1 Million Dollar Policy

Million Dollar Policy

Thinking about a life insurance policy worth a million dollars may seem extravagant, and a little over the top but it really isn’t that unreasonable. Many families would need a very large amount of money to support themselves if one income providing member was suddenly deceased. If you take a step back and add up all your family’s debts, living expenses and expected expenses (like post-secondary tuition) then you might just find that a million dollars isn’t too far off from what’s needed to survive. If you want to make sure your family is well cared for should you not be around, then let’s talk about the million dollar life insurance policy today!

Here’s what you need to know

It’s not as expensive as you might think to have a life insurance policy of a million dollars. There are variables, like any insurance policy, but these plans can be obtained for anywhere from $30 to $100/month.

Similar to other life insurance plans, you can purchase these policies as either term life insurance or permanent insurance. The payment amounts and requirements will differ accordingly, but you do have options to meet your needs and ensure your beneficiaries receive the million-dollar lump sum payout should something happen to you.

Is it taxable income for my beneficiaries?

The financial ramifications of this plan is something you’ll want to discuss with your financial advisors to make sure you’re making the best choices for your family’s future.

Why so much money?

A million dollar policy Brampton does seem like a lot, and it’s a little overwhelming to try to rationally think about how much money your family might need if something happens to you. If you have young children who still may need education costs covered, or you just purchased your first home, paying these costs can very quickly add up. With one less income, your partner may be unable to keep up with the financial demands of life in your absence. It seems like a lot of money, but costs can quickly add up. Give yourself the assurance your family will be well cared for with the right amount of life insurance. Reach us to know about the best million dollar policy quote

Still have questions?

No problem – life insurance is tricky and it isn’t easy to pick the right policy for you. We’re here to help you figure out what makes the most sense for your life currently, and the future needs of your family. Harpreet Puri has years of industry experience so you know you’ll always get what you need and what’s going to benefit you the most. Make an appointment to talk to Harpreet Puri about million dollar policy insurance plan.

Million dollar policy

Are you considering getting life insurance? It can be pretty stressful choosing the right policy that looks are your needs. Selecting the wrong plan can be detrimental. If you are wondering what a million-dollar life insurance coverage is all about? What does it cover? And most importantly, is it worth it? At CanadianLIC, we have years of experience helping clients with their insurance needs. For further information, get in touch with a member of our team today.

What is a million-dollar policy?

Many families require a vast sum of money to support themselves if the sole income provider dies. Suppose you think about it and add up all your family debts, living expenses, and other expenses such as post-secondary education etc. In that case, you might understand that a million dollars are not that far off from what’s required to make by. If you want to ensure your family is well taken care of when you are no more, you should consider getting a million-dollar life insurance policy. If you are unsure what, million-dollar life insurance policy is right for you? Or what company should you purchase it from? Our insurance experts can help determine the right policy based on your specific requirements. Contact us today to find out more.

Is a million-dollar Life insurance policy expensive?

There are a few variables to consider, like any other life insurance policy. Contrary to popular opinion, a million-dollar life insurance policy is not expensive. However, these plans can be bought for somewhere between $30 to $100 a month. As mentioned earlier, a million-dollar life insurance policy is similar to other life insurance policies. They can be purchased either as permanent or term life insurance, but the requirements and payment amounts will differ. The policyholder has the option to meet your specific needs, including ensuring your beneficiaries receive the million-dollar lump sum should the unexpected happen to you. The best part of this policy is that the lump sum benefit is not counted as taxable income, and the beneficiary is not required to pay taxes.

Give yourself and your family the life insurance coverage it deserves

As mentioned earlier, a million-dollar policy sounds overwhelming. Still, if you consider the abovementioned factors, you will realize that it makes sense to purchase a million-dollar life insurance plan as a sound financial decision. When you decide to buy a life insurance policy, you must consider your needs and ensure your loved ones will be financially secure should you suddenly be no more. If you are the family’s only breadwinner, you don’t want the financial burden to fall on your family in your absence. Give yourself and your family the assurance that they will be well-taken care of with the right insurance plan, like a million-dollar policy. If you are searching for a life insurance company, kindly reach out to us to find out more details on million-dollar policies or request an estimate.

Eligibility criteria for a million-dollars life insurance policy

If you are planning to buy a million dollars in coverage, it is imperative that you first determine if you are eligible. The individual’s age and salary information help insurers identify if an individual qualifies for million-dollar coverage. Most insurers consider between ten to thirty times a person’s annual salary and age. Ideally, the younger the individual is, the higher their coverage eligibility. Your income is a barometer to determine if a million-dollar life insurance plan makes sense. For example, if your annual salary is $30,000, then a one-million-dollar coverage does not make sense. If you are searching for a life insurance company, contact us today!

Find out if 1 million dollars suit your life insurance needs

In theory, you should purchase an insurance policy that is five to ten times your salary, including ensuring it covers the following:

• Your mortgage
• Your debts
• Expenses of the dependent and child care
• Debts that have been co-signed
• Cost of final and funeral expenses
• Should be able to pay for your children’s education

After taking into account how your family could afford the expenses mentioned above without your income, you will realize that a life insurance plan with million-dollar life insurance sounds about right. However, it can be difficult if you are considering the coverage of a stay-at-home parent, as it is hard to determine the right amount of coverage as they don’t earn a salary. Usually, the parent raising the children is eligible for the same coverage as the parent who works.

Components that affect term life insurance premiums:

Below-mentioned is some factors that affect term life insurance premiums:

• Age of the insured:
  This is the most crucial premium component. The older you are, the more likely it is that you will die within the policy term.
• Health of the insured:
  The premiums rates increase year on year. If you suffer from health conditions like diabetes, your premiums will be higher. This is why one should purchase a life insurance plan when they are young and in good health.
• Policy term:
  A ten-year policy will have a lower premium than an insurance policy with a term of twenty years; likewise, it will have a lower premium than a thirty-year term. In essence, the shorter the period, is more likely the insurance company will have to pay a claim to the insured before it expires.
• Size of the policy:
  Size matters, in this case, the policy coverage. When the death benefit’s size is considered, the larger policy will always be cost-efficient. For instance, a million-dollar life insurance plan will cost more than a policy that provides coverage of $500,000.
• Occupation, hobbies and habits:
  There are occupations out there that are more dangerous than others. For example, deep-sea diving is riskier than golf. One activity that is guaranteed to increase your premiums is smoking.

Go for a million-dollar life insurance policy!

Purchasing a 1 million dollar life insurance policy is not as expensive as most people make it out to be. We at Canadian LIC can help get estimates from several leading insurance companies by selecting the right plan based on your budget and needs. For further information or to schedule an initial consultation, please do not hesitate to contact our team today.

Need help in applying for a million-dollar life insurance policy? Call the team at CanadianLIC today!