{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3122.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3122.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3122.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3122.html"}],"law_id":83224,"edition_id":1,"section_id":83224,"structure_id":14931,"section_number":"38.2-3122","catch_line":"Proceeds and avails of life insurance policies and annuity contracts free of certain claims","history":"Code 1950, \u00a7 38-119; 1952, c. 317, \u00a7 38.1-448; 1986, c. 562; 2016, c. 274.","full_text":"A\n\nAs used in this section, “protected insurance item” means, with respect to a policy of life insurance or annuity issued or issued for delivery in the Commonwealth:1\n\nThe cash surrender value of any such policy;2\n\nThe proceeds of any such policy;3\n\nThe withdrawal value of any optional settlement or deposit with any company made pursuant to the terms of such policy; or4\n\nAll other benefits, indemnities, payments, and privileges of every kind from any such policy.B\n\nIn no case whatsoever shall any protected insurance item be liable to execution, attachment, garnishment, or other legal process in favor of any creditor of:1\n\nThe person whose life is insured by the related policy or contract;2\n\nThe person who can, may, or will receive the benefit of that protected insurance item, provided that such person is the insured or owner of the contract, deposit, indemnity, policy, or settlement or the spouse or intended spouse of, a dependent child of, or any other person dependent on, the insured or owner of the contract, deposit, indemnity, policy, or settlement;3\n\nThe person who owns the related contract, deposit, or policy; or4\n\nThe person who effected the related contract, deposit, or policy.C\n\nThe provisions of subsection B shall not apply to any claim by a creditor with respect to a life insurance policy, annuity contract, or deposit with an insurance company that was taken out, made, or assigned in writing for the benefit of the creditor.D\n\nNotwithstanding the provisions of subsection B and subject to the applicable statute of limitations, the amount of any premiums or other amounts paid for the related life insurance policy, annuity contract, or deposit with an insurance company that were paid with the intent to defraud creditors, with the interest thereon, shall inure to the benefit of the creditors from the proceeds of the policy, contract, or deposit.E\n\nThe exemption provided by this section shall not apply to any protected insurance item issued or effected during the six months preceding the date that the person claiming the exemption (i) files a voluntary petition in bankruptcy; (ii) becomes the subject of an order for relief or is declared insolvent in any federal or state bankruptcy or insolvency proceeding; or (iii) files a petition or answer seeking for himself any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law, or regulation.F\n\nThe exemption established by this section shall apply to a protected insurance item regardless of whether (i) the right to change the beneficiary thereof is reserved or permitted or (ii) any of the following persons or any of their estates is a contingent beneficiary thereof:1\n\nThe person insured by the related life insurance policy;2\n\nThe person effecting the related life insurance policy or annuity contract;3\n\nThe annuitant of the related annuity contract; or4\n\nThe owner of the related life insurance policy or annuity contract.","order_by":null,"text":{"0":{"id":298201,"text":"As used in this section, “protected insurance item” means, with respect to a policy of life insurance or annuity issued or issued for delivery in the Commonwealth:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":298202,"text":"The cash surrender value of any such policy;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":298203,"text":"The proceeds of any such policy;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":298204,"text":"The withdrawal value of any optional settlement or deposit with any company made pursuant to the terms of such policy; or","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":298205,"text":"All other benefits, indemnities, payments, and privileges of every kind from any such policy.