A Whole Life Insurance Policy is a life insurance contract that stays with the owner through death. For Medicaid purposes, a small Whole Life Insurance Policy (face value of $1,500 or less, in most cases) is an exempt asset. These contracts are funded with a single premium and are guaranteed issue, meaning that no matter your client’s health status, they can receive this small amount of coverage while eliminating cash assets. Additionally, there are no beneficiary requirements for Medicaid purposes, meaning the client can name whomever they wish as their death beneficiary.