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Personal Bankruptcy

If a person declares bankruptcy, is their life insurance policy touched? (it is for their burial)

Posted from: Ontario

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One Response to “Personal Bankruptcy”

A licensed trustee said...

Not usually – if your beneficiary is your grandparent, your parent, your spouse, child or grandchild then the policy will not be affected. Further, if you policy has no chas surrender value then it will not be affected.

If it has cash value and the beneficiary is not one of the people I listed above then it may be affected.

Discuss this with your trustee BEFORE you file.