Best Quotes for a One Million Term Life Insurance Policy

Written by Danny Ray

Quick Tip: To Compare One Million dollar life insurance quotes, fill out the quote box on the left!

Million Dollar Life Insurance Policy ~ What you Need to Know

$1,000,000 dollar policy seems like a lot, but is it? 

Informed people understand the importance of buying life insurance and having a sufficient coverage amount. If you have a family who depends on you financially, it is irresponsible to not have something in place in the event of your death. A term life one million dollar policy, in reality, is not all that much these days. And without it, your family is at risk of inheriting all of your debts and paying for your final expenses (which usually cost around $10,000 alone).

1,000,000 Policy

Protect Your Family

However, with a solid life insurance plan, you can keep your family financially secure for years after you pass. This is why purchasing a policy is so important. However, what kind of life insurance you buy, as well as how much, whether $1,000,000 or $250,000, or whether you purchase a Term Life policy or whole life policy. There are questions that will need to be answered to achieve the best term life insurance quotes. It is possible that a 1 million dollar insurance policy might be efficient.

Next, we will discuss the average cost of million dollar term life insurance policy ($1,000,000) has to offer and the breakdown explained in more detail to follow.

**For high net worth individuals, a 100 million life insurance policy is not uncommon in this day and age! The record life insurance policy to date is 201 million!! 

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$1,000,000? How Big Of A Policy Should I Purchase 

People are always surprised at how much life insurance it takes to receive the proper amount of coverage for their family. Some people assume that $100,000 will certainly be enough. However, as alluded to above, life insurance goes quickly — there are a lot of expenses to cover. Even a million dollar life insurance policy ($1,000,000) might not be enough for full coverage. In fact, the average cost of a child is about $250,000! So it is important to shop and find the best 1 million dollar term life insurance quotes to choose from.

Many clients interested in knowing what a 1 million life insurance policy cost, ask us about Indexed universal life insurance (IUL).  This type of policy allows the owner to distribute cash value amounts to either a fixed account or an equity index account.  These policies are similar to the S&P 500.  There are pros and cons to IUL’s.

Pro’s

  • Policyholder flexibility
  • Tax free capital gains
  • Higher return potential

Cons:

  • Caps on returns
  • There are no guarantees

When buying universal life insurance policies it's important to have your agent explain what the difference between Non Guarantees vs Guarantees

You may want to check out our other article, Living benefits life insurance. Above all, you will have much more security with a 1 million term life insurance policy.


HOW MUCH DOES A one MILLION DOLLAR LIFE INSURANCE POLICY COST PER MONTH

How much is a million dollar policy? First, let’s look at some of the rates for a $1 million life insurance policy. Second, we’ll give you the average cost of a million dollar life insurance policy. Third, this is based on age and sex:  Please keep in mind, not only do premium prices depend on age, health but also it is based on lifestyle as well:

  • Males:
    • 30 years old: ~$35/month
    • 40 years old: ~$55/month
    • 50 years old: ~$150/month
    • 60 years old: ~$430/month
    • 70 years old: ~$1,600/month
  • Females:
    • 30 years old: ~$30/month
    • 40 years old: ~$47/month
    • 50 years old: ~$110/month
    • 60 years old: ~$290/month
    • 70 years old: ~$1,050

The Time Is NOW!!!

As you can see, with one million dollar life insurance coverage, the policy rates go up considerably based on age, and rates are significantly higher for men.  Ultimately, you can achieve this and purchase a cheap affordable life insurance policy,  but the time is NOW.  The longer you put off today, the older you get, the higher the rates go and the more you can be considered high risk. You don't want to be age 60 needing a 20 year term. Above all, even in excellent health, the rate will be three times that of a 50 year old.

Now that you have an understanding of the rates for a million in coverage, let’s go over some of the things that you may want the money to go towards:

  • Income Replacement
  • Jumbo Mortgage
  • College Tuition 

My agent was outstanding and policy was issued at rate promised!

My agent was outstanding. He worked diligently to get me the best rate possible for my term life insurance. There were no high-pressure sales tactics and everything was explained to me at every step along the way. I now have a great policy in effect. This was challenging for my agent but he got the job done! Very, very happy with Pinnacle and the agent.

Brad L 

Client


One Million No Exam Life Insurance Policy With Sagicor

Here is a great product for all you on the go consumers that don't have time for fully underwritten life insurance. 

