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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Whole Life Insurance Policies

Are Whole Life insurance policies considered assets?

Posted from: Ontario

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One Response to “Whole Life Insurance Policies”

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.