How Much Life Insurance Am I Eligible For?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaThe face amount of a life insurance policy is based on financial justification, i.e. you need supporting documentation to substantiate the death benefit amount you're applying for. You need to total all your indebtedness including your mortgage, future obligations like your children's education, charitable organizations that depend on your donations and your human earning capacity until retirement.Answered on August 6, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Younger people are eligible for more coverage than seniors, when just income is taken into consideration. Many policies will allow a younger person to take out at least 25 times their annual income in life insurance coverage, whereas the amount that a 70+ year old person can financially qualify for is often 5 times their annual income. However, assets enter into the financial justification, as well as income, and this can enlarge considerably the amount of life insurance older persons can get.Answered on September 2, 2013flag this answer
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