In fact, Sagicor Sage term with Accelewriting is 100% without a medical exam!! The accelerated underwriting is one of the only "True" million dollar no exam policy in the industry! So you can scratch those pesky physical exams. Here are the solid points.

  • 2 minute automated underwriting decisions
  • 80% of the Accelewriting Sage Term have a decision within 5 days or less
  • 54% receive Standard, Preferred or Preferred Plus offer

Furthermore, the underwriting process will be a prescription check, MIB (medical information Bureau) check, and a DMV check. Sagicor is superior with the highly rated companies that offer no exam term life insurance. 

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Here is how the 1000000 life insurance rates will stack up against fully underwritten policies. Here is an example of a 45-year-old male in good health with a 20 year term

Sagicor No Exam with Accelewriting Vs Fully Underwritten Policy

Face Amount

Product

Monthly Premium

Annual Premium

$1,000,000

Select a Term 20

$90.12

$1,054.00

$1,000,000

Sage Term 20

$100.26

$1,114.00

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HOW DOES A MILLION DOLLAR LIFE INSURANCE POLICY WORK

Think of it this way, Life Insurance is income replacement for your family in the event of your death.  When you die, your paycheck dies with you!!  If you do not have a policy in place, think about this… It will leave your family crippled financially!!! Life insurance insures income replacement for your family when you are no longer here!

Life Insurance of one million dollars

One Million Life Insurance Policy

  • A mortgage on your home — a term life insurance policy is often bought in accordance with a mortgage. For example, someone that just took out a 30 year mortgage on their house will often want to take out a 1 million 30 year term life insurance policy, so that if something were to happen, loved ones won’t have to cover the mortgage.
  • Special events — perhaps you want to cover a few weddings or graduations with your million dollar life insurance policy. Also, with a net worth of over 5.62 million, estate taxes.
  • Replacing your income — you probably want to replace any income you’re receiving, whether it be a salary or retirement income. This way, you can still support your family financially after you pass. Rule of thumb is 10 times your annual salary.
  • Final expenses — As mentioned above, funeral services take a good amount of money; Of course, you won’t want to leave any final expenses for your loved ones to pay.
  • Buy – Sell Agreements  – A legally binding agreement between the co-owners of a business.   A buy-sell agreement governs the situation if a co-owner dies, is forced to leave the business, or simply chooses to leave the business
  • Key Man Insurance – This is insurance on the key person in a business.  Also known as “Key Man Life Insurance.“  Usually, the Business Owner could also be a key employee.  These people are important and crucial to the survival of a business.  Their absence could cause the business to decline.  Actually, the company itself is the beneficiary of this insurance policy. In fact, the company pays the policy premiums in a Key Person Insurance Policy. $1,000,000 may not be enough coverage.  Given that, you can discuss this with your independent Agent. They are there to guide you.

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SAVE OVER 50%~LAYERING ONE MILLION DOLLAR POLICY ~ IS IT POSSIBLE

What is the smartest way to achieve your goal in life insurance ~ the most financially sensible money saving tip RIGHT HERE!!!

Yes, it is possible.  In fact, layering policies in most cases can save you over 50% on your premiums. This can translate to ten’s of thousands of dollars in savings.  The philosophy of layering policies is getting everything you need now, but not paying for something you don’t need down the road.   For instance, having young children cost you more now than say if kids are in college. Also, 20 years down the road your mortgage will be paid down.

So ask yourself this question, will your financial dependency that your family has for you be the same today as it would be 20 years from now?

HERE IS AN EXAMPLE, LAYERED POLICIES COST:

Steven, a  47 year old male, with 2 children, 11 and 12 years old.  He makes $65,000 a year.  He is looking to purchase a $1,000,000 dollar 30 year term policy. If Steven outlived this policy his total financial outlay for over 30 years is, $63,450.00!!

30 Year Term Policy

Or Steven can do a one million dollar layered policy as follows:

  • $500,000 for 10 years, monthly payment: $42.00, Total Financial Outlay over years 1-10 is $14,500.00.
  • $250,000 for 20 years, monthly payment: $32.59, Total Financial Outlay between years 11-20, $9,700.00.
  • $250,000 for 30 years, monthly payment: $52.28, Total Financial Outlay between years 21-30, $5,975.00.

Total Financial Outlay over 30 years layering policies is $30,175.00

PinnacleQuote Life Insurance
One Million Dollar Quotes
One Million

YOUR TOTAL SAVINGS ON THE LAYERED STRATEGY VS ONE TERM POLICY IS:

$33,275.00, that’s 52%!!

