Can You Have Life Insurance While On SSI?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Yes, you can have life insurance while on SSI. If it has no cash surrender value, there is no limit on how much life insurance you can have. Term insurance falls in that category, as well as some permanent policies. If you own a policy that does have cash surrender value, the total face amount of the policies owned by you or your spouse, on one person, cannot exceed $1,500. The exception is burial funds: a policy designated to cover your final expense needs is not counted as a resource.
    Answered on December 6, 2013
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