Life Insurance does not directly affect Social Security benefits. Social Security benefits are based on your earnings history and the number of credits you have earned through working and paying Social Security taxes. Life Insurance is a separate financial product that provides a death benefit to your beneficiaries in the event of your death. It is not considered income and does not impact your eligibility for Social Security benefits.
However, it's important to note that certain types of Life Insurance policies, such as cash value or whole life insurance, may have a cash value component that can grow over time. If you choose to access the cash value of your policy, it could potentially impact your eligibility for need-based government assistance programs, such as Medicaid. It's recommended to consult with a financial advisor or an insurance specialist to understand the specific implications of your Life Insurance policy on government benefits.