Over the last two years, NAIFA-CT worked diligently with state legislators supporting legislation to provide Connecticut residents unlimited protection from creditors of the cash value of life insurance. The bill ran unopposed through a public hearing in June. It then passed the House and Senate and on July 12, and Gov. Ned Lamont signed it into law.
Connecticut HB 6466 is effective October 1. It mirrors Connecticut’s surrounding states on the cash value amounts protected from creditors. Currently, Connecticut only protects $4,000 and this bill will protect the total value unless the policy was (a) assigned to or effected for the creditor’s benefit or (b) purchased, sold, or transferred with the intent to defraud the creditor.
“The adoption of HB 6466 is a huge accomplishment for NAIFA-CT and a great attestation to the chapter’s advocacy strength,” said Julie Harrison, NAIFA State Chapter Director. “We are very excited about this news and appreciate the hard work from the NAIFA-CT members who helped make this happen.”