Reply
Trusted Contributor
Posts: 1,956
Registered: ‎07-21-2014

Anyone know about SS and Insurance?

[ Edited ]

Does anyone know about SS and SSI and Life Insurance beneficiary? 

 

My Aunt has both and She is not sure about her life insurance beneficiary she has named, being the one to get the money when she has SS and SSI.

 

  I had told her I thought if you have those that they take your life insurance when you pass,  to help pay whats been paid out to you.

 

Please help if you can. Thank you!!

****************************************************************************************************
"Life may not be the party we hoped for... but while we're here we may as well dance.” by Jeanne C. Stein
Respected Contributor
Posts: 4,627
Registered: ‎03-10-2010

Re: Anyone know about SS and Insurance?

This sounds like a question the folks at the SS office can answer. I would ask them. 

Esteemed Contributor
Posts: 5,550
Registered: ‎03-09-2010

Re: Anyone know about SS and Insurance?

I can tell you that SS and SSI are two different things.  SSI is Supplemental Security Income for disabled adults & children who have limited income & resources.

 

"SSI benefits also are payable to people 65 and older without disabilities who meet the financial limits."

 

SS is a completely different program.

Valued Contributor
Posts: 691
Registered: ‎05-21-2010

Re: Anyone know about SS and Insurance?

Neither Social Security nor SSI programs take your life insurance benefits upon death.  If she is in a nursing home and Medicaid pays all or part of the bill the state can go after her estate when she passes but I don't think they can touch the life insurance benefits. You are limited on resources including life insurance to qualify for Medicaid. SSI counts the cash surrender value of the life insurance policy towards the resource limit in determining if you quality for SSI. Term insurance has no cash surrender value. So it doesn't count. Complicated issues so best to ask those whose job it is to determine eligibility for SSI and Medicaid. Life insuracne has no bearing on Social Security benefits. 

Esteemed Contributor
Posts: 5,304
Registered: ‎03-09-2010

Re: Anyone know about SS and Insurance?

My m-i-l's brother received SSI and when he passed away she was able to keep the life insurance benefit.

Honored Contributor
Posts: 28,223
Registered: ‎03-09-2010

Re: Anyone know about SS and Insurance?

@CherryHugs 

 

This may not be what you are looking for at all...from a Google Search and “Everquote” HTH
 
If your beneficiary has a disability and is receiving Social Security Income (SSI) benefits, the life insurance payout could make them ineligible for further benefits. ... Generally one cannot have more than $2,000 in assets and receive SSI. Solution: Set up a "special needs trust."Feb 7, 2018
 

 

 

 

Have a Kind Heart, Fierce Mind, Brave Spirit
Highlighted
Trusted Contributor
Posts: 1,956
Registered: ‎07-21-2014

Re: Anyone know about SS and Insurance?

Thank you to all that replied!!! 

****************************************************************************************************
"Life may not be the party we hoped for... but while we're here we may as well dance.” by Jeanne C. Stein