Tennessee HB1013 amends insurance law to clarify exemption of life insurance and annuity proceeds from creditor claims.

Tennessee HB1013 amends Tennessee Code Annotated, Title 56, to ensure that the net amount payable under any life insurance policy or annuity contract, made for the benefit of a spouse, children, or dependent relatives, is exempt from creditor claims. The bill takes effect July 1, 2025, aiming to resolve uncertainties that may discourage retirees from moving to Tennessee.

Tennessee HB1013 amends insurance law to clarify exemption of life insurance and annuity proceeds from creditor claims.

Tennessee HB1013 amends Tennessee Code Annotated, Title 56, to ensure that the net amount payable under any life insurance policy or annuity contract, made for the benefit of a spouse, children, or dependent relatives, is exempt from creditor claims. The bill takes effect July 1, 2025, aiming to resolve uncertainties that may discourage retirees from moving to Tennessee.