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Life Insurance Exemption

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    Life Insurance Exemption

    I have a Group Universal Life policy. Is it exempt from the portion of the federal code (522 (d) (8) ) that says..

    "The debtor's aggregate interest, not to exceed in value $9,850......in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor..."

    The cash accumulation value is about $3k. Will this part of the code cover this or do i need to find another place????
    Filed Business Chapter 7: 7/11/07
    341 Meeting: 8/8/07 Asset Case
    US Trustee reviewed case/resolved 9/14/07
    Discharged: 10/11/07 Closed: 11/2/08

    #2
    Our attny listed our Life Insurance on Schedule B, Personal Property, Item #9.

    And then again on Schedule C, Property Claimed as Exempt, with the appropriate State Statute Code for the Exemption.

    HTH
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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