I want to get 12 million policy per person can I do that and how much would it be monthly?
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I also wanted to clarify as you indicate "per person" in your question, are you looking for one policy with a face amount of $12,000,000 with multiple beneficiaries or multiple policies for a greater amount?
The cost of any policy will depend on a number of things - the risk classification is the most important factor as it determines the premiums for the policy. The risk classification is determined by the medical history - your gender, height/weight profile, any medications, any major medical conditions, family medical history, the results of the medical exam, any use of tobacco products, and other factors.
Please note, with a $12,000,000 life insurance policy, the process may involve a reinsurance company and the carrier will likely ask for a financial questionnaire to make sure that the desired figure for the coverage is suitable to your income level and the financial need is justifiable.
I hope the information is helpful - please feel free to contact me for help getting the policy in place and if you have any other questions. Thanks very much.
I would be happy to assist you with this process but it is a process and obtaining coverage at levels you are asking about has much more involved in it that if you were looking for $50,000 in coverage on a group of people. That's a lot of risk you are asking a life insurance company to take on (in fact, it is quite likely that at these levels you might have more than one life insurance company involved as they may want to split up the risk). Let's say you are some Silicon Valley firm where all the officers/founders now find themselves multi-millionaires and that there are 12 off you. And then for some reason all of you get on the same airplane (probably your private jet) and it goes down with all on board killed. That's at least $144 million that the life insurer has to come up with in short order (quite possibly $288 million if an accidental death & dismemberment provision is included). That's a lot of cash for even the biggest life insurance companies to just pull out of their bank account.
Please feel free to contact me if you wish to explore this coverage.
LIVE answer provided by: Ed Harris - Premier life insurance broker since 1980 and owner of several of the nation's top-rated websites that provide the lowest available rates.
My expertise is in finding the best health rating and price for each person. Whenever you are looking at more than one person, there is a health factor involved, that possibly, not even the applicant is aware they have. After 12 years of finding the best quotes for hundreds of impaired risk applicants each month, I can definitely help you in that crucial and foundational step.
After finding your best carrier, I would work with the "big case" department of that company to knock out the details. They know all the ropes so you can get the rate you qualify for. I am connected with a prestigious brokerage whose reps will bend over backwards to help get this done in the smoothest possible fashion.
If you would like my personal assistance, I would be happy to help. As you can see, there are several good agents who put a lot of time answering consumer questions on this website, and I'm sure that all of us are qualified in different ways, to pull this off for you. While we love to do this as a service, it is always a joy when one of our answers prompts someone to contact us.