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Nobody wants to think about his or her own death, but it’s something that we all need to think about. Nobody wants to imagine what’s going to happen to their family if something tragic were to happen, but there are some ways that you can provide for your family even after your passing, and the best way to do that is buying a life insurance policy.
Buying a life insurance plan can be a long and frustrating process, but it doesn’t have to be a painful experience.
One of the most important factors when buying a policy is deciding how much to buy. There are a lot of applicants that are surprised to see just how much life insurance they would need. In fact, one of the most common policies sold is the one million dollar plan. This might seem like way too much, but there could be a lot of factors that you are not accounting for. One of the biggest mistakes that you can make is not giving your family enough coverage through your life insurance plan. In fact, a vast majority of Americans that do have a life insurance plan are drastically under-insured, but they don’t realize until it’s too late.
Before you automatically think that there is no way your family would ever need one million dollars, there are some facts that you need to understand. Your children might be young now, but eventually, they are going to be heading off to college. If you were to pass away before that, your family could struggle to send your kids to college. The average cost of a private university is just under $30,000 a year. After you times that by four (assuming they graduate in four years), you’ll be looking at a total of $120,000 just for them to get a diploma. If you have more than one child, you would have to multiply that number, which can quickly add up.
If you passed away tomorrow, your loved ones would also be responsible for paying for a mortgage. In 2013, the average home cost over $150,000 and there was a good chance that your mortgage is much higher than that. You don’t want your family to struggle to pay off that mortgage.
By combining just those two expenses, student loans, and a mortgage, you’re already over $270,000, and you haven’t accounted for any of the expenses that you know your family will have to pay for, like your funeral expenses or any possible medical bills.
Another factor that you need to consider is replacing your annual salary. If you’re the main income earner in your family, they will need to find a way to replace your paycheck every month. If you don’t have a life insurance policy, your family would lose their standard of living. One of the best ways to protect your family is by having enough life insurance coverage to give them time to get back on their feet and replace your salary with a stable income. Your family should not have to feel rushed to go back to work after your passing. Most financial experts suggest that you get around seven to ten times your annual income. For example, let’s say that you make $60,000 a year. That means that you would need to get at least a $600,000 life insurance policy.
With all of these different factors, it’s easy to see why a lot of applicants are choosing to go with a one million dollar policy. It’s better to have too much life insurance than too little. You don’t want your family to run out of money and have problems paying off your final expenses.
Because there are so many variables that go into calculating your policy premiums, it’s difficult to say how much you’ll pay for a life insurance policy. One factor that is going to make a huge difference is which type of policy that you choose. There are two different types, term and permanent.
A term insurance policy is bought for a certain amount of time, known as the “term.” They can be purchased for just about any length of time, but they are normally 10, 20, or 30 years. After the time is up, the policy is no longer valid, and you’ll have to purchase a new plan. Because these policies have expiration dates on them, they are the most affordable option for life insurance. The premium that you’re given when you buy the plan is what you’ll pay for the whole length of the policy.
The other type of policy is the whole life policy. Unlike term plans, they provide coverage permanently, or as long as you continue to pay the monthly premiums. There are several different subsets of permanent life insurance types, whole life, universal, variable, etc. and each of them have different advantages and disadvantages that you need to weigh to see which one fits your needs. Because you’ll never have to reapply for insurance coverage, these policies are going to be more expensive than term plans.
If you’re looking for a rough ballpark number for a $1 million policy, we can give you vague estimates. For example, a 35-year-old male who is in good health and doesn’t smoke would pay around $40 every month for a policy. A female in the same condition is going to pay $35 every month. As you can see, even with these example quotes, a $1 million is much more affordable than most people think. Because these are generic numbers, you’ll find that your premiums could be higher than this, but you can’t put a price on giving your family the protection that they deserve, and the peace of mind that it will give you.
The sample above proves that you can get cheap life insurance, but that doesn’t mean that you’ll get the same rates as the fake person. If you’re looking to get the cheapest $1 million dollar policy, there are a couple of things that you can do. You shouldn’t have to pay a fortune to get the insurance coverage that you want for your loved ones. There are plenty of ways that you can lower your premiums and still get a quality policy.
When you apply for life insurance, the insurance company is going to account for dozens of different attributes to determine how much of a risk you are to insure. The higher risk you are, the more they are going to charge you every month in premiums. These factors include your age, your gender, tobacco usage, overall health, family history, and your job or hobbies. As you can see, some of these you can’t change, like your age or family history, but there are others than you can change.
One of the easiest ways to save money on your policy is to quit smoking or using chewing tobacco. If you’re a smoker, the insurance company is going to see you as a much greater risk than a person that doesn’t smoke. With most insurance companies, smokers are going to pay at least twice as much as a person that doesn’t smoke. Certain companies are going to charge triple for tobacco users. If you want to save money on your million-dollar policy, it’s time that you kick your smoking habit for good.
Additionally, if you want to get lower insurance rates, you’ll need to spend some time focusing on your health and getting in shape. The insurance company is going to require you to complete a medical exam before they insure you for $1 million. The results from the health exam are going to play a huge role in how much you pay for your plan.
The company is going to schedule an appointment for a paramedic to come to your home and take basic vital signs. So, if you want to save money, you’ll need to lower your blood pressure, lose weight, and lower your heart rate. The best ways to do this is through a healthy diet and regular exercise. The better your health results from the medical exam, the better rating class the insurance company is going to put you in, which translates into more money in your pocket. Additionally, the health exam will require a blood and urine sample to see if any pre-existing conditions weren’t revealed in your application.
Which leads to the next way that you can save money, if you have any pre-existing health conditions, make sure that you’re following your doctor’s orders closely for managing the condition. To get the best rates, you’ll have to show that you’ve been taking any medications or treatments regularly and that your condition is well managed.
The best way to ensure that you’re getting the lowest rates possible is by comparing quotes from dozens of insurance companies before you choose one. Each company is going to view your application differently. You will receive drastically different rates for your $1 million policy. You want to ensure that you get a quote from various companies to make sure that you aren’t paying too much every month.
Because there are thousands of different insurance companies on the market, you could spend weeks calling agents and getting quotes from them, or you can work with an independent agent. Unlike traditional life insurance agents, independent agents represent dozens of companies, not just one. These agents can bring the lowest quotes directly to you. No hassle. No calling.
Our independent agents will not only save you time, but they will also save you money. They understand the life insurance marketplace and can connect you with the perfect policy at an affordable rate.
A lot of people panic when they realize that they will need to get a $1 million policy for their family, but don’t worry, it isn’t as bad as it sounds. These policies are affordable and easy to obtain. Having adequate and quality insurance is the best decision that you’ll ever make for your loved ones. Don’t wait any longer to give them the protection that they need. You never know what’s going to happen tomorrow, but you can always plan for the worst.