Using life insurance and annuities for asset protection
Article Abstract:
The author discusses state laws that exempt annuities and life insurance from creditors' claims in bankruptcy and non-bankruptcy situations. State-to-state variations in exemptions for annuities are covered, along with the benefits of combining a private annuity and insurance.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 2001
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Update on life insurance policy grace periods
Article Abstract:
Provisions in life insurance policies and under state law offer a number of ways to keep the policy in force when premium payments have not been made, but the effects of these payments vary depending on the type of policy. A statutory grace period of 31 days is provided under state law during which time the policy cannot lapse. Policies may also offer administrative practice extensions and nonforfeiture provisions, but when premiums are paid this way, reinstatement is required. For policies with cash values, automatic premium loan provisions ensure that lapse will not occur as long as funds are available.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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Major new developments result in banks actively selling life insurance
Article Abstract:
Banks are entering the life insurance market, but they are doing so through partnerships with life insurance companies and not through developing their own life insurance products. Life insurance agents see banks as a bigger threat to middle market business because high-income individuals will still need the expertise that life insurance professionals can offer. Insurance companies such as MetLife have realized that the customer base of banks offers a new marketing opportunity. Recent case law suggests that state laws limiting insurance sales may be preempted by federal law.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1997
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