What if I told you that it's super easy to get a million dollar life insurance policy with no exam in 2022?
Well, it really is:
And even if you don't believe me, after we cover how much a 1 million dollar life insurance policy costs.
I am going to show you how to get an instant million dollar life insurance quote and apply online for coverage in under 5 minutes with no exam.
How Much Is A Million Dollar Life Insurance Policy?
The average monthly cost of a 1 million dollar life insurance policy for a 35-year-old female, in perfect health, looking a 20 year term policy is around $43.09 per month, while the cost for a 35-year-old male looking for the same coverage will be around $52.31 per month.
However, keep in mind that there are many factors that make up life insurance quotes and the best way to get a better answer is to use our quote tool below.
If you just used our quoter, I bet you are shocked at how cheap a $1,000,000 life insurance policy is. Below we break down what factors will actually have an affect on your insurance premiums.
What Determines Your Life Insurance Rates?
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What Does A Million Dollar Life Insurance Policy Cover?
Your Final Expenses
The average cost of a funeral is between $7,600 - $12,000 and over 14 years ago, my grandmothers funeral cost was over $12,000 so that price seems to be pretty accurate. That price can increase very fast because it covers things like:
The above expenses are really just the beginning of the costs associated with you passing away, your family will also need to replace your income.
Costs & Debt After Your Death
Along with income replacement, you still have to take into consideration your current debt and future costs, which can include:
Hopefully, you are starting to see that you need to consider a ton of situations when thinking about your life insurance. Your family's future expenses are also important.
Best Company For A Million Dollar Policy With No Exam
While there are some excellent no exam life insurance companies to choose from, we haven't found any better than Ladder, Haven Life, Bestow, and Ethos. In my professional opinion, I would go with either Haven Life or Ethos because they can cover you faster, have some of the lowest rates in the market and they also have more term options than any other company.
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Who Needs A One Million Dollar Life Insurance Policy?
A million dollars in no exam life insurance might seem like a ton of money. However, if you make anywhere between $50,000 to $100,000 a year its actually about how much your family is going to need if you pass away unexpectedly. Below we take a more detailed look at exactly who would need this policy:
Primary Wage Earners - If your family only has one primary breadwinner, it is essential that they have an excellent policy. You want to make sure that your family can survive for an extended period if they were to lose you to an untimely death. Just think about how many years your family would survive if your money stopped coming in and they had nothing to replace it.
High-Income Earners - If you are a high-income earner and make more than $100,000 per year, at the very least, you have to be looking at $1 Million dollars in life insurance coverage. If you have anything less than that you are 100% underinsured. Keep in mind that most insurance agents recommend having 10 times your annual income in life insurance. However, I recommend having between 15 and 20 times your income, just think about how long your family will be able to survive if you pass away. 5 times your income is only 5 years of income, where 15 times your annual income gives your family 15 years of income replacement.
Middle-Class Income Families - A high majority of us fall into this range of income in the United States. We are also the ones that overestimate the cost of life insurance and underestimate how much life insurance we actually need. In a recent study, we found that over 75% of Americans that have life insurance policies are underinsured. This is primarily caused by us not thinking about all of the factors that can be affected by our deaths. It really doesn't matter if it is a combined income or single income, as a middle-class family, our expenses and debts seem to be entirely different. This means that passing up on adequate coverage will be a huge mistake.
Anyone With Kids Going To College - I am sure you can understand when I say that being able to cover the cost of your kid's college will help everyone in the long run. Right now, student loan debt is at around $1.5 Trillionā¦ Yes, Trillion; we have to do everything we can to fix this huge issue. And when you factor all of the above elements together along with income replacement, it should be easy to see that buying a million dollars of term life insurance is a necessity.
$1 Million Life Insurance For Small Business
Starting a small business can be both fun and scary at the same time, and while % of theses businesses won't exist in the next 5 years. And the ones that do survive usually still don't have adequate life insurance, below we go over a few reasons you may need a policy.
Life Insurance For An SBA Loan
Most self-employed or small business owners will need to borrow money to purchase equipment, real estate, or for cash flow purposes. If you take out an SBA loan for $500,000 or $1,000,000, you will be required to get the exact amount in a life insurance policy before the loan can be approved.
Life Insurance for Someone Self-Employed
If you are self-employed then you know you wear all of the hats, you are the accountant, sales person, marketer, HR, CEO, CFO, COO, and any other āOā or position you can think about. The business also will not run without you being around and can completely ruin your family financially if you donāt have the correct amount of coverage. It is essential you have enough coverage in-place so that your family will still be well if you were to pass away.
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How To Buy $1,000,000 In Life Insurance Today?
The best way to get a $1 million life insurance policy today is to click here or on any of the above buttons, You can also use our free life insurance quoter above where we offer free and instant life insurance quotes. Once you review your quotes, you can apply for a policy online, without an exam and be approved in minutes.
Frequently Asked Questions
How much does a 500k life insurance policy cost?
A 35-year old non-smoker male in perfect health could get a 20-year $500,000 life insurance policy for about $29.00 per month or a 10-year term for $25.00 per month. You can get this policy without an exam and in under 5 minutes.
At what age should you stop life insurance?
There isnāt a specific age you should stop life insurance; however, you should buy it as soon as possible to get the lowest rates. People usually cancel their policies when they no longer have a use for the death benefit or if their kids wonāt need much money if they were to pass away.
What is a million dollar life insurance policy?
Itās as simple as it sounds, itās a $1 Million death benefit payout to your family if you pass away unexpectedly. This coverage can be used to help replace your income or to pay debts or cover other expenses.