How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask lev-tax Your Own Question
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Social Security Question Here...
lev-tax is online now
A new question is answered every 9 seconds

My husband is 59 soon to be 60 in July. We were told that if

Customer Question

My husband is 59 soon to be 60 in July. We were told that if he has life insurance, even though we have borrowed all the cash value, that he would not qualify for disability or social security at this time. Why would life insurance, which is there to protect me, matter?
Submitted: 6 months ago.
Category: Social Security
Expert:  lev-tax replied 6 months ago.
Having the life insurance woudl not have any effect on social security disability benefits.For all individuals applying for disability benefits under title II, and for adults applying under title XVI, the definition of disability is the same. The law defines disability as the inability to engage in any substantial gainful activity (SGA) by reason of any medically determinable physical or mental impairment(s) which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.To meet the definition of disability, your spouse must not be able to engage in any substantial gainful activity (SGA) because of a medically-determinable physical or mental impairment(s):That is expected to result in death, orThat has lasted or is expected to last for a continuous period of at least 12 months.Questions?
Customer: replied 6 months ago.
Does this also apply to LIS, we are requesting financial assistance for medication he needs and they are asking if he has been denied the low-Income Subsidy.
Expert:  lev-tax replied 6 months ago.
If you are asking for need based benefits - there is a limit of income and assets you may have to qualify.
Expert:  lev-tax replied 6 months ago.
Thus - the value of your life insurance is counted as your asset - and may affect your eligibility.However - when you apply for benefits based on your working record - none of your income or assets affect eligibility for these benefits.