The surrender value of any life insurance policy is exempt if payable to any spouse, child, or other dependent of the insured.  §2.61-33-36  To view this statute, please click here.

The avails of a life insurance policy are exempt when made payable to the deceased, a personal representative of the deceased, deceased’s heirs or estate.  To see this statute, please click here.

Annuity, Pension, and IRA

Pensions, annuity policies or plans, and life insurance polices payable to the insured’s spouse, children, or any other dependents who depend upon the insured for support are exempt up to $100,000 for each plan with an aggregate limit of $200,000.  ERISA qualified plans, including Keoghs, IRAs, and Roth IRAs, are exempt up to $100,000 for each plan with an aggregate limit of $200,000.  These dollar amounts do not apply if the benefits are “reasonably necessary for support.”  To view this statute and get a definition of “reasonably necessary for support,” click here.