In Canada, policies with a beneficiary in the preferred class (spouse, child, grandchild and parent) are afforded creditor protection against bankruptcy. If the beneficiary is the estate then there is no creditor protection. Since there are situations where you would not be covered you should contact your lawyer to be certain.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
Whether life insurance cash value is protected from creditors depends on what state the policyholder resides in. In the state of our home office (Arizona), 100% of the cash value of life insurance is protected from creditors when the policy has been in existence over two years and the beneficiary is a family dependent. In my home state of Nebraska, only $100,000 of the cash value is exempt.
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If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.