Does Life Insurance Affect Social Security Benefits?
11783 POINTSContact Meview profileLarry GilmorePROAgent Owner, Gilmore Insurance Services, Marysville, Washington StateUsually the answer is no because the money recieved from a life policy is not considered income, depending on how you have set up the cash values account. There are ways to make the gains on the gains of a policy taxable, but most agents won't set up the client's option that way.Answered on April 11, 2013+11+1 this answer
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63333 POINTSview profilePeggy MaceMost of the U.S.No, Life Insurance does not affect Social Security benefits. Life insurance is not considered income, and Social Security only considers income in deciding whether to cut retirement benefits (and this is only in the window after benefits are accessed and before full retirement age). Life Insurance and other "unearned income" is not considered in the calculation of Social Security benefits at any age.Answered on October 8, 2013flag this answer
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