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Financial Underwriting Guidelines

 

The total amount of life insurance on any one life should be roughly equivalent to the amount of financial loss sustained should that person die.

The following financial underwriting guidelines are used by attorneys, financial planners, insurance companies and insurance brokers to determine the maximum amount of insurance that can be carried by an individual policyholder.

In some cases, the face amount may exceed the parameters used in determining the maximum face amount.  These cases include: 1) a child who will require medical care during his majority; 2) a family history that may be passed on to the insured; 3) a spouse who may need life-long care or 4) parents or siblings who rely on the insured for financial support.

 

Ages Multiples of Earned Income*
Up to Age 24

20 times earned income

Up to Age 30 18 times earned income
Up to Age 34 16 times earned income
Up to Age 39 14 times earned income
Up to Age 44 13 times earned income
Up to Age 49 12 times earned income
Up to Age 54 11 times earned income
Up to Age 59 10 times earned income
Up to Age 64 8 times earned income
Up to Age 69 6 times earned income
Up to Age 74 5 times earned income

*Earned income is defined as salary, bonus, and deferred compensation.

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Copyright 2001 Kaplan Management & Insurance Services
Last modified: June 13, 2012