AN ACT to amend Tennessee Code Annotated, Title 56, relative to creditor claims to insurance proceeds.

As introduced, clarifies that the phrase "for the benefit of" includes the beneficiary of the insurance policy or annuity contract for purposes of the exemption from claims of creditors for a policy of life insurance or under an annuity contract made for the benefit of, or assigned to, the spouse or children, or dependent relatives of, the person whose life the policy or annuity contract is based on; clarifies that use of exempt funds does not change the classification of the funds from exempt to nonexempt. - Amends TCA Title 56.