Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Video Transcript: How much is $1 million life insurance policy? Are we using term life insurance or are we using permanent life insurance? That's going to dictate how long the coverage is going to need. Am I a male or a female? Am I a smoker or a nonsmoker? What's my medical history like? What is the para-med exam result that I have to take for the application?
I need to incorporate all those issues into what the price tag's going to be for $1 million coverage, as well as, think about this; you're going to have to also add on, do you have a hazardous vocation? That could be another additional price tag on top of your premium. If you have recreational issues, like I like to scuba dive or mountain climb, those also are incorporated into your price tag.
If you're looking for $1 million of coverage and you can answer all of those questions, you can come up with whose got the most competitive price tag throughout the life insurance carrier market.
The cost of $1,000,000 of life insurance will vary widely, and depend on such factors as your age, gender, health, and other risk factors. It will also depend on how long you lock in the premium for your policy.
E.g. If you buy $1,000,000 of 10 year term insurance, the premium will be much lower than if you purchase $1,000,000 of 30 year insurance. However, then you may need to purchase a new policy in 10 years, at your older age and possibly worse health. So it may be more cost effective to lock it in longer when you make your first purchase.
To see what a $1,000,000 policy might cost for you, visit a website that offers instant quotes. Some, like ours, will even let you put in some health factors. You can change the term, age, etc to see what $1,000,000 would cost for all types of people and policies.
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I need to incorporate all those issues into what the price tag's going to be for $1 million coverage, as well as, think about this; you're going to have to also add on, do you have a hazardous vocation? That could be another additional price tag on top of your premium. If you have recreational issues, like I like to scuba dive or mountain climb, those also are incorporated into your price tag.
If you're looking for $1 million of coverage and you can answer all of those questions, you can come up with whose got the most competitive price tag throughout the life insurance carrier market.
E.g. If you buy $1,000,000 of 10 year term insurance, the premium will be much lower than if you purchase $1,000,000 of 30 year insurance. However, then you may need to purchase a new policy in 10 years, at your older age and possibly worse health. So it may be more cost effective to lock it in longer when you make your first purchase.
To see what a $1,000,000 policy might cost for you, visit a website that offers instant quotes. Some, like ours, will even let you put in some health factors. You can change the term, age, etc to see what $1,000,000 would cost for all types of people and policies.