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 over your working years. Life Insurance, on the other hand, is a separate financial product that provides a death benefit to your beneficiaries upon your passing. 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 accumulation component. If you withdraw or borrow against the cash value of these policies, it could potentially impact your eligibility for means-tested government benefits, including Supplemental Security Income (SSI) or Medicaid. It's advisable to consult with a financial advisor or an insurance specialist to understand the specific implications of your Life Insurance policy on government benefits.