Scotty1980
Super Genius
- 107
Is their really any concern for people who are on ss disability to take out fe insurance? Can they lose their disability payments? What about housing affects?
Disability Affects of FE Insurance
- Thread starter Scotty1980
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- 6,994
Nope just Medicaid and food stamps. Then you just put someone else in as the owner.
- 18,983
Only issue is if they are getting extra help or on medicaid. Still not a real issue. More of a scare tactic. If they are getting any kind of subsidy then they have to report their income and countable assets on a regular basis to keep the subsidy.
The cash value in a life policy is considered liquid so it's a countable asset towards their maximum. Most states allow $2000 of liquid assets before the subsidy is in danger.
For my clients the cash value is their only asset and it takes a long time for them to build up to $2000. And most will borrow against it keeping it from ever reaching $2000.
But if someone is worried about it then make someone else the owner. Just be sure the new owner is not getting a subsidy.
- 1,756
What if the bene is disabled,on Medicaid ?
Had someone this week who didn't want to be a bene,was worried about losing benefits.
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