Can the government track down my life insurance policy?
Can the government track down my life insurance policy?
I'm disabled and want to apply for SSI (Social Security Income), but I may not qualify because I have a life insurance policy worth 30 grand that was set up for me by my parents. I can cash out the policy and instantly spend down the money.
However, do you think the government would find out about the policy?
Everything like the accumulated interest on the policy is tax exempt, so I never had to report anything about it.
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3 Responses
1.31.2010
Best Answer – Chosen by Voters When you apply you will be asked to declare all your assets and sources of money. At that time be honest and ask if a life insurance policy has to be declared .I personally would go to the closest SS office and speak to someone in person.
1.31.2010
life insurance money is not consider income unless you let the policy laps all money you get will be consider loans . so you coul get loans on the interest the 30k make an keep your policy
1.31.2010
No. There is no master data base of insurance policies. Ask your parents.