Does Having Life Insurance Affect SSI?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    When applying for SSI, it is allowable to have $1,500 of cash value in a Permanent life insurance policy. If the policy is Term life insurance, there is no limit on the amount of life insurance that can be owned while applying for and receiving Supplemental Security Income benefits.
    Answered on July 13, 2013
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