QUESTION
will life insurance proceeds affect ssi payments
Asked on Dec 08th, 2015 on Social Security Disability - Tennessee
More details to this question:
I was looking to cash in a whole life insurance policy with a 4,500 surrender value. will that affect my ssi benefits and can I do anything to minimize the effects of this action
1 ANSWER
Jessica Kurtz
SSI is based on income and resources. Life insurance policies with a combined face value of greater than $1,500 will count as a resource for SSI purposes. Cashing in your policy will likely affect your eligibility for SSI benefits.
Answered on Dec 18th, 2015 at 2:09 PM