How Much Does a Million Dollar Life Insurance Policy Cost?

Buying a $1,000,000 Life Insurance Policy

Working with an agent familiar with handling significant cases is imperative if you are looking into securing a one-million-dollar life insurance policy.

We have developed a disciplined and streamlined process to help folks get approved for a million-dollar life insurance policy.

We even have a few life insurance companies that will issue up to a one million dollar life insurance policy with no exam required and approval within 48 hours!

However, many life insurance companies apply more stringent underwriting to applicants seeking life insurance with more considerable death benefits.

Some insurance companies have unique criteria for a 3 million dollar life insurance plan, while others may not have a problem with a 10 million dollar life insurance policy.

This depends on many factors, including the insurance company’s financial strength and market segment.

Many carriers may not have the capacity or desire to underwrite a large face amount. Some companies also need support from reinsurance companies before making an initial commitment to coverage.

Death benefits above certain thresholds can violate the company’s jumbo limit, taking underwriting control away from the carrier and sending your application into the reinsurance market.

Not to mention, many agents do not routinely sell huge policies and have not developed the knowledge or the carrier relationships needed to secure the best premium for a wealthy family.

Most of these agents will run a spreadsheet of the cheapest 1 million dollar life insurance policies from multiple carriers and go directly to filling out a formal application.

An immediate red flag should be raised if your agent develops your application for life insurance in this manner.

Furthermore, many agents are unfamiliar with the correct steps and do not have internal systems to facilitate offers for wealthy families.

Our advisers often take many intricate steps to navigate the marketplace on your behalf to find you the most competitive offer.

First, we ask you a few questions:

• How much total new insurance coverage do you need?
• Do you need term or permanent life insurance?
• Why do you need the amount of coverage?
  1. Personal – Do you need to protect your income or mortgage balance?
  2. Business – Do you need coverage to secure a business loan or provide Key Person coverage for your company?
• How much life insurance do you currently have in force now? The amount of coverage you have now will factor into how much additional coverage you can buy.
• How is your overall health? Depending on the size of your policy, you may need to submit to an insurance examination and provide your medical records.
• Do you participate in a hazardous avocation, aviation, foreign travel, or other high risks?
• How are your current finances? Approval for between 1 and a 10 million dollar life insurance policy will require financial underwriting, which can include verification of your income and net worth.

How much life insurance can you buy?

Ages < 40Annual income x 30Ages 41 – 50Annual income x 25Ages 51 – 60Annual income x 20Ages 61 – 70Annual income x 15

With these pertinent details available, it is time to begin the application vetting process!

We aim to utilize the best method to quickly secure your coverage with the least amount of time and hassle.

This application process utilizes many insurance companies in the market via our “Concierge Life Insurance Shopping Service.”