Speak with an experienced advisor! Buying life insurance can be a long and challenging process. There are thousands of different companies to choose from, all of them have different benefits and rates you have to compare.
Deciding between the companies can be overwhelming and frustrating, but it doesn’t have to be.
When you’re looking to purchase a life insurance policy, there are several different factors you need to consider both from the policy and from the company that’s selling the coverage.
How Much Coverage Do I Need?
The first thing you need to look into is the financial stability of the company. Buying a life insurance policy is a long-term investment which shows you trust the company to still be operating in 30 years or more.
If the company were to go bankrupt or run into financial struggles, your policy could be worthless. The easiest way to see the stability of a company is to check the ratings from companies like the AM Best or S&P 500.
The next thing you’ll need to check is any customer feedback they have received in the past several months. This is something you need to view through a cautious eye.
There are millions of customers on the Internet which looks for any reason to leave negative feedback on a company, but if you see dozens of consumers complaining about the same thing, it can give you insight into any problems you might run into.
Additionally, you’ll need to look at the types of policies the company offers. Every business has different kinds of policies, and you need to find one that has the plan to fit your needs.
There are the two basic types of plans, term, and whole life, but inside of those are variations and some companies offer additional benefits.
A term insurance policy is only effective for a certain period of time, and after that point, they are no longer active, which means you won’t have insurance protection.
The other main type is a whole life insurance plan. As you can guess from the name, these plans are a permanent form of insurance protection, which means as long as you continue to pay the premiums for the plan, you’ll have coverage.
Because these plans are never going to expire, they are more expensive than other options.
The most important factor to look at is the companies’ rates. Each company is different and has various ways they calculate monthly insurance premiums. You could receive drastically different quotes for the same coverage.
If you want to ensure you’re getting the lowest rates, you’ll need to compare dozens of companies.
The Best Companies to Purchase a Million Dollar Policy
Because every person’s situation is different, it’s difficult to say which companies are “the best” to buy a million dollar life insurance plan from.
Some companies specialize in insuring older applicants, while others are better for high-risk applicants, but some companies continue to be at the top of the list every time.
Some of the most popular companies which sell affordable and quality million-dollar life insurance policies are:
- Protective
- Principal
- SBLI
- AIG
Though, as we mentioned, because there are so many factors that go into calculating insurance premiums.
It’s difficult to say which company is going to fit your needs the best without knowing your specific details.
While we can’t accurately say which company is the best, the ones we have listed above are going to be the best places to start your search. Those companies tend to have some the cheapest rates for clients we work with, but you could still find you get drastically different rates between the companies.
If you’re a healthy 40-year-old male doesn’t use any tobacco, you can get an affordable million insurance policy from any of these companies.
If you don’t have any severe pre-existing conditions, you could pay as little as $70 a month for your plan.
Getting the Lowest Insurance Rates
Because each company is different, they all offer different rates, but there are some lifestyle changes to consider to ensure you’re getting lower rates. The first is improving your health.
Unless you choose a no exam policy, which is hard to find for one million dollars of coverage, the insurance company is going to require you to take a simple physical exam before they approve your coverage.
The results from the exam are going to play an important factor in how much you pay every month.
You’ll need to make is cutting any tobacco usage out of your life. Being listed as a smoker on your insurance application is going to cause your rates to skyrocket.
In fact, smokers are going to pay double what a non-tobacco user is going to pay for life insurance.
As we mentioned earlier, comparing quotes from several of companies before you choose the one which works best for you. There are hundreds of companies or you can make one simple call to us and let us handle the hard work.
Unlike traditional insurance agents, our agents are independent, they don’t only represent one company, but can give your quotes from dozens of companies at once.
They can help connect you with the best company for your million-dollar life insurance policy.
Calculating Your Life Insurance Needs
To get started with the numbers, get your biggest debt (probably your mortgage). This is your starting point.
If you don’t have a large enough life insurance policy, your loved ones would face the real situation of having to sell your home.
After this, you need to start going down the debt ladder. Start big and work your way down all the way to the smallest.
Once you’ve worked your way all the way down to the tiniest of debts, then you can move onto the next step, your salary. The plan needs to be large enough to replace your paycheck.
There is a chance you may need more than a million dollars, or in some cases, you could need significantly less. Finding the right sized life insurance policy is a delicate balance if having enough protection for your family and not paying for additional coverage you don’t need.
Buying Million Dollar Life Insurance Policy
If you have any questions about which company works for you and your family, please contact us today toll-free at 800-866-8780. We are dedicated to ensuring your loved ones have the insurance protection they need.
You can’t predict the future, but you can plan for the first. Life insurance is the only way to know your loved ones will be covered, even if anything tragic were to happen to you. Don’t want any longer to purchase a life insurance plan.