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Purchasing life insurance in Louisiana 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 Louisiana 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 was issued wuthin nine months of filing for bankruptcy. The exemption limit is $35,000. Group life insurance proceeds are exempt.

In Kentucky, those that count as the deceased's direct descendant (by blood or affinity), ascendant (e.g., parents and grandparents), or surviving spouse fall into Class A; in which the total value any inheritance, legacy, donation, or gift made in contemplation of death to the surviving spouse is completely exempt from tax. Any other transfers involving members of this class are after a $25,000 per beneficiary tax exemption is taken. The members of this class are referred to as collateral relations and include adopted brothers and sisters and their descendants. The first $1,000 transferred to each beneficiary in this class is exempt from tax. All others not specifically mentioned above are lumped in under this class. Beneficiaries in this category get a maximum exemption of only $500.

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