My whole life insurance (2 policies) has cash value. One policy has all premiums paid-up, and the other requires the payment of annual premiums. Both have an annual dividend. how are these policies valued for medicaid eligibility? I understand that term policies which have no cash value are not counted as a resource. I am unable to convert my policies to term policies.
You're best bet would be to cash them out and use that money to prepay a burial or cremation plan, which is permissible under medicaid spend down rules.