is term life insurance an accountable asset in utah

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is term life insurance an accountable asset in utah

is term life insurance an accountable asset in utah

Asked on July 3, 2018 under Estate Planning, Utah

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

No, it is not an asset, since there is no cash value in the insurance. The insurance has no equity; it cannot be cashed out or borrowed against; term life insurance only has value IF the insurered passes away while the insurance is still in force/effect, which is unknowable, unpredictable, unquantifiable, and hence "unaccountable."


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