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HCLegal, Attorney
Category: Bankruptcy Law
Satisfied Customers: 423
Experience:  I have filed over a thousand bankruptcy cases.
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My employer has a life insurance policy that appears as income

Resolved Question:

My employer has a life insurance policy that appears as income on my paystub. How will the bankruptcy trustee view this? Will it be an asset?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  HCLegal replied 5 years ago.

HCLegal :

Hello and thank you for your question here on Just Answer.

HCLegal :

Every life insurance that I have ever seen that is provided by an employer is a Term Life Insurance product.

HCLegal :

Term Life insurance does not build a cash value and you cannot borrow against it. It has a $0 Cash Value.

HCLegal :

Therefore it is not an asset that the trustee will go after. It still needs to be listed in your schedules, but there is no value to it.

HCLegal :

Please let me know if you have any other questions or if you need clarification on any part of my answer.

HCLegal :

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