If there's any cash value/surrender value involved (whole/variable/universal life products), it may impact Medicaid qualification in the future.
You may want to review the last statement you received from your insurer. If there's cash value/surrender value involved, you should be receiving statements and you can look to see if there's a cash/surrender value involved. If you have term life, generally you may get a reminder about premiums due or a request to review your beneficiaries, and it will generally state that it's a term life policy, and the value you purchased on your second-to-die policy.
Let us know if you know the type of policy you have. Many have already had to go through this. I work at a large insurer in the legal department and end up dealing with Medicaid officials in various states to help ascertain values, assign policies, change beneficiaries, or determine if an annuity can be exchanged for a Medicaid-qualified asset so I end up seeing it from that perspective. If you are well ahead of a time you would need to qualify, and it's a whole life policy, you may want to consult with an estate law expert as to moving its title to a trust ahead of the look back period or obtain information as to how this will impact qualification, if you are within the possible look-back period.
If there's any cash value/surrender value involved (whole/variable/universal life products), it may impact Medicaid qualification in the future.
You may want to review the last statement you received from your insurer. If there's cash value/surrender value involved, you should be receiving statements and you can look to see if there's a cash/surrender value involved. If you have term life, generally you may get a reminder about premiums due or a request to review your beneficiaries, and it will generally state that it's a term life policy, and the value you purchased on your second-to-die policy.
Let us know if you know the type of policy you have. Many have already had to go through this. I work at a large insurer in the legal department and end up dealing with Medicaid officials in various states to help ascertain values, assign policies, change beneficiaries, or determine if an annuity can be exchanged for a Medicaid-qualified asset so I end up seeing it from that perspective. If you are well ahead of a time you would need to qualify, and it's a whole life policy, you may want to consult with an estate law expert as to moving its title to a trust ahead of the look back period or obtain information as to how this will impact qualification, if you are within the possible look-back period.