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Home » Exemptions » Life Insurance Proceeds: Are Death Benefits Exempt

Life Insurance Proceeds: Are Death Benefits Exempt

ByJon Alper January 27, 2008May 22, 2020

A husband purchased a large life insurance policy naming his wife as beneficiary. The policy accumulated cash value. The husband and wife had joint creditors. The husband died and the insurance company paid the policy proceeds to the surviving spouse. The surviving wife asked me if the creditors can go after the life insurance proceeds

The insurance policy was exempt from creditors during the husband’s lifetime. Cash value of life insurance is exempt under Florida statutes. The death benefit is exempt from the husband’s creditors after his death. The proceeds once paid to the surviving spouse are not exempt. The Florida statutes do not protect the proceeds of life insurance (contrast to the protection of annuity proceeds in whatever form). I believe the joint creditors and the wife’s individual creditors, if any, can levy upon the life insurance death benefit proceeds once paid to the survivor.

Last updated on May 22, 2020

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Jon Alper

About the Author

Jon Alper is an expert in asset protection planning for individuals and small businesses.

Book a consultation with Jon.
Jon Alper

About the Author

Jon Alper is an expert in asset protection planning for individuals and small businesses.

Book a consultation with Jon.

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      • UTMA Accounts
    • Business Planning
      • Business Entities
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      • LLC Operating Agreement
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    • Offshore Planning
      • Nevis LLC
      • Offshore Bank Accounts
      • Offshore Planning
      • Offshore Trusts
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      • Judgment Collection
      • Bitcoin and Cryptocurrency
      • Deficiency Judgments
      • Fact Information Sheet
      • Head of Household
      • IRS Tax Debt
      • Not Paying Judgments
      • Statute of Limitations
      • Wage Garnishment
      • Writ of Garnishment
    • Wills and Trusts
      • Avoiding Probate
      • Estate Planning
      • Gun Trusts
      • Inheritance Tax
      • Irrevocable Trusts
      • Last Will and Testament
      • Living Trusts
      • Living Will
      • LGBT Estate Planning
      • Power of Attorney
      • Probate
      • Special Needs Trust
      • Trust Administration
    • Bankruptcy
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      • Chapter 7 Bankruptcy
      • Chapter 13 Bankruptcy
      • Dealing With Creditors
      • Involuntary Bankruptcy
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