Independent General Agent, April Johnson, California
Absolutely, you can obtain life insurance while on medicaid. Medicaid is health insurance. Health and life insurance are mutually exclusive so having one does not prevent you from having the other. In fact, life insurance is often a very prudent and savvy addition to anyone's financial and estate planning portfolio.
While on Medicaid you can have any amount of Term Life insurance that you wish.
You are allowed a final expense life insurance policy that is designated for funeral, cemetery, and other final expense needs.
You are also allowed to have Whole Life Insurance, but if the cash value is above $1,5000 to $2,000 for an individual (much higher for a couple), you may need to make some adjustments. Contact your Department of Social Services in your state for more information.
There are no government restrictions to owning a life insurance policy while you are on Medicaid. The main thing is to be sure your monthly premiums are affordable and in your budget. It does not make since to purchase a life insurance policy that in a few months or years you cannot afford. This would be a huge waste of money. Good luck.
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You are allowed a final expense life insurance policy that is designated for funeral, cemetery, and other final expense needs.
You are also allowed to have Whole Life Insurance, but if the cash value is above $1,5000 to $2,000 for an individual (much higher for a couple), you may need to make some adjustments. Contact your Department of Social Services in your state for more information.