As you can see above this is a layered strategy.  Steven’s needs for coverage will decrease after the first 10 years because his children will be grown and most likely out of the house.  In 20 years, his need for life insurance will change again, his home will most likely be paid off so, therefore, the amount of coverage will decrease. 

Now, 20 years later, Steven has reached retirement age. Furthermore, at retirement age, you are on a fixed income!! So ask yourself, would you rather have a premium payment of $185.06 a month for coverage you don’t need or $52.28 on coverage that you do? Plus another $33,275.00 that’s back in your pocket!


PINNACLEQUOTE’S PHILOSOPHY ~  1 MILLION DOLLAR LIFE INSURANCE POLICY

To determine the amount of life insurance you need, we focus on mortgage, college, the age of your children.  Two important factors are:

  • Age of your youngest child
  • Your annual income * (your paycheck dies with you)

This is the best way to calculate what your family will need to live and maintain his or her standard of living in the event of your death especially unexpectedly.

With that being said, if your children are grown up and are no longer financially dependent on you, your financial obligations will change.  You can always consider getting a smaller plan.   Such as a half million dollar life insurance policy. But as you can see, planning to purchase a $1,000,000 (one million) policy would make the most sense when you factor in standard of living for your family to continue to live the life you planned for them financially.

Keep in mind, term life insurance can provide maximum death benefit at the lowest cost.  For this reason, the most common type of term insurance is a guaranteed level premium term life insurance. For this reason, depending on age, you can get terms of 10, 15, 20 and 30 years. The premium is guaranteed not to increase for the life of the term period.

Hopefully, in the near future companies offer a one million dollar policy without a life insurance medical exam. 

REMEMBER, FOCUS ON YOUR YOUNGEST CHILD ~ HERE IS WHY…

When it comes to thinking about life insurance.  For the most part, think of it this way,  how much life insurance should you purchase? Life insurance is an investment.  An investment in your family and their future in the event of your death.  Focus on your youngest child, and if you plan on having more children, your children depend on you the most.  How much will life insurance cost?  We determine your annual income and your children’s ages. See below for our breakdown.

Life Insurance Policy

Secure Your Families Future

IF YOU DIE, YOUR PAYCHECK DIES WITH YOU!!!

Your Children by age:

  • 5 years of age or younger:  20x your annual income  (your youngest child, needs you the most)
  • 6-10 years of age: 15x your annual income
  • 10 years of age – older: bare minimum 10x your annual income
$1,000,000 Term Life

One million Dollar Life Insurance Policy

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one million dollar life insurance policy,TERM LIFE OR WHOLE LIFE?

HOW DO I GO ABOUT GETTING THE CHEAPEST LIFE INSURANCE PLAN ~ $1,000,000

Quit Smoking!!!

You’ll want to make an excellent impression on the insurance company when you go to apply for life insurance.  In the long run, one of the best things you can do is to quit using tobacco; tobacco users usually pay 2 to 3 times more for their life insurance.  Remember, if you do smoke, do not let this discourage you form applying for life insurance.  Speak to your independent agent.  He/she is the one who will know the right carrier that fits your health, lifestyle and needs!

Anything you can do to improve your general health will also do loads to help. In fact,  before applying, we recommend exercising frequently, eating healthy, taking measure to lower your blood pressure, etc.

Unless you go with the more expensive no medical exam policy, you’ll need to take a physical.  As a result, you’ll need to disclose any pre-existing health conditions to the life insurance company as well.

Lastly, we always recommend shopping at life insurance companies before settling on one. For this reason, you can hire an independent life insurance agent to help you. This way, you’ll get connected to the top life insurance companies, and find the cheapest policies with the best coverage.

Term life insurance has the lowest prices and is for a specific amount of time, such as 10, 20, 30 years.


ONE MILLION DOLLAR WHOLE LIFE POLICY ~ WHAT YOU NEED TO UNDERSTAND

On the other hand, 1000000 whole life insurance (permanent life insurance) costs more but guaranteed for your entire life, provided premiums are paid or until maturity.  The cost of whole life insurance some policies allow you to pay premiums in a single installment, or for a shorter period such as 20 years or until age 65. We also have clients who maximize their cash value accumulation with an over funded or 7 year pay whole life policy.

