A client called me to buy more life insurance, and she was declined because the total amount of insurance she would have had would have been more than ten times her income. I haven't sold life insurance in a while, but i was surprised that this in now an underwriting criteria. Is there anything I can do to help my client? Are there companies that will grant her more coverage? Thanks!
10x income is max life insurance allowed?
- Thread starter keith365
- Start date
- 11,299
What is her current age?
Below is from an older MassMutual underwriting guide.
Per MassMutual, if she's over 50, then 10x is her limit.
Below is from an older MassMutual underwriting guide.
Per MassMutual, if she's over 50, then 10x is her limit.
- 357
Assets can also be taken into account. IMO she was not declined but the offer was adjusted. If she was declined something else is going on.
- 4,608
Lots of companies permit 20 or 25x for ages 25-45 ish especially in this low interest rate market. With safe withdrawal rate of 4% a person earning 50k would need $1.25M to generate 50k replacement income alone
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