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Can life insurance with a cash surrender value be excluded from resources?

April 26, 2017cash excluded Life Insurance Resources surrender value

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Can life insurance with a cash surrender value be excluded from resources?

2 Answers

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Life insurance that has a cash surrender value and is owned by you (or your spouse) is excluded from countable resources if the total face value of all policies you own on any one person is not more than $1,500. However, if the total face value of such insurance is more than $1,500, then the total cash surrender value of the insurance counts as a resource, unless it is designated as funds set aside for burial. (See §2161.

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Posted

Life insurance that has a cash surrender value and is owned by you (or your spouse) is excluded from countable resources if the total face value of all policies you own on any one person is not more than $1,500. However, if the total face value of such insurance is more than $1,500, then the total cash surrender value of the insurance counts as a resource, unless it is designated as funds set aside for burial.