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I have a buddy who owns a business and is asking me and lawsuit protection with permanent life insurance. Apparently he's having a scare since a fellow friend of his is currently in litigation.
His agent is telling him that life insurance cannot be attached in a court judgement or be forced to be cashed out during a BK proceeding and is also not counted as an asset. He is looking for a place to park money, doesn't really care about the interest but just wants it to be "lawsuit proof" as a safety net.
Is this true?
His agent is telling him that life insurance cannot be attached in a court judgement or be forced to be cashed out during a BK proceeding and is also not counted as an asset. He is looking for a place to park money, doesn't really care about the interest but just wants it to be "lawsuit proof" as a safety net.
Is this true?