life insurance and accidental death waivers?
Posted: Tue Dec 07, 2010 6:11 am
lets say you make 40,000 a year and you want to buy 6 life insurance policy's one for each of your family members or Friends and lets say the policy's are for 750,000 each and your not even worth that much would six different insurance company's allow that if you could afford it and if not why..
Re: life insurance and accidental death waivers?
Posted: Tue Dec 07, 2010 7:48 am
The amount of life insurance you take out has nothing to do with your current salary. Life insurance is meant to help your family survive without you after you're gone. That includes things like paying off your existing mortgage, helping your children go to college, etc.
Someone who's only earning $40K a year would probably not want to pay as much as the premiums on six $750K policies would cost -- but if that's how they choose to spend their money, the insurance company would have no reason to refuse them.