Can The IRS Levy Life Insurance Proceeds?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   Once constructive receipt of life insurance proceeds enter the beneficiaries account, it becomes an asset. If the IRS levies the account, the life insurance funds are commingled with the other funds in the accounts and can be collected. It important for beneficiaries to remain unencumbered with financial liabilities, especially when they may be receiving life insurance proceeds.

   Answered on July 31, 2013

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