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A million dollar life insurance policy? Really?
For a lot of people, this seems like a ridiculous amount of life insurance, but it might not be as crazy as you think.
Nobody wants to imagine what’s going to happen to their family if something tragic were to happen, but there are some ways you can provide for your family even after your passing, and the best way to do this is buying a life insurance policy.
Let’s imagine a hypothetical situation. Something awful happens to you.
Your family is dealing with all of the emotional stress and pain of losing someone.
While they are dealing with that, here comes the debt collectors and the bills are piling up.
They are trying to find a way to sell those bills, maybe selling the house. How can they replace your income? They can’t seem to get through everything.
Just think about the difference it will make in this hypothetical situation.
Instead of watching the bills piling up, they can pay them off immediately. Your family doesn’t have to stress about mortgage loans. Your plan gives them the money.
To help you out, we’re going to show you all of the reasons you need life insurance, how much life insurance you should buy, ways to get a cheaper policy, and what your next steps should be.
One of the most important factors when buying a policy is deciding how much to buy. There are a lot of applicants who 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.
Yes, ONE MILLION.
This might seem like way too much, but there could be a lot of factors you are not accounting for. One of the biggest mistakes you can make is not giving your family enough coverage through your life insurance plan.
In fact, a vast majority of Americans who have a life insurance plan, but they are drastically under-insured. Fortunately, there is an easy way to make sure you aren’t one of them.
Before you automatically think there is no way your family would ever need one million dollars, there are some things you should consider.
Your children might be young now, but eventually, they are going to be heading off to college (hopefully). 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 multiply this number 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 your mortgage is much higher than that. You don’t want your family to struggle to pay off the 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 your family will have to pay for, like your funeral expenses or any possible medical bills.
Another factor 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. Without life insurance, they are going to scramble to find a way to recover the lost income.
Your family should not have to feel rushed to go back to work after your passing. Most financial experts suggest you get around seven to ten times your annual income.
For example, let’s say you make $60,000 a year. This means 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 life insurance policy, and sometimes more. 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 which go into calculating your policy premiums, it’s difficult to say how much you’ll pay for a life insurance policy. One factor which is going to make a huge difference is which type of policy you choose.
Some plans give you additional benefits, and those policies are going to come at a higher price.
We aren’t going to get into all the additional bells and whistles, but the basic coverage. 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 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 has pros and cons 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 million dollar life insurance policy, we can give you some 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.
Once upon a time, there was no way you could skip the medical exam part of the application. The insurance companies HAD to know your health and how much risk you were.
Today, carriers are more confident in their no exam plans. What does this mean for you?
It means two things:
To start, more and more insurance carriers are starting to buff up their plans without the physical. In years past, most agencies would only sell $250,000 or less if you decided not to take the physical.
Now, there are a few companies who sell up to $1 million in coverage. They aren’t common, but they do exist.
Secondly, the prices for no exam are not as high as they once were. More companies are perfected their algorithms and have finally tweaked them enough to give affordable rates to clients who are trying to skip the exam.
As you can see, even with these example quotes, a $1 million is much more affordable than most people think.
Aside from the three main kinds of life insurance, there are also a lot of option riders you can add to your coverage. These are calling “living benefits,” and each company has different benefits.
Some example of these riders are chronic illness or a child rider. Chronic illness riders allow you to get the payout from your plan before you pass away if you’re diagnosed with a severe health problem.
The more riders you add, and the more coverage your plan gives you, the more you’re going to pay.
The sample above proves you can get cheap life insurance, but it doesn’t mean you’ll get the same rates. If you’re looking to get the cheapest $1 million dollar life insurance policy, there are a couple of things you can do.
You shouldn’t have to pay a fortune to get the insurance coverage you want for your loved ones. There are plenty of ways you can lower your premiums and still get a quality policy.
If you need a million dollars of life insurance protection, don’t assume your premiums will stretch your budget. It’s quite possible you’ll get a policy which won’t destroy your savings account.
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 that 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 who doesn’t smoke. With most insurance companies, smokers are going to pay at least twice as much.
Certain companies are going to charge triple for tobacco users. If you want to save money on your million-dollar policy, it’s time you kick your smoking habit for good. On a similar note, some carriers have unique stances on different kinds of tobacco. If you smoke cigars, you might get a free pass.
Depending on how often you smoke (usually less than 12 cigars a year) some carriers will allow you to get non-smokers rates.
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. If you’re overweight, you will need to lose the weight, and then keep it off. If you lose the weight and then immediately apply for a plan, you’re still going to be a risky candidate.
From the agent’s point of view, they are worried about you gaining the weight back and then ending up with health problems. You will need to keep the weight off for around a year.
The next way you can save money if you have any pre-existing health conditions is to make sure you’re following your doctor’s orders closely for managing the condition.
To get the best rates, you’ll have to show you’ve been taking any medications or treatments regularly and your condition is well managed. Also, you want to go to the doctor at least once a year.
The agent wants to see you’re concerned about your health.
The best way to ensure you’re getting the lowest rates possible is by comparing quotes from dozens of insurance companies before you choose one.
One serious mistake you can make is to buy an insurance plan from one of your friends or a relative. Nothing against your friends, but they may not be selling the cheapest option.
If you don’t look around before you buy a policy, we guarantee you don’t have the best plan.
Each company is going to view your application differently. You will receive drastically different rates for your $1 million policy.
Just by calling a couple of carriers, you’ll see how you could end up paying thousands more than you have to.
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.
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A lot of people panic when they realize they will need to get a million dollar life insurance 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 you’ll ever make for your loved ones.
Don’t wait any longer to give them the protection they need. You never know what’s going to happen tomorrow, but you can always plan for the worst.
If you still have some questions about getting a million dollars in protection, we can answer them for you. We’re not just an agency looking to sell you an expensive policy.
We think everyone should have the knowledge and resources to buy a plan at an affordable price. We can answer your questions and connect you with the best policy available.