Whole Life Insurance Policies

March 26th, 2010 by Questions

Are Whole Life insurance policies considered assets?

Posted from: Ontario

Questions

One Response to “Whole Life Insurance Policies”



March 28, 2010 at 9:07 pm, A licensed trustee said:

Definitely – the real question is whether or not they will be seized by your trustee if you file for bankruptcy. That depends on who the beneficiary is – if the beneficiary is one of the following people then your whole life policy is exempt (safe) from seizure: grand parent, parent, spouse, child, grand child. If your beneficiary is any else then the policy can be cashed outn for the benefit of your creditors.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)