Life insurance is an excellent way to provide financial security to your loved ones in your absence. It offers a death benefit to the beneficiaries listed in the policy, which can help them meet their financial obligations, such as paying debts, covering living expenses, and achieving financial goals. But who is eligible for life insurance?
In general, anyone at least 18 years old and with an insurable interest can buy life insurance. Insurable interest means the policy owner has a financial stake in the insured person's life. For example, a spouse, child, parent, business partner, or anyone else may suffer a financial loss if the insured person dies.
However, the eligibility criteria may vary depending on the type of life insurance policy you choose. Below are some common types of life insurance and their eligibility requirements:
1. Term life insurance: This policy covers a specific term, usually 10, 20, or 30 years. It is the most affordable type of life insurance. It is suitable for people who need coverage for a limited period. To be eligible for term life insurance, you must be 18 years old and in relatively good health.
2. Whole life insurance: This policy covers the insured person's entire life as long as the premiums are paid. It also has a savings component that grows over time. You are eligible for whole life insurance as a newborn and up to 90 years old.
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