ACWDL 8-02- Term Life Insurance and Endowment Life Insurance Contracts (1/24/08)

Some term life insurance policies now have cash values. The face value of those with cash surrender value will be combined with the face value of other insurance policies. If the total combined face value is over $1,500 the net value will be included in the property reserve. Endowment life insurance contracts are treated as a legal instrument similar to a trust. Assets held in an ELIC are considered available property. [Download]