Does Life Insurance Affect Social Security?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    If you are the beneficiary of a life insurance policy in which the Insured person passes, the amount of proceeds that you receive from that life insurance policy will not affect your Social Security benefits. The same holds true if you cash in a Whole Life policy. This is considered "unearned" income and will not cause a reduction in your Social Security benefits.
    Answered on April 24, 2013
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