Is A Life Insurance Policy Considered An Asset? 
That is an excellent question ! In most financial circles , life insurance would not be counted as a tangible asset . Term life especially has no value unless you pass ; Whole life has no big payout until then either . The cash value in the policy is where the confusion starts . Most States have a limit for the amount of cash that you can have when applying for medical assistance , and if you have a sizable amount scattered between one or more policies , this might be considered an asset by the State . You would need to talk to a Medicaid expert in your area to determine how much , if any the Government will count . Speaking more loosely , yes it is an asset , because it protects your loved ones from hardship when you pass . That is a big plus in my book ! Thanks for asking ! 