It's important to understand that Supplemental Security Income (SSI) has no bearing on your ability to obtain life insurance. While it's true that many people collect SSI for a disability that can drive up life insurance rates, term life insurance is often very affordable, so even someone with a fixed SSI income and poor health can afford at least a basic term life insurance policy.
Many people believe that life insurance only makes sense for high earners, but everyone has funeral expenses. So long as you have a family that would be responsible for your burial should you pass, life insurance remains a good idea. Before choosing the amount of insurance you need, make sure you have considered burial expenses and the welfare of those who depend on your income to get by.
Why Term Life Insurance?
Term life insurance is the most affordable type of life insurance. Unlike whole life, it does not carry a cash value. You simply pay the monthly, quarterly or annual premium during the term of the policy (usually 25 or 30 years) and as long as you continue to pay the premium, you will continue to carry life insurance until the term ends.
Expect a physical to be required if you want an affordable policy. Most life insurance requires this. Policies that don't require a health exam often carry a hefty premium. Only consider a policy that does not require a physical if you are otherwise unable to obtain life insurance because of a health condition.
Some policies offer options to renew, regardless of your health status, at the end of the term. Although the policy will be more expensive because you have gotten older, the ability to secure insurance without a physical (and despite health problems) may be attractive when you compare rates to buy a new policy.
Having term life insurance will not affect your SSI benefits in any way, nor will collecting SSI affect your ability to buy life insurance. As long as you can afford the premium, you can carry this important insurance coverage.