Is a Million Dollars Enough Life Insurance?

Written by Growth 360, LLC

When you’re shopping for life insurance, there are dozens and dozens of different factors that you will need to consider to make sure that you’ve gotten the best plan available. Life insurance is one of the best safety nets that you could ever purchase for your loved ones, and it’s important that you purchase enough life insurance. Not having enough life insurance is one of the worst mistakes that you could make for your loved ones.

At, it’s our mission to ensure that you’re getting the best life insurance plan for you and your family. We know that shopping for life insurance is not a fun task, but that’s why we are here to help.

million dollar life insuranceEvery year, we get dozens and dozens of questions about how much life insurance a client will need. Most clients are stunned when we tell them that they need to purchase at least 1 million dollars of life insurance, but in some cases, that still isn’t enough life insurance. Every family is different, and everyone is going to need a different sized plan.

Calculating your Life Insurance Needs

There are several different factors that you will need to add up before you purchase life insurance. If something tragic were to happen to you, your family would experience emotional struggles, but they can also suffer from financial hurdles as well. That’s where your life insurance coverage comes in. It’s vital that your plan is large enough.

The first number that you should look at when you’re determining your life insurance needs is your debts and overall expenses that your family would be left with. The first goal of your life insurance policy is to give your family the money that they need to pay off those bills and debts that they would be responsible for. If you were to pass away, your loved ones could have to pay for thousands and thousands of dollars of unpaid expenses. Before you buy life insurance, take a long, hard look at your mortgage loan, your business debts, student loans, and other significant expenses.

The next number that you should add into the equation is your annual income. The secondary goal of your life insurance policy is to replace your income if you were to pass away. If you’re one of the main income earners in your home, then your family would struggle to pay for any necessary expenses. That’s where your life insurance policy comes in. It gives them the money that they need. The more people that you have that rely on your income, the larger plan that you need to purchase.

One smaller, but still relevant factor that you will need to add into the calculations is your final expenses, like your burial fees and other final expenses. While most applicants don’t realize it, a funeral can be costly. The average funeral costs around $10,000, which can be difficult for a grieving family to cover. Before you purchase a life insurance policy, make sure that you look at the cost of a funeral and final expenses.

Getting Affordable Life Insurance Protection

After you’ve calculated your life insurance, you might be worried about how much you’re going to pay for your life insurance coverage. If you find that you need a million dollars or more of coverage, you might assume that you’re going to have to pay a fortune every month for your protection. Don’t worry, there are several ways that you can secure affordable rates from the insurance company.

If you want to save money on your life insurance plan, regardless of how much coverage that you’re going to buy, making a few simple changes can save you thousands and thousands of dollars every year. One of the most common reasons that people don’t buy life insurance is because they assume that it’s going to be too expensive, but that couldn’t be further from the truth.

The first thing that you should do is cut out any tobacco that you currently use. If you’re a smoker, you’re going to pay drastically more for your life insurance versus what a non-smoker is going to pay for the same sized plan. In fact, smokers typically pay twice as much for their coverage. If you’re a tobacco user, you’re going to spend thousands and thousands of dollars more.

Another way that you can save money is to improve your overall health. Before the insurance company approves your application, they are going to require that you take a medical exam. The results are going to play a major role in how much you pay. If you want to save money, you need to get better results from the medical exam. Two of the best ways that you can do that are by getting regular exercise and sticking to a healthy diet. Both of these will help you lose weight, lower your blood pressure, and reduce your risk of being diagnosed with health complications.

The best way to ensure that you’re getting affordable life insurance is to compare dozens and dozens of quotes before you decide which one is going to work best. Every company is different, and all of them are going to give you different rates depending on their medical underwriting and rating system. Finding the perfect company is the difference in getting an affordable plan or one that is going to break your bank every month.

There are hundreds and hundreds of companies on the market, and you could spend weeks calling different companies. Instead, let one of our independent insurance agents do all of that hard work for you. Unlike traditional insurance agents, our independent agents work with some of the most highly rated companies across the nation. We can bring a personalized set of quotes directly to you, in a matter of minutes.

We know that shopping for life insurance is not fun, but we are here to make the process as quick and straightforward as possible. Don’t wait another day to get the life insurance that your family deserves.

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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