According to Maryland statute yes cash values are protected providing that the policy is put in force to protect the benefit of a spouse, child or dependent relative.
This would mean that as long as any of these three categories of people are listed as beneficiaries, then the cash values would be protected from creditors.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
In all of the states in the United States the cash value as well as the death benefit of life insurance is a protected asset. The reason for this is because life insurance is basically designed to benefit someone other than the insured - that is the beneficiary. So if the cash value or the death benefit were vulnerable to liens or attachments such as in law suits it would be seen as doing harm to the beneficiary, not the insured - even if the owner of the policy is the beneficiary.
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This would mean that as long as any of these three categories of people are listed as beneficiaries, then the cash values would be protected from creditors.