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Purchasing life insurance in Washington 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 Washington life insurance.

Insolvency coverage is limited to $500,000 in life insurance death benefits but not more than $500,000 in net cash surrender and net cash withdrawal values in the event that your insurance provider is unable to fulfill your policy.

In terms of debt collection, life insurance proceeds are exempt, if the insured is not the beneficiary. Group life insurance proceeds or policies are exempt.

In Washington, there is a stand-alone estate tax; effective May 17, 2005. Virginia's estate tax is designed to absorb the federal estate tax credit for state death taxes. No additional estate tax is imposed. The tax does not apply to estates valued at $1.5 million or less for persons dying in 2005 and estates valued at $2 million or less thereafter.

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