Income eligibility for term life insurance can vary based on the insurance company you are associating with. A term insurance policy protects to your loved ones in case of unfortunate circumstances. You pay regular premiums to avail of the lump sum payout. When you buy a term insurance policy, you will be required to provide a few documents that will help the insurer to assess your eligibility.
You may be asked to share your financial details to understand your premium paying capability. Listed below are a few documents related to your income that may be required when applying for a term insurance policy:
However, the final list of documents that are required will be shared by the insurance company depending on the type of life insurance policy you are interested in buying.