Creditor Protection

[Deepsea]

Ok my fellow insurance agents.

In my state a life insurance policy is protected from creditors.

But how about when a husband ownes a policy on his wife, so that he is not the insured.

My question is can a creditor of the husband come after the cash value of the policy ?

 

[Justin Bilyj]

I can speak for my own state, the annuity or life product is creditor proof if the beneficiary is a spouse or dependent.

 

[moonlightandmargaritas]

In my state a life insurance policy is protected from creditors.

But how about when a husband ownes a policy on his wife, so that he is not the insured.

State statute specific, but generally speaking the owner of the policy enjoys ALL rights in the contract...including creditor protection of cash values.

 

[rousemark]

I can speak for my own state, the annuity or life product is creditor proof if the beneficiary is a spouse or dependent.

But in this case, the owner would also be the beneficiary.. ???

 

[moonlightandmargaritas]

I can speak for my own state, the annuity or life product is creditor proof if the beneficiary is a spouse or dependent.

Don't believe the question is about death benefit proceeds. He/she said cash values.

 

[Deepsea]

I think you guys are right.

The cash value and death benefit are protected from claims of creditors.

 

[Larry Tew]

I think you guys are right.

The cash value and death benefit are protected from claims of creditors.

It is state specific and there are some conditions that must be met.

 

[Justin Bilyj]

This is a most helpful link
http://www.pgih02.biz/9413/amo/amo.htm