Re: Life Insurance Disclaimer
The co. I worked for & our reinsurers would not accept a disclaimer. Benefits were paid to the primary bene. The primary bene could then do with them as he/she wished - such as give the proceeds away if he/she wanted. (Could be "disclaimed" after paid out)
At our co. primary were always paid proceeds if living - if not, then to contingent if any & living. If not, then generally to estate of insured. We did not let primary disclaim - he/she could after they received them. Once paid out, they could do with proceeds as they wished.
Again, OP can certainly talk to the ins. co. or an attorney. I only know what our co. did & the cos. we reinsured with & what was in our life ins. law book & on our life ins. tests we had to take.
This is what In. says about creditors & insurance: exempt from creditors - Fraternal society benefits. Life insurance, if group term policy, or if beneficiary is insured's spouse or dependent, or if a clause in the policy prohibits payments to creditors. Accident proceeds.
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