Living Debt Free & Truly Wealthy, The found money specialist, United States
When you say is life insurance personal property? My answer would be yes, because if you get a life insurance policy you own that policy, it's yours. There is a lot of value in owning a life policy, you can build cash value and protect your property.
Think about it this way, if you own a home that's your property. If you own a car that's your property as well. A life insurance policy can protect everything you have. The policy can protect your personal property.
Intangible personal property is the term that applies to a life insurance policy. It is personal property that cannot be moved, touched or felt. Rather, intangible personal property has an intrinsic value that is not physical in nature.
Life insurance is considered personal property by the owner of the policy. A term life insurance policy has no value other than to the beneficiary at the insureds death. A permanent life insurance policy such as whole life or universal life does have value as personal property to the owner based on the cash value of the policy at a given time. Permanent life insurance policies are listed as a financial asset. If you have group life insurance through your work, the owner of the policy is your employer and therefore has no value to you personally.
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Think about it this way, if you own a home that's your property. If you own a car that's your property as well. A life insurance policy can protect everything you have. The policy can protect your personal property.