When accessing the costs of life insurance premiums for a $1,000,000 policy, underwriters look at two main factors - your health and your age.
A million dollar life insurance policy will go a long way in ensuring the deceased's family is well taken care off financially.
It's probably enough to pay off the mortgage and any outstanding debts, and still have money left over for investing to generate an income.
Financial advisors usually recommend that family breadwinners get seven to ten times their annual income. So, if you make $100,000 per year, you should get from $700,000 to $1,000,000 in life insurance coverage.
But, each family's needs are different. It's best to discuss all financial details with an insurance professional or financial advisor.
|45 year old man||$45.58|
|50 year old male||$72.50|
|55 year old man||$124.65|
|60 year old male||$203.00|
|65 year old man||$360.40|
|70 year old male||$590.75|
07/11/2022 - These monthly life insurance premiums are just an estimate. Your policy costs could be different.
|45 year old male||$92.15|
|50 year old man||$140.65|
|55 year old male||$228.60|
|60 year old man||$394.15|
|65 year old male||$743.75|
|70 year old man||$1351.60|
07/11/2022 - These monthly life insurance rates are just an estimate. Your policy costs could be different.
When you apply for a large amount of life insurance like a million dollar policy, expect your health to be thoroughly scrutinized by the life insurance company / underwriter.
The life insurance underwriter will need to make sure you don't suffer from any health issues that could cause you to die while the policy is in effect (term).
If you are a smoker of use tobacco products, be prepared to pay 3 to 4 times the rates of a non-smoker. If you quit now and apply a few months down the line, most likely, you'll be able to get non-smoker rates.
If you just smoke a cigar once in a great while, some companies may be able to offer you non-smoker rates. Make sure to shop around and compare.