I don't think I've ever taken a disability policy. Annuity and Life Insurance, many times. If this were me I would:
1. Require a full copy of the Policy, including the application, and review it very carefully.
2. Carefully review of the assignment form provided by the insurance company for Bank's rights.
3. Run this by legal counsel to make sure the documents are in compliance, perfection is spot on and that there is nothing against this under state law.
Just working here until I get my letter from Hogwarts.