Clarifies Tennessee law to exempt life insurance and annuity proceeds from creditor claims.

This bill amends Tennessee law to ensure that life insurance and annuity proceeds payable to a spouse, children, or dependent relatives are exempt from creditor claims. It addresses ambiguity in the phrase "for the benefit of" and the word "all" to provide clarity and certainty for retirees planning to move to Tennessee. The changes take effect July 1, 2025.

Clarifies Tennessee law to exempt life insurance and annuity proceeds from creditor claims.

This bill amends Tennessee law to ensure that life insurance and annuity proceeds payable to a spouse, children, or dependent relatives are exempt from creditor claims. It addresses ambiguity in the phrase "for the benefit of" and the word "all" to provide clarity and certainty for retirees planning to move to Tennessee. The changes take effect July 1, 2025.