Life Insurance for SSI Recipients

Life insurance for SSI recipients is about $71/mo, but your rates will vary based on age, gender, policy type, and policy limit. Since SSI recipients receive a fixed annual income, there's a limit to how much life insurance SSI recipients can purchase. Before you buy life insurance for SSI recipients, compare multiple companies and shop around to find the best rates.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: May 2, 2021

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The Rundown

  • Life insurance for SSI recipients is the same as other policyholders
  • SSI recipient life insurance is as low as $71/mo
  • Permanent life insurance cash value doesn’t affect your eligibility for SSI

The federal government doesn’t interfere with life insurance for SSI recipients. You can buy life insurance for SSI recipients the same as anyone else.

But how much is Social Security life insurance? Life insurance rates vary by age, gender, policy limits, and policy type.

Read through this guide to learn about the average cost of SSI recipient life insurance and what policies are best for SSI recipients.

Do you want to compare life insurance quotes for SSI recipients right now? Enter your ZIP code in the free comparison tool above to see how multiple companies calculate life insurance quotes.

How much are life insurance rates for SSI recipients?

According to the Office of Retirement and Disability, the average SSI recipient age is 55 years old. Therefore, we’ll focus on the cost of life insurance for people around that age.

Check out the cost of life insurance for SSI recipients who have a 20-year term life insurance policy and policy limits up to $2 million.

Average Monthly 20-Year Term Life Insurance Rates by Age, Gender, and Coverage Limits
Age & GenderAverage Monthly Rates for $500,000 Death BenefitsAverage Monthly Rates for $750,000 Death BenefitsAverage Monthly Rates for $1,000,000 Death BenefitsAverage Monthly Rates for $2,000,000 Death Benefits
50-Year-Old Female$71.03$103.64$128.87$250.87
50-Year-Old Male$93.23$136.94$174.13$340.64
60-Year-Old Female$102.37$149.34$189.50$373.49
60-Year-Old Male$138.64$204.05$255.08$504.64
70-Year-Old Female$295.61$440.76$556.17$1,089.38
70-Year-Old Male$444.63$664.29$846.83$1,676.36
80-Year-Old Female$1,375.68$2,061.10$2,573.20$5,086.77
80-Year-Old Male$1,776.11$2,661.75$3,455.01$6,901.88
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Women pay at least $20 less than men. However, life insurance premiums increase as you age, and rates increase as the policy limit increases.

But how come? Life insurance rates are determined by age, gender, policy limit, and policy type. Does life insurance affect social security disability benefits?

Your life insurance shouldn’t affect SSI benefits and SSI income. However, there is a limit to how much life insurance you can purchase.

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Life Insurance for SSI Recipients: What are the best life insurance policy types for SSI recipients?

Since SSI recipients are limited to certain SSI death benefits, there are only a few options for new customers.

However, life insurance policyholders who previously had life insurance can have as much as they need.

Term life insurance is the cheapest option for people who receive supplemental security income (SSI). It’s good for those who have SSI benefits for disability.

An accumulated cash value is excluded from your taxes. Your current permanent life insurance benefits won’t affect your SSI benefits.

Cashing out your life insurance benefit, however, outside of a life insurance claim is taxable.

How can I find affordable life insurance for SSI recipients?

Life insurance can get expensive as you get older. One of the ways to secure cheap life insurance is to shop around.

Or you can choose a specific policy, such as final expense/burial insurance, no medical exam life insurance, or guaranteed issue life insurance.

These insurance policies can cost about $50 per month, but they may not have the same perks as term life insurance and permanent life insurance.

Life Insurance for SSI Recipients: What’s the bottom line?

Life insurance for SSI recipients may be more expensive than average, but you can take advantage of low prices by choosing lower policy limits.

If you don’t have a current life insurance policy, consider burial insurance instead. Although it doesn’t have the same benefits as other companies, you save hundreds per year.

Now that you know more about life insurance for SSI recipients, use our free online quote tool to compare the best insurance companies near you.

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