Life Insurance, Creditor Rights

Definition of "Life insurance, creditor rights"

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Patricia McCoy, Real Estate Agent Patricia McCoy Real Estate

Protection given to life insurance beneficiaries by state laws, under which the benefits of a life insurance policy usually cannot be attached by creditors of an insured and/or beneficiary. These laws are based on philosophical concerns dating back to the founding of the U.S., and the Homestead Laws that a widow and children should not be made to pay for the financial sins of the father.

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