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":298206,"text":"In no case whatsoever shall any protected insurance item be liable to execution, attachment, garnishment, or other legal process in favor of any creditor of:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4","next_prefix":"B1"},"6":{"id":298207,"text":"The person whose life is insured by the related policy or contract;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"7":{"id":298208,"text":"The person who can, may, or will receive the benefit of that protected insurance item, provided that such person is the insured or owner of the contract, deposit, indemnity, policy, or settlement or the spouse or intended spouse of, a dependent child of, or any other person dependent on, the insured or owner of the contract, deposit, indemnity, policy, or settlement;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"8":{"id":298209,"text":"The person who owns the related contract, deposit, or policy; or","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"9":{"id":298210,"text":"The person who effected the related contract, deposit, or policy.","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"C"},"10":{"id":298211,"text":"The provisions of subsection B shall not apply to any claim by a creditor with respect to a life insurance policy, annuity contract, or deposit with an insurance company that was taken out, made, or assigned in writing for the benefit of the creditor.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B4","next_prefix":"D"},"11":{"id":298212,"text":"Notwithstanding the provisions of subsection B and subject to the applicable statute of limitations, the amount of any premiums or other amounts paid for the related life insurance policy, annuity contract, or deposit with an insurance company that were paid with the intent to defraud creditors, with the interest thereon, shall inure to the benefit of the creditors from the proceeds of the policy, contract, or deposit.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"12":{"id":298213,"text":"The exemption provided by this section shall not apply to any protected insurance item issued or effected during the six months preceding the date that the person claiming the exemption (i) files a voluntary petition in bankruptcy; (ii) becomes the subject of an order for relief or is declared insolvent in any federal or state bankruptcy or insolvency proceeding; or (iii) files a petition or answer seeking for himself any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law, or regulation.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"13":{"id":298214,"text":"The exemption established by this section shall apply to a protected insurance item regardless of whether (i) the right to change the beneficiary thereof is reserved or permitted or (ii) any of the following persons or any of their estates is a contingent beneficiary thereof:","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"F1"},"14":{"id":298215,"text":"The person insured by the related life insurance policy;","type":"section","prefixes":["F","1"],"prefix":"1","entire_prefix":"F1","prefix_anchor":"F1","level":2,"prior_prefix":"F","next_prefix":"F2"},"15":{"id":298216,"text":"The person effecting the related life insurance policy or annuity contract;","type":"section","prefixes":["F","2"],"prefix":"2","entire_prefix":"F2","prefix_anchor":"F2","level":2,"prior_prefix":"F1","next_prefix":"F3"},"16":{"id":298217,"text":"The annuitant of the related annuity contract; or","type":"section","prefixes":["F","3"],"prefix":"3","entire_prefix":"F3","prefix_anchor":"F3","level":2,"prior_prefix":"F2","next_prefix":"F4"},"17":{"id":298218,"text":"The owner of the related life insurance policy or annuity contract.","type":"section","prefixes":["F","4"],"prefix":"4","entire_prefix":"F4","prefix_anchor":"F4","level":2,"prior_prefix":"F3"}},"ancestry":[{"id":14931,"edition_id":1,"name":"Proceeds of Certain Policies","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":13292,"metadata":{},"date_created":"2026-06-26 03:50:52","date_modified":"2026-06-26 03:50:52","permalink":{"id":214461,"object_type":"structure","relational_id":14931,"identifier":"2","token":"38.2\/31\/2","url":"\/38.2\/31\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13292,"edition_id":1,"name":"Life Insurance","identifier":"31","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":214331,"object_type":"structure","relational_id":13292,"identifier":"31","token":"38.2\/31","url":"\/38.2\/31\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":84737,"structure_id":14931,"section_number":"38.2-3118","catch_line":"Spendthrift trusts created under life insurance policies","url":"\/38.2-3118\/","token":"38.2\/31\/2\/38.2-3118","metadata":false},{"id":66383,"structure_id":14931,"section_number":"38.2-3119","catch_line":"Limitation on \u00a7 38.2-3118","url":"\/38.2-3119\/","token":"38.2\/31\/2\/38.2-3119","metadata":false},{"id":76489,"structure_id":14931,"section_number":"38.2-3120","catch_line":"Repealed","url":"\/38.2-3120\/","token":"38.2\/31\/2\/38.2-3120","metadata":false},{"id":56979,"structure_id":14931,"section_number":"38.2-3121","catch_line":"Segregation of proceeds not required","url":"\/38.2-3121\/","token":"38.2\/31\/2\/38.2-3121","metadata":false},{"id":83224,"structure_id":14931,"section_number":"38.2-3122","catch_line":"Proceeds and avails of life insurance policies and annuity contracts free of certain claims","url":"\/38.2-3122\/","token":"38.2\/31\/2\/38.2-3122","metadata":false},{"id":62935,"structure_id":14931,"section_number":"38.2-3122.1","catch_line":"Annuity