Tennessee Code Annotated
Tenn. Code Ann. § 56-7-203 (2026)
Life insurance or annuity for or assigned to spouse or children or dependent relatives exempt from claims of creditors
✓ current as of May 2026
The net amount payable under any policy of life insurance or under any annuity contract upon the life of any person made for the benefit of, or assigned to, the spouse and/or children, or dependent relatives of the persons, shall be exempt from all claims of the creditors of the person arising out of or based upon any obligation created after January 1, 1932, whether or not the right to change the named beneficiary is reserved by or permitted to that person.
Acts 1925, ch. 113, § 1; Shan. Supp., § 4232a; mod. Code 1932, § 8458; T.C.A. (orig. ed.), § 56-1110.
Notes of Decisions
Cited in 13
cases (2 in the last 5 years), 1985–2025 · leading case: In Re Clemmer, 184 B.R. 935 (Bankr. E.D. Tenn. 1995).
In Re Clemmer, 184 B.R. 935 (Bankr. E.D. Tenn. 1995). “§§ 26-2-104(b) and 26 — 2—111(1)(D); however, the debtor continues to rely on Tenn.Code Ann. § 56-7-203, which provides: The net amount payable under any policy of life insurance or under any annuity contract upon the life of any person made for the benefit of, or assigned to,…”
In Re Olien, 256 B.R. 280 (Bankr. E.D. Tenn. 2000). “1 The parties ask the court to resolve the issue of whether the cash value of a life insurance policy owned by an individual debtor and naming the debtor’s spouse as primary beneficiary is exempt, pursuant to Tenn.Code Ann. § 56-7-203 (1994), when the beneficiary spouse is also…”
In Re Billington, 376 B.R. 239 (Bankr. M.D. Tenn. 2007). “Tenn.Code Ann. § 56-7-203 (2007). The trustee argues that because the primary, named beneficiary is the debtor’s mother, a nondependent, the statute does not permit the debtor’s exemption.”
Newport v. Thurman (In Re Thurman), 127 B.R. 401 (M.D. Tenn. 1991). “The trustee opposed Thurman’s move citing T.C.A. § 56-7-203. In an October 29, 1990 decision, Judge Lundin held that Thurman could not exempt his life insurance policy from the claims of his creditors because the named beneficiary on the policy does not fit within the…”
Phipps v. Watts, 781 S.W.2d 863 (Tenn. Ct. App. 1989). “In addition, Tenn.Code Ann. § 56-7-203 (1980) covers part of the same ground: The net amount payable under any policy of life insurance or under any annuity contract upon the life of any person made for the benefit of, or assigned to, the wife and/or children, or dependent…”
In re DeMarco, 491 B.R. 236 (Bankr. W.D. Tenn. 2013). “The issue before the court is whether a debtor who is the owner but not the insured under a policy of life insurance may claim the exemption provided at Tennessee Code Annotated § 56-7-203. James E. Bailey, attorney, appeared for the Trustee.”
In re Walker, 505 B.R. 217 (Bankr. E.D. Tenn. 2014). “The debtors claimed the annuities as exempt pursuant to Tenn. Code Ann. § 56-7-203 . The first meeting of creditors began and concluded on September 10, 2013.”
Gigandet v. Covington (In re Covington), 171 B.R. 294 (Bankr. M.D. Tenn. 1994). “The debtor claimed the cash value of the life insurance policy exempt pursuant to *296 Tenn.Code Ann. § 56-7-203. 1 The trustee removed Pickle’s fraudulent conveyance action to this court and amended the complaint to allege that the purchase of the single premium life insurance…”
McLemore v. Huffines (In Re Huffines), 57 B.R. 740 (M.D. Tenn. 1985). “§ 56-7-201 to § 56-7-203; 26-2-111(3); or 26-2-111(1)(C).”
Jeannine Ann Crawford (Bankr. E.D. Tenn. 2025). “perty of her estate, they nevertheless are exempt under Tennessee Code Annotated § 56-7-203, which states as follows: The net amount payable under any policy of life insurance or under any annuity contract upon the life of any person made for the benefit of, or assigned to, the…”
State Bank of Reeseville v. Mary Beth Shea (Tenn. Ct. App. 2015). “DISCUSSION Tennessee Code Annotated section 56-7-203 provides as follows: The net amount payable under any policy of life insurance or under any annuity contract upon the life of any person made for the benefit of, or assigned to, the spouse and/or children, or dependent…”
In re Thurman, 120 B.R. 99 (Bankr. M.D. Tenn. 1990). “§ 56-7-203: The net amount payable under any policy of life insurance or under any annuity contract upon the life of any person made for the benefit of or assigned to, the wife and/or children, or dependent relatives of such persons, shall be exempt from all claims of the…”
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