can you surrender your insurance for cash and not lose SSI benefits?

No, if you are receiving SSI benefits, there is a limit to how much income you are allowed to have because SSI is based on financial need. If you have term life insurance policy or final expense insurance, it will not affect your benefits because it holds no worth until after death. However, if you have a whole life insurance policy, it holds cash value. Therefore, if you surrender your life insurance for the cash value, you will lose your SSI benefits and may have to reapply. One way to avoid losing your benefits is to name another individual as the owner of your policy. Whoever, you name as the owner must have an insurable interest in your life, this can be a spouse, parent, or any adult children. If you ever need to borrow on the policy, they could borrow the money on your behalf without it affecting your benefits.