Anyone know if you can or should try to exempt a term life insurance policy in a Chapter 7 filing (Schedule C)?

On the one hand, it is a term policy so there is no cash value. With no cash or surrender value it would seem pointless to claim an exemption. However, I certainly wouldn't...

I have another question in regards to being listed as a beneficiary on a life insurance policy.. My wife is set to inherit money from a life insurance policy that she was listed as one of the beneficiaries. On the prepared paperwork, it states that we can collect the lump sum or put it into a tax deferred...