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Purchasing life insurance in Nebraska 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 Nebraska life insurance.

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

In terms of debt collection regarding assets, life insurance proceeds or annuity contract up to $10,000 loan value, are exempt.

In Nebraska, transfers to a surviving spouse are entirely exempt from tax. Other members of this class include a decedent's parents, grandparents, siblings, children (adopted or biological), grandchildren (adopted or biological), any person to whom the decedent stood in acknowledged relation of a parent for at least 10 years prior to death, or the spouse or surviving spouse of any such persons. After a $10,000 per beneficiary exemption, transfers to members of this class are taxed. These beneficiaries include a decedent's uncle, aunt, niece, or nephew related to the deceased by blood or legal adoption, or any lineal descendant of the same. Each such beneficiary is allowed a $2,000 exemption, after which a transfer is taxed. Any transfers that do not involve members of the above two classes are taxed after a $500 per beneficiary exemption.

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