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Sale Of A Life Insurance Policy (Viatical, Life And Senior Settlements)

Do The Proceeds From A Sale Of A LIfe Insurance Policy Affect Any Other Benefits?

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"Means based" benefits, such as Supplemental Security Income (SSI), Medicaid, or Food Stamps

The proceeds from the sale of a life insurance policy could affect eligibility for these types of benefits since one of the criteria for eligibility is the amount of your assets.

Social Security Disability Insurance ("SSDI"), disability income insurance policies, or disability programs at work

Since the amount of your assets does not affect eligibility for these benefits, proceeds from a sale do not affect your receiving these benefits.

Group life insurance

While the sale of a group life insurance policy does not usually affect other group insurance policies such as health insurance, several group contracts we've reviewed provide that the insurance could not be sold unless the insured agreed to leave the group. Leaving the group meant that the insured also had to give up his health insurance benefits as an active employee -- not something we would advise.

If you have any doubt about whether a sale would affect your benefits, speak to a benefits counselor at your national or local disease specific organization or to a social worker.

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