How to get a $1 million life insurance policy

Depending on your personal financial situation and goals, a $1 million life insurance policy might make sense.  / Credit: Getty Images/iStockphoto

Depending on your personal financial situation and goals, a $1 million life insurance policy might make sense. / Credit: Getty Images/iStockphoto

Life insurance provides financial protection for your loved ones after your death. For a monthly fee (or an annual fee if you want a cheaper plan), you can rest assured that your beneficiaries will be safe in your absence.

Life insurance comes in all forms and types. Some of the more popular ones are Term, Whole, Universal, and Variable. There is also a range of amounts – tens of thousands of dollars to over $1 million.

Depending on your personal financial situation and goals, a $1 million policy may make sense. You have to be eligible, but surprisingly many people are — and they don’t have to break the bank to get a policy.

Read on to learn more about how you can qualify for $1 million life insurance, or contact a life insurance expert now who can help you get started with a free quote.

How to get $1 million life insurance policy

Purchasing life insurance for $1 million is similar to claiming other, smaller amounts. Here are four ways to increase your chances of admission.

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1. Start early

Life insurance isn’t one of those things that gets cheaper if you wait. The longer you wait, the more you’re likely to pay for coverage.

If you start significantly later, you may be paying more for less coverage. So it pays to start early (think under 40). Insurance companies are more likely to approve you on a $1 million policy when you’re young, and your beneficiaries are unlikely to redeem it. So apply now and see what you can qualify for.

2. Check your finances

This may seem obvious, but is often overlooked. It doesn’t matter what amount an insurance provider will allow you if you can’t afford the monthly payments needed to maintain it.

Make sure you are realistic about your finances. You may be entitled to a $1 million policy, but can you afford to pay it? First, determine how much you can pay each month (and where you’re getting the money from), and then match that number to what you’re entitled to. You may even be able to get more than what you initially expected! But first, have this figure ready.

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3. Get a medical exam

An insurance company isn’t just going to pay out $1 million. They will want to know that you are healthy and that there is little chance that your beneficiaries will make a claim quickly.

The best way to show your current health is through a medical exam. You must complete an online (or paper) questionnaire and then complete a physical exam in person. The latter will likely include blood work and urine tests, as well as the traditional tests done at the conclusion of a physical exam. Complete them all, demonstrate your well-being and you will be one step closer to obtaining that policy.

4. Shop and compare providers

Different insurance companies are familiar with different levels of risk. They also offer different levels of protection for different costs. This is why it is so important to shop and compare different providers before deciding which one to sign with. You may not be eligible for $1 million from the first insurance company you receive a quote from, or you may not be able to afford coverage for that amount with that company.

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So look around. Get quotes from multiple vendors to see what’s out there. Just make sure you do an apples-to-apples comparison. For example, if you’re looking for a $1 million 20-year term life insurance policy, make sure you get a quote from a second and third party for the same amount, type of insurance, and time frame.

Once you have found a provider that you feel comfortable with, you can officially apply and (if necessary) arrange for a medical examination. Contact a life insurance company now or use the table below to start shopping.

The final result

A $1 million life insurance policy might sound like a lot of money. But if you’re young, healthy, and ready to undergo a medical exam, you can probably get a policy for that amount (or even more).

Talk to a life insurance expert now who can help you get covered.

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