QUESTION
Cash out life insurance policy and SSDI payments.
Asked on Apr 20th, 2015 on Social Security Disability - Texas
More details to this question:
I cashed in my life insurance policy. The after tax value was approximately $13,000. Will this affect my SSDI payments. I have been disabled since 2004, and have received payments since 2006.
1 ANSWER
Workers Compensation Attorney serving St. Petersburg, FL
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Proceeds from your insurance policy do not affect your Social Security disability insurance (SSDI) benefits. Income does not affect SSDI benefits unless it is earned income, meaning you are able to work. It would be different if you were drawing Supplemental Security Income (SSI) benefits.
Answered on Apr 29th, 2015 at 9:19 AM