$1 million term life insurance
Surevix makes it simple to apply for an online life insurance policy that meets your needs. Discover if a $1 million life insurance policy provides the coverage necessary to protect your family in the event of the unexpected.
How much is a million-dollar life insurance policy?
Surevix makes it simple to apply for a life insurance policy that fits your needs. See if a million-dollar life insurance policy will be enough to help protect your family in case the unexpected happens. Discover how Surevix offers affordable rates for policies up to $1 million. This chart displays the average premiums for 10- to 30-year term life policies for healthy, non-smoking 35-year-old males and females.
Life insurance helps protect your loved ones
Life insurance provides essential protection for your family’s financial future. It can cover living expenses, outstanding debt, mortgage payments, education, and more, ensuring your loved ones are taken care of if the unexpected happens.
While there isn’t a one-size-fits-all answer, there are helpful guidelines to assist you in determining the right amount of coverage for your needs.
A $1 million life insurance policy can provide financial security for your loved ones if something unexpected happens. But is it the right amount for you? Experts suggest having coverage that’s at least ten times your annual salary. Another helpful method is the DIME formula (Debt + Income + Mortgage + Education), which considers key financial factors. By adding these elements together, you can get a clearer picture of how much coverage you truly need.
Assuming good health can be risky, as health issues may increase premiums.
- Debt – Total of all current debts (e.g., student loans, credit card balances).
- Income – Multiply your salary by the number of years your family would need support (e.g., $100k salary x 10 years = $1 million).
- Mortgage – Include your mortgage balance or housing expenses.
- Education – Estimate the costs to fund your children’s tuition or education needs.
To qualify for a million-dollar life insurance policy, consider the following factors:
- Age: Younger applicants typically qualify for higher coverage at lower rates.
- Health: Good health increases your chances of being approved for a larger policy.
- Income: Coverage is often based on income, with many qualifying for up to 30 times their annual salary, which may influence the coverage amount you need.
How to secure a million-dollar policy with Surevix?
Surevix simplifies the process of applying for online life insurance that aligns with your budget and coverage requirements.
Quick and easy online application
Complete our simple online application in just a few minutes. No paperwork or phone calls required (but if you prefer, we're here to assist).
Affordable, tailored coverage
Surevix provides a range of coverage options that fit your budget and meet your specific needs.
Expert advice, no pressure
You’re not required to speak with an agent unless you wish to. Our agents are dedicated to finding the best coverage for your family's situation.
Hassle-free cancellation
Change your mind within 30 days of activation, and we’ll refund your payment in full. Plus, with Surevix, you can cancel anytime with no additional fees.
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FAQs
How much does a $1,000,000 life insurance policy cost per month?
The monthly cost of a $1,000,000 term life insurance policy depends on factors such as age, health, and the type of coverage chosen. For precise pricing based on your specific situation, click “get my quote” for a personalized estimate.
Is a million-dollar life insurance policy worth it?
A million-dollar life insurance policy may be worthwhile depending on your unique financial goals and circumstances. It offers significant coverage, which can help cover expenses like education, mortgage, and other financial commitments, but it’s important to consider your long-term financial needs and beneficiaries.
How is a million-dollar life insurance policy paid out?
Upon the policyholder’s passing, the beneficiaries receive a lump sum payout from the million-dollar life insurance policy. This payout helps cover expenses like outstanding debts, funeral costs, and daily living expenses, providing crucial financial support during difficult times.
Do you have to pay taxes on a million-dollar life insurance policy?
In most cases, life insurance payouts are tax-free for beneficiaries. However, any interest earned on the payout could be subject to taxes depending on how the proceeds are managed. It’s recommended to consult with a tax professional for specific guidance based on your situation and applicable tax laws.