Discover What Million Dollar Life Insurance Can Offer You
If you have credit card debt, a mortgage, dependents, and a car payment, a million-dollar life insurance policy may be what you need.
How Much Is A $1 Million Dollar Life Insurance Policy
There are lots of unforeseen events that can happen to you in the future. Why you need to ensure the security of your family through life insurance, if you are thinking the same way, you may want to consider 1 million dollar life insurance coverage. This extensive coverage is not impossible to get, and it is not hard to qualify.
With growing competition in the industry, it made everything easier for one to get insurance, especially for a million dollar life insurance policy. The following is vital information to bear in mind if you are looking into getting the coverage that can give you a million dollars worth of coverage
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Policy Depending on Income
The determining factor if you qualify for one is your yearly income. It depends on several factors like age, health condition, and yearly income. The following are examples of computation according to age and salary.
- If you are between 20 to 30 years of age, then your recommended policy is around 15 to 20 times your yearly income.
- If you are between 31 to 40 years of age, then your recommended policy is around 15 to 20 times your yearly income.
- If you are between 41 to 50 years of age, then your recommended policy is around 10 to 15 times your yearly income.
- If you are between 51 to 60 years of age, then your recommended policy is around 7 to 10 times your yearly income.
- If you are between 61 to 65 years of age, then your recommended policy is around 5 to 7 times your yearly income.
- If you are 66 years of age and above, then your recommended policy is around 3 to 5 times your yearly income.
You need to know all possible financial obligations that your policy needs to cover in the case of your untimely death. It is better to consider the following instances before deciding on the policy.
- Are you paying any loans?
- How much are you paying for your mortgage?
- How much will it cost to send someone to college?
- Do you have enough savings for the future?
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All of these questions will help you to evaluate your financial standing and make sure that you get the coverage that can provide the financial aid that your family needs in the future.
It is essential to take note that getting life insurance is a replacement for your salary in case of your demise that can cover at least 5 to 10 years.
Top Insurers For $1 Million Dollar Life Insurance Policy No Exam
This is considered as one of the most significant million dollar life insurance no exam insurers for more than 60 years.
This is one of the oldest insurance providers with over 100 years of experience, and they have been awarded an A-plus rating.
Top Insurers With Medical Examination
This company is internationally acclaimed and one of the most secured life insurance companies with higher ratings.
This business has been providing the best insurance for over 50 years, and they have been awarded A+ ratings and AA.
Medical tests help the insurer to assess if your health condition fits the policy that you want. However, some companies can offer no medical insurance and will go over your medical history and other vital records to assess your risk level as an insured.
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Important Considerations About Million Dollar Life Insurance
It is possible to get more than one in the household a million-dollar policy as long as the person is working with a yearly income. It only means that it is not only the head of the family that can apply for the coverage. Other members of the family who are working with fixed annual income can also qualify.
Remember that in getting a life insurance policy, no more than 2 per cent of your annual income must be spent on paying for premiums.
A Million dollar life insurance cost might sound like a lot, but it is very affordable. It can offer the financial security that you need for the future. You can use the quote and apply the platform below to get an idea of how much you need to pay.
Using Coach B. Insurance’s “Direct to Consumer” quote and apply platform makes getting and applying for life insurance quotes simple. Answer a couple of questions and get your quote with one of over 50 national carriers in seconds and pick the company and price that fits your needs and budget and apply from there. No agent interaction unless you contact us. We are a hassle-free agency! We are standing by to help in any way we can! Our motto at Coach B. is if we don’t help your family financially, we can’t help our family financially.
Coach B. Life Insurance can help you!
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About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.
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