Whole Life Insurance

Medicaid applicants can keep a small life insurance policy with a face value below a state-specific limit while still qualifying for benefits, allowing them to make a wealth transfer to their heirs after passing.

A whole life insurance policy is a life insurance contract that stays with the owner through their death. It is funded with a single premium and is guaranteed issue. A small policy with a face value of $1,500 or less is considered an exempt asset for Medicaid in most states.

When to Consider Whole Life Insurance

Most crisis planning clients are seeking any opportunity to preserve assets for their loved ones. This product is ideal for clients who:

  • Are seeking Medicaid benefits
  • Have excess countable assets
  • Want to make a small wealth transfer to their heirs

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