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Beware of Insurance Agents Trying to Replace Your Existing Insurance Policy
All 50 states protect (in various ways) life insurance cash values and death benefits from lawsuits, bankruptcy and ordinary creditors.
But with annuities, the protection is not as widespread. Only 2/3 of the states have protection and, of those, 14 do not give absolute protection. Additionally, some state laws need updating. Consider Alabama. It fully protects annuities, but only up to $250 per month.
Source: Wall Street Journal, 1/21/98
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Sponsored by James J. Eccleston. This Web site contains material of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment adviser when building and protecting your wealth.
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