003.05(A)(iv)(5)(a) AMOUNT COUNTED AS A RESOURCE.

Each person in the unit is allowed a $1,500 exemption for the face value of his or her life insurance policies. If the combined original face value of all the life insurance policies owned by the client exceeds $1,500, the actual cash surrender value of all the policies is considered a countable resource. If the cash surrender value is to be counted toward the resource total of a client, consideration is given to any outstanding loans against the policy in determining net cash surrender value. The following must be disregarded in determining the combined original face value of all life insurance policies: (i) Burial insurance, and (ii) Life insurance policies where the proceeds are irrevocably assigned for the purpose of burial.