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Purchasing life insurance in Indiana is an important matter and as such, it deserves significant thought and consideration. Several factors may affect your decision regarding the type and amount of life insurance that you choose to purchase. Regulations regarding life insurance vary from one state to the next. Be sure to consider the following facts, when considering the purchase of Indiana life insurance.

Insolvency coverage is limited to $100,000 in life insurance cash values, but not more than $300,000 for all benefits in the event that your insurance provider is unable to fulfill your policy.

In terms of debt collection regarding assets, policy is protected from creditors of owner if owner's spouse, children, relative dependent or creditor is the beneficiary.

In Indiana, Transfers to a surviving spouse are totally exempt from tax. This class may include a lineal descendant, legally adopted child, parent of a legally adopted child, and the descendant of an adopted child. When somebody acts in the place of a parent for 10 years or more, a child is considered adopted if the relationship began before the child's 15th birthday. After a $100,000 per transferee exemption, members of this class are taxed according to the rates in the table below. A brother, sister, descendant of brother or sister, a son's wife or widow, and a daughter's husband or widower. Each beneficiary in this class gets a $500 exemption from tax. All others not specifically mentioned above are lumped together. Beneficiaries in this category get a maximum exemption of only $100, with the rest being taxed as indicated in the table that follows.

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