5 Millions Life Insurance

[mpiazza000]

my first question is, if someone makes over 100,000 a year, would they qualify for a 5 millions life insurance?

2, if they do, what if in the middle of their term, say the second year of a 15 year term, they lost their job..., would they lose the policy?

TIA

 

[DHK]

1) Depends on the company

2) Amount of coverage the insured is eligible for is based on information and financials at the time of application. The only reason they would lose their policy would be for lack of premium payment. If it's lapsed for too long, they may not qualify for the same premiums, underwriting class, or face amount if they had to reapply for a new policy.