Eligibility Requirements for Life Insurance

Age

Most life insurance policies have age restrictions. Generally, an individual must be at least 18 years old to purchase life insurance. Some insurers may have a maximum age limit as well, with policies only available to individuals up to a certain age.

Health

Insurers will evaluate an individual’s health before issuing a policy. Applicants may be required to undergo a medical exam or provide medical records to determine their eligibility. Individuals with pre-existing medical conditions or a history of serious illnesses may face higher premiums or may be denied coverage.

Occupation and Hobbies

Some professions and hobbies may be considered high-risk, making an individual ineligible for life insurance or leading to higher premiums. Examples of high-risk occupations or hobbies include commercial fishing, aviation, and extreme sports.

Smoking and Substance Use

Individuals who smoke or use certain substances may be ineligible for coverage or may face higher premiums. Insurers may require applicants to undergo a medical exam to test for nicotine, drug use, or alcohol use.

Financial Standing

Some life insurance policies may require applicants to have a certain level of income or assets. Individuals with a history of bankruptcy or financial difficulties may also face higher premiums or may be denied coverage.

Citizenship and Residency

Life insurance policies may have citizenship or residency requirements. Some insurers may only offer policies to individuals who are citizens or residents of certain countries.

• Understanding Mortgage Protection: Eligibility Requirements
• What are the Tax Benefits of Life Insurance?
• The Impact of Substance Abuse on Life Insurance Premiums
• Final Expense Life Insurance: Understanding the Costs and Benefits
• Medicare and retirement planning: how to coordinate benefits