contract purchased to fund retirement benefits; protection from creditor's claims","url":"\/38.2-3122.1\/","token":"38.2\/31\/2\/38.2-3122.1","metadata":false},{"id":79949,"structure_id":14931,"section_number":"38.2-3123","catch_line":"Repealed","url":"\/38.2-3123\/","token":"38.2\/31\/2\/38.2-3123","metadata":false},{"id":80079,"structure_id":14931,"section_number":"38.2-3124","catch_line":"Protection of insurers from creditor's claims","url":"\/38.2-3124\/","token":"38.2\/31\/2\/38.2-3124","metadata":false},{"id":77784,"structure_id":14931,"section_number":"38.2-3125","catch_line":"Other rights of beneficiaries and assignees protected","url":"\/38.2-3125\/","token":"38.2\/31\/2\/38.2-3125","metadata":false}],"previous_section":{"id":56979,"structure_id":14931,"section_number":"38.2-3121","catch_line":"Segregation of proceeds not required","url":"\/38.2-3121\/","token":"38.2\/31\/2\/38.2-3121","metadata":false},"next_section":{"id":62935,"structure_id":14931,"section_number":"38.2-3122.1","catch_line":"Annuity contract purchased to fund retirement benefits; protection from creditor's claims","url":"\/38.2-3122.1\/","token":"38.2\/31\/2\/38.2-3122.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3122\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1986, chapter 562; in 2016, chapter 274<\/a>.<\/p>","references":[{"id":80079,"section_number":"38.2-3124","catch_line":"Protection of insurers from creditor's claims","order_by":null,"url":"\/38.2-3124\/"},{"id":77784,"section_number":"38.2-3125","catch_line":"Other rights of beneficiaries and assignees protected","order_by":null,"url":"\/38.2-3125\/"},{"id":70541,"section_number":"64.2-747","catch_line":"Creditor's claim against settlor","order_by":null,"url":"\/64.2-747\/"}],"refers_to":false,"permalink":{"id":214479,"object_type":"law","relational_id":83224,"identifier":"38.2-3122","token":"38.2\/31\/2\/38.2-3122","url":"\/38.2-3122\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3122\/","token":"38.2\/31\/2\/38.2-3122","dublin_core":{"Title":"Proceeds and avails of life insurance policies and annuity contracts free of certain claims","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3122","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section, “protected insurance<\/span> item” means, with respect to a policy of life insurance<\/span> or annuity issued or issued for delivery in the Commonwealth: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The cash surrender value of any such policy; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The proceeds of any such policy; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The withdrawal value of any optional settlement<\/span> or deposit with any company<\/span> made pursuant to the terms of such policy; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> All other benefits, indemnities, payments, and privileges<\/span> of every kind from any such policy. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In no case whatsoever shall any protected insurance<\/span> item be liable to execution, attachment<\/span>, garnishment<\/span>, or other legal process in favor of any creditor<\/span> of: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The person<\/span> whose life is insured by the related policy or contract<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The person<\/span> who can, may, or will receive the benefit of that protected insurance<\/span> item, provided that such person<\/span> is the insured or owner of the contract<\/span>, deposit, indemnity, policy, or settlement<\/span> or the spouse or intended spouse of, a dependent child of, or any other person<\/span> dependent on, the insured or owner of the contract<\/span>, deposit, indemnity, policy, or settlement<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The person<\/span> who owns the related contract<\/span>, deposit, or policy; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The person<\/span> who effected the related contract<\/span>, deposit, or policy. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The provisions of subsection B shall not apply to any claim by a creditor<\/span> with respect to a life insurance policy, annuity contract<\/span>, or deposit with an insurance company<\/span> that was taken out, made, or assigned in writing for the benefit of the creditor<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Notwithstanding the provisions of subsection B and subject to the applicable statute of limitations<\/span>, the amount of any premiums or other amounts paid for the related life insurance policy, annuity contract<\/span>, or deposit with an insurance company<\/span> that were paid with the intent<\/span> to defraud creditors<\/span>, with the interest thereon, shall inure to the benefit of the creditors<\/span> from the proceeds of the policy, contract<\/span>, or deposit. