What must an individual meet when purchasing life insurance?

When purchasing life insurance, an individual is required to meet certain standards of health and occupation, which are crucial for the underwriting process. Insurance companies evaluate the applicant’s medical history, current health status, and occupation to assess the level of risk associated with insuring that individual. For instance, someone who has serious health issues or engages in a high-risk profession may face higher premiums or may be ineligible for certain policies. This helps insurers determine the likelihood of a claim being made during the policy's duration.

While other factors, such as income, could affect the affordability of the premium, they are not specific requirements set by the insurance companies for eligibility. Similarly, a comprehensive inspection report is not standard practice in the life insurance application process, unlike in other types of insurance such as property insurance. Thus, meeting the standards of health and occupation is the main criterion that directly influences an individual's ability to acquire life insurance.