State Exemption Statute


Definition of "State exemption statute"

Bryan Best real estate agent
Bryan Best, Real Estate Agent MAX BROOCK, REALTORS-BLOOMFIELD

Laws in most cases protecting life insurance policies from an insured's creditors. These laws typically exempt death benefit proceeds and policy cash values from attachment by creditors, particularly if the beneficiary is a spouse or child of the insured. Many exemption laws have limits, with all insurance proceeds over a certain amount, say $20,000, available to the insured's creditors. In some states, endowment and ANNUITY policies are granted less protection from creditors than ORDINARY LIFE INSURANCE because such policies are often used as investment vehicles.

 

Need help from a real estate agent?


Buy Sell Rent

I agree to receive FREE real estate advice.

Are you a real estate agent?


Residential Rental Commercial

I agree to receive FREE real estate advice.

Have a question or comment? We're here to help.

 

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Popular Insurance Questions