Is There A Limit On How Much Life Insurance I Can Purchase? 
Yes , there is a limit on how much life insurance can be purchased by one person . That limit is based on income , assets , debts , and age . Generally speaking , young adults can purchase approximate 25 times their annual income in life insurance coverage , while seniors can purchase about 10 times their annual income . However , assets enter heavily into the calculation for seniors , so that even if a person in their 70 's is living off Social Security , they could qualify for over $ 1,000,000 of life insurance if they have many assets . The company you purchase your policy from can make a difference in how much life insurance you qualify for . So it never hurts to shop from a broker who can help you get the most coverage . 