Q: Term life ins policy owner/beneficiary, effect me if I choose to rent subsidized apartment housing, State of Virginia.
I'm low income on SSD (not SSI), I can't afford market rent. I'm owner of & been paying on a Term Life $15,000 policy for 13 years on my ex & need the proceeds to pay off bills so I can maintain my regular monthly expenses. My concerns are that if I choose to rent subsidized apartment housing that this policy would be considered assets and the rent would go up/ineligable, therefore there wouldn't be a benefit of the proceeds to paying off my bills which would allow me the pleasure of being able to buy necessary needs such as food, meds, clothing etc without having to choose which one I won't be able to afford.
Is there a way to benefit from the policy to meet my needs & not be penalized & still be eligible for subsidized apartment housing?
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