Can I make my daughter the owner of my life insurance policy mere weeks before I apply for ssi?

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Asked October 17, 2017

1 Answer


It really depends on whether or not your life insurance policy has cash surrender value or not. Whole life insurance policies have guaranteed cash value, which would fall under countable resources for SSI eligibility purposes. With term insurance, you will not have this issue as most term policies do not have cash surrender value. If your policy has a cash surrender value of no more than $1500 (given total countable resources are no more than $2000 for an individual or $3000 for a couple) you may still be eligible for SSI benefits. In the event your cash value is more than $1500 you may consider doing a transfer of resources. Since the total value of an individual's assets are determined the first moment of the month, one would need to transfer said assets (in this case to a funeral institution or person with an insurable interest, i.e., spouse, family member, etc.) prior to the month of determination in order to avoid those resources from being considered countable. Be sure to check with the Social Security Administration office in your area as these rules vary slightly from state to state.

Answered October 18, 2017 by insdad

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