- 1,912
Life insurance is not the reason people will disqualify for government assistance, its the cash value only.
Assigning your policy to a funeral home will circumvent that. However, most policies wont build up enough cash value for years to hit the threshold most states require.
Case workers dont understand the difference sometimes.
I wouldn't necessarily assign it to a child, however. If the client goes into a nursing home the child may be required to cash out the policy and give up the money to the state, depending on each states specific look back law.
Assigning your policy to a funeral home will circumvent that. However, most policies wont build up enough cash value for years to hit the threshold most states require.
Case workers dont understand the difference sometimes.
I wouldn't necessarily assign it to a child, however. If the client goes into a nursing home the child may be required to cash out the policy and give up the money to the state, depending on each states specific look back law.