Except for the following life insurance policies, the cash value of any policy owned by a client is a nonexempt asset:
- Group policies provided by an employer.
- Group policies required for employment.
- Policies on the lives of eligible unit members owned by a person not included in the benefit unit. This disregard does not apply to policies insuring children when the policies are owned by the children's parent who is living in the home.
- Policies that are inaccessible (see PM 07-01-03).
When determining eligibility, do not use life insurance owned by another person. There must be proof of ownership when a client claims that someone else owns an insurance policy.