Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A creditor seeks to garnish the cash surrender value of a life policy issued on the life of a Florida resident. What does Florida law provide?
Answer and explanation
Answer: A. Section 222.14 provides that cash surrender values of life policies issued upon the lives of citizens or residents of the state are not in any case liable to attachment, garnishment, or legal process in favour of any creditor. The section sets no waiting period, no premium-based ceiling, and no cut-off at the insured's death; its single exception is a policy effected for the benefit of that creditor.Source: Fla. Stat. § 222.14 — 222.14, Cash surrender values and annuity proceeds
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