How to Qualify for a $250,000 Policy
It’s no secret that your health is a major factor in determining your eligibility for life insurance.
If you’re in great health, you get the best rates. However, your financial situation is also important. After all, you will be expected to pay monthly or annual rates, and the insurance providers need to know that you will be able to keep up with this.
Technically, to afford a $250,000 policy, you would need to meet the following:
- Ages 18 to 40 years old: 25 times your yearly income, at least $10,000 per year.
- Ages 41 to 50 years old: 20 times your yearly income, at least $16,666 per year.
- Ages 51 to 55 years old: 15 times your yearly income, at least $50,000 per year.
- Ages 56 to 65 years old: 10 times your yearly income, at least $25,000 per year.
- Ages 66 to 70 years old: 5 times your yearly income, at least $50,000 per year.
- Age 71 and up (when policies are available) – overall evaluation of your financial circumstances.
So, as you can see, the general financial requirements for a $250,000 policy are not that extreme. However, a variety of other factors go into determining your eligibility for life insurance— again, especially your health.
Many insurance companies will require you to have a medical exam before they insure you although there are many options for No Medical Exam life insurance.