Need Kentucky Life Insurance Quotes?

Purchasing life insurance in Kentucky 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 Kentucky life insurance.

Insolvency coverage is limited to $300,000 in life insurance death benefits $100,000 in net cash surrender and net cash withdrawal value; in the event that your insurance provider is unable to fulfill your policy.

In terms of debt collection regarding assets, life insurance proceeds are exempt, if the policy contains a clause that prohibits the proceeds from being used to pay the beneficiary's creditors. Life insurance proceeds are exempt if the beneficiary is someone other than the insured. Life insurance proceeds are exempt if the beneficiary is a married woman. Group life insurance policies are exempt.

In Kentucky, any portion of the net taxable estate passing to a surviving spouse (including the entire value of any trust or life estate); an infant child by blood or adoption; a child by blood or a child adopted during infancy or adulthood (if raised by the decedent during infancy); a stepchild; a grandchild of any of the above; a parent; or a brother or sister (full- or half-blooded) is completely exempt from tax. Transfers to the deceased's nephew, niece, nephew or niece of the half-blood, son-in-law, daughter-in-law, aunt, and uncle are taxed after the first $1,000 transferred to each such person. The first $500 transferred to a member of this class is exempt from tax.

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