March 26th, 2010 by Questions
Are Whole Life insurance policies considered assets?
Posted from: Ontario
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.
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