unless restricted by the policy terms, showcases the autonomy of the policyholder in managing their insurance assets. It's important for policyholders to review their specific policy to ensure they understand any limitations that may be applicable regarding assignment rights.