Is life insurance considered an asset?

Permanent life insurance policies with cash value accounts are typically treated as assets, whereas term life insurance, which doesn't have a cash value component and only pays the policy’s face value at death, generally is not. Although permanent life insurance is not an asset for probate purposes, it can be classified as an asset in a divorce, for a mortgage, and for Medicaid purposes.

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UPDATED: Jul 16, 2021

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