If bankrupt, will insurance policy be protected?

[Idolmister1995]

Just wonder if person was bankrupt, will insurance policies be forcefully withdrawn and return to creditors?

 

[soneat]

https://io.mlaw.gov.sg/bankruptcy/information-for-bankrupts/impact-of-bankruptcy/
6. What assets are protected from creditors?
Property held by you on trust for any other person

HDB flats where at least one of the owners is a Singapore Citizen

Monies in your Central Provident Fund (CPF) account

Life insurance policies which are held in express trust for the benefit of your spouse or children

Any other property excluded under any other written law

Compensation awarded for legal actions in respect of personal injuries or wrongful acts against you

For bankrupts who are nominated beneficiaries of the Dependants’ Protection Scheme (DPS), the compensation amount will be paid to the Official Assignee for the benefit of the bankrupt’s creditors. Where a DPS payout is made due to the permanent incapacity of an insured bankrupt, the CPF Board or the private insurer will write in for the Official Assignee’s consent for the release of the monies to the bankrupt.