Does income from a life insurance policy payout affect my pension

Contact the life insurance company which issued the policy and for which premiums have been paid and ask someone knowledgeable there about "cashing out" the policy.

Or, has the person for whom the life insurance policy was purchased passed away and you are a beneficiary? If so, you need to contact the life insurance company and report the passing away of the individual. To make a claim, you will need to provide the d3ath certificate for the person. (Have to spell "d3ath" like that or the Fixya.com algorithm considers it a "bad word" and blocks it out. Sigh.)

Best wishes.

yes
it is an income and if it is more than $18,000.00 per year the aged pension is reduced accordingly
talk with center link and the insurance company
may be you should have the insurance income paid into a superannuation pension account the have it paid out monthly as a deemed account
ask financial advisers on what to do

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If the condition existed prior to and was known by the person buying the insurance then the insurance company has excellent grounds for refusal to pay due to the non disclosure clause however that being said all insurance companies will try to avoid payout so hire a lawyer and expect to wait years for payout as the insurance will check to see how desperate you are for cash, starve you out and offer a very small settlement once they have you tired out.... get a lawyer on pay if you win condition and if he doesn't want the case and you checked 2 or more then drop it..... a lawyer will never take a case that he doesn't think he can win
.... make sure the deal is all inclusive, meaning no consultation fees as they can add up above and beyond and are delivered post haste when the money comes....oh, and expect to get 1/4 of the money because a good lawyer isn't free...but right now you have nothing and with out him or her you will not get a dime