There are more than a dozen potential factors life insurance companies will look at to determine your eligibility:
- Sex (some states have "unisex" rates)
- Marital status
- Number of children
- Height / Weight
- Purpose of the insurance
- Health history (of you and your family)
- Occupation / Income
- Alcohol consumption, both past and present
- Smoking (both legal and illegal)
- Type and frequency of travel
- The amount of the policy requested
Can I Purchase a Life Insurance Policy on a Life Other than my Own?
To purchase a life insurance policy, you must have an "insurable interest" in the life covered by the policy. In other words, you can only insure the life of those who you’d want to see protected, such as your spouse or any dependent as well as yourself. This is to make sure no one insures the life of someone they would kill to collect on the policy.
I Run a Business with Other Partners. Can I Invest in a Life Insurance Policy on Anyone Involved in the Company?
Partners can purchase life insurance policies on other partners and the company can invest in life insurance for its important employees.
Do I Need a Lawyer to Help Me with My Life Insurance Problem?
Life insurance policies are full of technicalities and rigid requirements. Additionally, life insurance is regulated by state law, so you have to know the laws in your locality. A life insurance lawyer can help you fully understand your life insurance policy and explain how your state’s laws affect it. If you ever have to sue your life insurance provider, an attorney will know exactly how to do it.