Virginia - Whole life cash value question

[Skinsfan]

I have a whole-life policy with a $4,600 cash value.

Virginia seems to have the most peculiar rule.

The law reads that IF YOU ARE ALLOWED TO CHANGE THE BENEFICIARY the cash value is non-exempt. See code below.

I checked my policy and there is this provision: "Unless you request otherwise, you may change the Owner or Beneficiary of this policy during the lifetime of the Insured."

Is it fraud or not fraud

[Pandora]

For us (yes, we're in VA too) we were told if our life insurance wasnt term (it is, thankfully) - we would've had to exempt its value. As far as beneficiary and changing it, it doesnt matter I dont believe because VA follows the practice of "next of kin" whether you name a beneficiary or not.

best to check with your lawyer.