How Much is a Million Dollar Term Life Insurance Policy

  • Million Dollar Term Life Insurance

How Much is a Million Dollar Term Life Insurance Policy

$1,000,000 is a big number and often an intimating number when it comes to purchasing life insurance coverage. Most people tend to think that a million dollar life insurance policy is going to be way too expensive to purchase.

The truth is a million dollar term life insurance policy is often purchased because of how cheap it cost. Take a quick second to run an instant quote here on our website for a million dollars and you’ll see just how affordable it really is.

A million dollar term life insurance policy can be very affordable. Instantly compare $1,000,000 term life insurance rates from the top term life insurance companies available.

 

Sample Rates for a Million Dollar Term Life Insurance Policy

The sample million dollar rates shown below are for both males and females who would qualify for the health classification of Preferred Plus Non-Smoker. These are actual rates from life insurance companies offered with Top Quote Life insurance.

Life insurance companies are constantly changing their rates to stay competitive, so it’s always best to either contact us for a quote or use the instant quote form which is updated anytime there is a change in rates with a life insurance company.

Male age 30 $1,000,000 term life insurance policy (Preferred Plus)

10 year term = $24.85 monthly – AIG American General Life Insurance
20 year term = $36.97 monthly – Banner Life Insurance
30 year term = $61.07 monthly – Transamerica Life Insurance

Female age 30 $1,000,000 term life insurance policy (Preferred Plus)

10 year term = $19.21 monthly – Protective Life Insurance
20 year term = $30.11 monthly – Transamerica Life Insurance
30 year term = $49.03 monthly – Transamerica Life Insurance

Male age 40 $1,000,000 term life insurance policy (Preferred Plus)

10 year term = $29.64 monthly – Protective Life Insurance
20 year term = $53.83 monthly – Protective Life Insurance
30 year term = $102.35 monthly – Transamerica Life Insurance

Female age 40 $1,000,000 term life insurance policy (Preferred Plus)

10 year term = $26.01 monthly – MetLife
20 year term = $45.49 monthly – Protective Life Insurance
30 year term = $80.35 monthly – American National Life Insurance

Male age 50 $1,000,000 term life insurance policy (Preferred Plus)

10 year term = $76.35 monthly – Protective Life Insurance
10 year term = $148.79 monthly – Transamerica Life Insurance
10 year term = $259.88 monthly – Lincoln Financial Life Insurance

Female age 50 $1,000,000 term life insurance policy (Preferred Plus)

10 year term = $64.25 monthly – Protective Life Insurance
20 year term = $107.22 monthly – Protective Life Insurance
30 year term = $175.35 monthly – AIG American General Life Insurance

Male age 60 $1,000,000 term life insurance policy (Preferred Plus)

10 year term = $218.57 monthly – Protective Life Insurance
20 year term = $418.83 monthly – Transamerica Life Insurance

Female age 60 $1,000,000 term life insurance policy (Preferred Plus)

10 year term = $142.67 monthly – Protective Life Insurance
20 year term = $279.47 monthly – Protective Life Insurance

 

Don’t Short Yourself on Life Insurance Coverage

You don’t need to be a millionaire to purchase a million dollar term life insurance policy. Several factors however need to be taken into account when determining the appropriate amount of life insurance coverage. A commonly used method is the 10x your annual income method. This method allows for your spouse to receive 10 years of loss annual income to continue daily living needs.

EXAMPLE: Annual salary $50,000 x 10 years = $500,000

Now, what about other factors such as future income raises and bonuses, mortgage debt, estate taxes, cash needs, final expenses, debt payments, emergency funds and education expenses if you have small children? You can easily see that a million dollars in life insurance coverage is not an unrealistic number and not just for the wealthy.

    

Qualification for a Million Dollar Term Life Insurance Policy

The requirements are the same, when applying for a million dollar term life insurance policy, as the requirements for any other coverage amount. The life insurance company that you apply with will require you to take a medical exam in order to determine your qualification for coverage.

The life insurance medical exam is always free and provided by the life insurance company. The exam will consist of several medical questions pertaining to your health, height and weight, life style, family’s health and will also require a small blood and urinalysis sample. In some cases an EKG may be required.

Ultimately the life insurance medical exam will play the biggest role in what life insurance health classification you will qualify for and how much you will pay for the coverage.

  

Health Classifications

Life insurance health classifications are used to determine your overall risk to the life insurance company. The less of a risk you are the better of a health classification you will qualify for which results in lower premiums.

Life insurance classifications are typically classified as:

  • Preferred Plus (Exceptional)
  • Preferred (Excellent)
  • Standard Plus (Above Average)
  • Standard (Average)

Individuals that do not qualify for one of the four traditional health classifications may be classified under a substandard or table rated risk classification. Table rated life insurance classification are generally given to individuals who considered a higher risk to the life insurance company.

One could be considered table rated due to the following: cancer, diabetes, obesity, heart issues and even hazardous activities that you may participate in. If you have a history of medical conditions or participate in hazardous hobbies or sports, it’s always best to contact us so we can provide you with an accurate personalized life insurance quote.

 

No Medical Exam Option

No medical exam life insurance is the hot new trend in the term life insurance. No medical exam life insurance allows you to bypass the entire exam portion of the life insurance process. The downside is limited death benefits and with most companies you cannot qualify for the best health classification.

Currently there is one life insurance company that offers up to $400,000 in coverage without a medical exam. So how can you get a million dollar term life insurance policy without a medical exam?  Simple, if you wish to bypass the medical exam process then you will want to apply with more than one no medical exam term life insurance company.

 

Million Dollar Permanent Life Insurance Policy

Term life insurance is great when needing to cover short term needs. If your life insurance needs are longer than 30 years, you may want to consider permanent life insurance coverage. In this case we recommend a “No Lapse” guaranteed fixed premium universal life insurance policy.

A million dollar life insurance policy is not just limited to term life insurance. You can easily qualify for a million dollar policy in permanent life insurance. The benefit of permanent life insurance is, the premium is cheaper than whole life and the coverage is guaranteed to last to age 121. Best of all, the premium is guaranteed to never change. Some might say it is like permanent term insurance except you will never have to go through the underwriting process after purchasing the policy.

 

Applying Process

Top Quote Life Insurance makes the application simple. When you find the life insurance company that offers you the best rate based on your health classification, simply click the “select” button on the results page to start the application process. If you have questions or need assistance, please feel free to call us toll free 888-777-7574 or send us a message with your request and we’ll help you out right away.

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How much is a million dollar term life insurance policy by Jeffrey Manola Top Quote Life Insurance

2017-08-25T00:47:19+00:00

About the Author:

Jeffrey Manola is the owner and an experienced life insurance agent at Top Quote Life Insurance.

His goal is to provide online consumers with the absolute top quotes for all term life insurance, permanent life insurance and no medical exam life insurance. Not only does he strive to provide you with the best premium for your life insurance coverage, he also wants you to be well informed about life insurance coverage options and its importance.

Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency we want to help you save money, protect your future, and earn your trust (888) 777-7574.