This depends on your state's laws. If it is not exempt, you can make a good argument to only include your "surrender value" not "cash value".
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Yes. absolutely.
Bankruptcy is a Federal Law process handled in a FEDERAL court, under Federal Laws. (Yes the federal distict your in may try ot handle things to facilitate local custom), but the State makes no difference really.
variable life insurance exceeding 10,000 dollars.
The Bankruptcy Court has every right to claim the proceeds of a life insurance policy once you are declared by them as insolvent.
Most life insurance benefits are exempt from bankruptcy. Contact the trustee or the attorney who handled the bankruptcy to find out what applies in this situation.
I think you mean "creditors," those who are owed money. Debtors are the ones who owe the money. In Texas, the proceeds from life insurance policies are exempt if a dependent is named as the beneficiary. Otherwise, the funds are not exempt. Of course, the creditor must know about the policy to collect from it.
No, they will pay the claim to you and then you will be able to do what is fiscally responsible.
It is not important to have a life insurance policy.
The Policy Holder of a life insurance policy is the executor of the said policy.
If you are having financial issues and you need to sell you life insurance policy you can get in touch with a life settlement company and see what their terms are to sell your policy to them. Keep in mind, though, that such companies must be licensed by the state insurance regulatory authority, so never deal with one that is not. Furthermore, the proceeds of the sale may become part of the bankruptcy estate. Whether or not they are in your situation would be within the purview of the bankruptcy attorney. It is critical that you are entirely up front with the nature and extent of your assets, or the bankruptcy discharge may not be granted.
Life insurance loans are not on your credit report.
form_title=Life Insurance Policy form_header=Protect your loved ones with a lifetime of financial security. Find a life insurance policy customized to fit your needs. What type of life insurance policy do you want to buy?= () Term Life Insurance () Permanent Life Insurance () Both () Not Sure How large of a life insurance policy do you want to buy?=_ Who will it cover?=_ Who would you list as beneficiary?=_
A life insurance policy is "portable" when upon leaving the group policy, you transfer your life coverage to an individual life policy with the same insurance carrier with no changes to the policy or increase in premium.
There are many policies offered by General American Life Insurance. These include the Variable Life Insurance policy, the Condo Insurance policy and the Boat Insurance policy.