.02 State Assistance Types of Resources - Types of Other Assets - Life Insurance
The current cash surrender value of life insurance policies is COUNTABLE. The following apply:
●The owner of the policy has the right to name the beneficiary regardless of who pays the premiums.
●Submit the Verification of Value of Insurance (FA‑058) form to the insurance company when the policy does not clearly state the value, or when the owner states they have borrowed from the policy and decreased the value.
●In cases where the owner has borrowed money against the policy, subtract the unpaid balance of the loan, in order to determine the cash value.