How Much Does A Million Dollar Life Insurance Policy Cost

Written by Growth 360, LLC

One of the most common reasons that Americans don’t purchase a life insurance policy is because of the cost. Most people see the policies as a waste of money, but that couldn’t be further from the truth. Not having life insurance coverage is one of the worst mistakes that you can make for the protection of your loved ones.

Because costs are one of the reasons that so many people don’t have life insurance, we are going to look at what a policy would cost if you need a one-million-dollar insurance plan. There are thousands of families that are under-insured and will find themselves short of resources if their spouse were to pass away. Having enough insurance coverage is just as important as having the policy in the first place. While many families assume that a million dollars is excessive for their needs, they later discover that a million might not be enough.

Life insurance is one of the best purchases that you’ll ever make for your loved ones. It’s one of the only ways that you can guarantee that your family will have the money that they need, regardless of what happens to you. If you were to pass away, and you didn’t have a life insurance plan, your family would be responsible for a mountain of debt, which is going to make the situation a thousand times worse.

We know that finding the perfect life insurance plan can be a difficult search, but we are here to help. This article is going to look at the types of life insurance and the different options available to you. It is also going to look at the cost of a million dollar insurance policy.

What Determines Policy Costs and How to Get an Affordable Policy

1 million dollar life insuranceThere are dozens of different factors that are used to determine how much an applicant will pay for an insurance policy. The company is going to use age, health, tobacco usage, term length, zip code, medical records, and much more to calculate monthly premiums for coverage.

Age is the primary aspect that is going to impact the monthly premiums for the plan. The older that an applicant is, the more they are going to pay for coverage. If you want to save money on a one million insurance policy, it’s better to apply as soon as possible. The longer that you wait, the more money you’ll pay every month for the same insurance protection. That doesn’t mean that older applicants are going to pay massive premiums for their insurance plan. Regardless of your age, there are several options for affordable insurance plans.

The health of the applicant is going to be factored into the insurance costs. Once the initial paperwork is completed for the policy, the insurance company is going to schedule an appointment for a paramedic or registered nurse to conduct a medical exam on the applicant. The company wants to get an overall picture of the health of the applicant through their blood pressure, heart rate, weight, and get a blood and urine sample to test for any underlining health complications. The better the results from the medical exam, the less risk that’s posed to the insurance company, which translates into lower monthly rates.

If you’re looking to save money on your insurance protection, you’ll need to improve your overall health. There are several ways that you can do this, but the two best ways are by starting a healthy diet and getting regular exercise. Both of these can help you lose weight, lower your blood pressure, and reduce your risk of being diagnosed with health complications. It’s time to lace up those running shoes and hit the gym, it could save you hundreds of dollars on your million-dollar life insurance plan.

Any applicant that is a smoker is going to pay drastically more for their insurance coverage than a non-smoker. Tobacco users have a drastically higher chance of having severe health complications later in life, which means the insurance company views smokers as a much greater risk to insure. If you’re looking for the cheapest million-dollar policy, you’ll need to cut out any tobacco products before applying for the coverage. If you want to be listed as a non-smoker, you’ll need to be tobacco free for at least one whole year before the medical exam. It can save you thousands of dollars on your plan.

If you’re an applicant that only smokes an occasional cigar for celebrations, then it’s important that you find a company that is going to understand your situation and give you favorable premiums for your cigar smoking. There are some companies that will automatically lump you in with the smoker’s rates, but other companies will give you non-smoker’s rates depending on how often you smoke a cigar. Most insurance companies will allow one cigar a month and still give you non-smoker’s rates.

How Much is a Million Insurance Policy Going to Cost?

Now that you understand the different factors that are used by the insurance company, we can look at generic quotes to give you an idea of how much you would pay for coverage. As we mentioned, because there are variables that are used, these are only ballpark numbers for insurance policies, each person could receive drastically different rates.

We are going to look at rates for term insurance policies because term policies are much more affordable than whole life policies. If you’re looking for the cheapest million-dollar insurance, a term is the best option.

First, let’s look at annual rates for a male with preferred rates and a non-smoker:

Age
20 Year Term
30 Year Term
25
$430
$650
35
$460
$800
45
$1,165
$1,900

There is a significant difference in how much a male will pay versus what a female will pay for the same coverage.These are the totals that you’ll pay every year for a million-dollar insurance policy, as you can see, they are much more affordable than most applicants think. When you break up these amounts into monthly payments, they are well worth the investment. For example, if you are a 25-year-old male, you’ll only pay $36 every month for one million dollars in coverage.

Let’s look at some sample rates for a female in the same condition as the example above:

Age
20 Year Term
30 Year Term
25
$355
$515
35
$400
$675
45
$890
$1,450

Getting a Million Dollar Insurance Policy on average, women will pay much less for their insurance policies than a man will. A million dollar policy is extremely affordable for a woman that is looking to get coverage for their loved ones. Regardless of your health, age, or gender, it’s vital that your loved ones are covered, and you can’t put a price tag on the future of your family.

Nothing is more important than ensuring that your family is protected against the millions of different things that could happen tomorrow. Life insurance is the best way to ensure that your family will have the money they need, even if something tragic were to happen to you. Don’t wait any longer to get the peace of mind knowing that your family will be taken care of, regardless of what happens to you.

Million Dollars No Exam Life Insurance

If you want life insurance coverage without taking the medical exam, you can buy a no exam policy. It’s important to realize you are going to have very few options for no exam life insurance. The vast majority of companies are only going to sell you around $300,000 worth of insurance. For most families, this won’t be nearly enough insurance protection. There are only a couple of companies that offer up to a million dollars of coverage without taking the medical exam.

One of the most notable disadvantages of no exam policies is they are going to cost more every month. No exam plans are going to be two or three times more expensive than a traditional insurance policy. If you want to get the most affordable life insurance plan, you need to apply for one which requires a medical exam. The more information the insurance companies receives about your health, the less risk you are for insurance.

One of the benefits of buying a no exam plan is how quickly you can be approved for life insurance. With a traditional policy, you have to wait for the insurance company to schedule the medical exam, and then wait for them to receive the rates and review them based on their medical underwriting. The whole process can take close to two months.

If you’re looking to get affordable million-dollar life insurance, the best way is by working with one of our independent insurance agents. Unlike a traditional broker, our independent agents work with dozens of highly rated companies across the nation, and that means that we can bring all of the best insurance premiums directly to you. Don’t worry about the hassle of calling all of the companies yourself, let one of our agents do all of the work for you.

Every insurance company is different, and you could get drastically varying rates depending on which company that you get the quotes from. It’s easy to see why you should always get dozens of quotes before you decide which plan is going to work best for you. Working with one of our agents can save you both time and money on your life insurance search.

If you have any questions about getting life insurance, or about million dollar policies, please contact us today toll free at 800-866-8780. It’s our mission to help you get the life insurance that you and your loved ones deserve. Millions of Americans are severely under-insured, and their family won’t’ realize that until it’s too late. Don’t let your family be one of those.

We know that nobody wants to plan for his or her death, but not planning for it is one of the worst things that you can do for your loved ones. If something tragic were to happen to you, and you didn’t have life insurance, your family would be left with a mountain of debt and no money to pay for all of those bills and final expenses. Don’t wait any longer to get the life insurance coverage that you and your family will need if something tragic were to happen. Contact us today and we can get the process started.

About Growth 360, LLC
About Growth 360, LLC

We work with individuals across the nation to secure the best life insurance rates.

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