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The exemption provided by this section shall not apply to any protected insurance item issued or effected during the six months preceding the date that the person<\/span> claiming the exemption (i) files a voluntary petition<\/span> in bankruptcy<\/span>; (ii) becomes the subject of an order<\/span> for relief or is declared insolvent in any federal or state<\/span> bankruptcy<\/span> or insolvency proceeding; or (iii) files a petition<\/span> or answer seeking for himself any reorganization, arrangement, composition, readjustment, liquidation<\/span>, dissolution, or similar relief under any statute, law<\/span>, or regulation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The exemption established by this section shall apply to a protected insurance item regardless of whether (i) the right to change the beneficiary thereof is reserved or permitted or (ii) any of the following persons<\/span> or any of their estates is a contingent beneficiary thereof: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The person<\/span> insured by the related life insurance policy; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The person<\/span> effecting the related life insurance policy or annuity contract<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The annuitant of the related annuity contract<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The owner of the related life insurance policy or annuity contract<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROCEEDS AND AVAILS OF LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS FREE OF\nCERTAIN CLAIMS (\u00a7 38.2-3122)\n\nA. As used in this section, “protected insurance item” means, with\nrespect to a policy of life insurance or annuity issued or issued for delivery\nin the Commonwealth:\n\n 1. The cash surrender value of any such policy;\n\n 2. The proceeds of any such policy;\n\n 3. The withdrawal value of any optional settlement or deposit with any company\n made pursuant to the terms of such policy; or\n\n 4. All other benefits, indemnities, payments, and privileges of every kind\n from any such policy.\n\nB. In no case whatsoever shall any protected insurance item be liable to\nexecution, attachment, garnishment, or other legal process in favor of any\ncreditor of:\n\n 1. The person whose life is insured by the related policy or contract;\n\n 2. The person who can, may, or will receive the benefit of that protected\n insurance item, provided that such person is the insured or owner of the\n contract, deposit, indemnity, policy, or settlement or the spouse or intended\n spouse of, a dependent child of, or any other person dependent on, the insured\n or owner of the contract, deposit, indemnity, policy, or settlement;\n\n 3. The person who owns the related contract, deposit, or policy; or\n\n 4. The person who effected the related contract, deposit, or policy.\n\nC. The provisions of subsection B shall not apply to any claim by a creditor\nwith respect to a life insurance policy, annuity contract, or deposit with an\ninsurance company that was taken out, made, or assigned in writing for the\nbenefit of the creditor.\n\nD. Notwithstanding the provisions of subsection B and subject to the applicable\nstatute of limitations, the amount of any premiums or other amounts paid for the\nrelated life insurance policy, annuity contract, or deposit with an insurance\ncompany that were paid with the intent to defraud creditors, with the interest\nthereon, shall inure to the benefit of the creditors from the proceeds of the\npolicy, contract, or deposit.\n\nE. The exemption provided by this section shall not apply to any protected\ninsurance item issued or effected during the six months preceding the date that\nthe person claiming the exemption (i) files a voluntary petition in bankruptcy;\n(ii) becomes the subject of an order for relief or is declared insolvent in any\nfederal or state bankruptcy or insolvency proceeding; or (iii) files a petition\nor answer seeking for himself any reorganization, arrangement, composition,\nreadjustment, liquidation, dissolution, or similar relief under any statute,\nlaw, or regulation.\n\nF. The exemption established by this section shall apply to a protected\ninsurance item regardless of whether (i) the right to change the beneficiary\nthereof is reserved or permitted or (ii) any of the following persons or any of\ntheir estates is a contingent beneficiary thereof:\n\n 1. The person insured by the related life insurance policy;\n\n 2. The person effecting the related life insurance policy or annuity contract;\n\n 3. The annuitant of the related annuity contract; or\n\n 4. The owner of the related life insurance policy or annuity contract.\n\nHISTORY: Code 1950, \u00a7 38-119; 1952, c. 317, \u00a7 38.1-448; 1986, c. 562; 2016, c.\n274.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}