How Much Is A 1 Million Dollar Whole Life Insurance Policy Cost, 

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LIFE INSURANCE RATINGS ON A MILLION DOLLAR TERM LIFE INSURANCE POLICY ~ RISK CLASS DEMYSTIFIED

In the life insurance world, there are risk classes that will determine your rate.  Your age, weight, height, family history and especially if you are a smoker will determine your risk class/ratings which will determine a million dollar life insurance payout.

Below we will discuss each life insurance ratings/ class so you have a better understanding.

  • Preferred Plus ~ This right here is the best class.  You are as healthy as an OX.  You are in fantastic health/shape and no need for underwriters to question your health.
  • Preferred ~ Similar to preferred plus. You are in great health, but perhaps you have issues with your blood pressure, or maybe your cholesterol is not ideal.
  • Standard Plus ~ Again, nothing terrible.  You are indeed in good health, your height to weight ratio not in ideal range.  Your family history is great.  You should be OK with underwriters.
  • Standard ~ Ok,  let’s get serious here. Things are not ideal, your height to weight ratio not good at all.  Medical records came back with some issues that need to be addressed. If your family history is not good, they will rate you based on that and the “average life expectancy.”
  • Substandard ~ Poor health history, such as heart disease, CHF, diabetes etc.  Please Note: Consulting with your independent agent will help you understand this class best as there is a table rating system given to substandard.

  • HOW MUCH IS A 1 MILLION DOLLAR TERM POLICY?

    VIDEO


    ONE MILLION DOLLAR LIFE INSURANCE QUOTES ~ WHERE CAN I GET THE BEST QUOTE

    First, PinnacleQuote is here to help, whether you get a $250,000, $500,000 or a $1,000,000 policy.  Second, Speak with one of our agents, and they’ll be able to answer any and all of your questions. Third, We can help set you up with the best life insurance companies and find the most reasonably-priced policies for you. Finally, Working with us will save you a tremendous amount of time, energy, and money.  We make buying life insurance very simplistic! 

    Additionally, we have over 250+ life insurance options ranging from Term Life, Whole Life, Universal Life and Guaranteed Universal Life. In fact,  we are contracted with over 50 A/A+ rated carriers in 49 states. So we will provide the Best price, Best carrier, GUARANTEED!!


    ABOUT DANNY RAY, OWNER/FOUNDER OF PINNACLEQUOTE LIFE INSURANCE SPECIALISTS

    Term Life Insurance

    Danny Ray ~Founder/Owner of PinnacleQuote

    My name is Danny.  I am a proud father and I too have family who depend on me.  In fact, the products I offer you and your family, are the same products for my family.  Hence, I have no interest in putting you in a product that is not the right fit for your family.  Equally important, my passion is making sure my client’s families are properly protected and what you have envisioned for them financially is kept in tact.

    Keep in mind, I work for YOU not the insurance company.  I have over 25+ years experience with over 20 thousand individual policies written, with the top rated carriers,  A/A+.   The level of dedication I am looking to show you in this process is second to none.

    I look forward to helping you through the process of life insurance.

    Life Insurance ~ The last way to say I LOVE YOU to your family. 

    One Million Dollar Life Insurance Policy

    If you have any questions, please feel free to contact us at PinnacleQuote (855)380-3300.

    Learn more on mortgage rates: Click Here

    PinnacleQuote's Simple Process

    We are not in the business of selling. We are actually against that. We like to educate our clients and provide them with the best options. We based those options on the 

    specific profile of the client. So we tailor make you a

    life insurance policy

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    Danny Ray & Lisamarie Monaco Contributed To This Article
    Danny Ray & Lisamarie Monaco Contributed To This Article

    Quick Tip: To Compare One Million dollar life insurance quotes, fill out the quote box on the left!

    Million Dollar Life Insurance Policy ~ What you Need to Know

    $1,000,000 dollar policy seems like a lot, but is it? 

    Informed people understand the importance of buying life insurance and having a sufficient coverage amount. If you have a family who depends on you financially, it is irresponsible to not have something in place in the event of your death. A term life one million dollar policy, in reality, is not all that much these days. And without it, your family is at risk of inheriting all of your debts and paying for your final expenses (which usually cost around $10,000 alone).

    1,000,000 Policy

    Protect Your Family

    However, with a solid life insurance plan, you can keep your family financially secure for years after you pass. This is why purchasing a policy is so important. However, what kind of life insurance you buy, as well as how much, whether $1,000,000 or $250,000, or whether you purchase a Term Life policy or whole life policy. There are questions that will need to be answered to achieve the best term life insurance quotes. It is possible that a 1 million dollar insurance policy might be efficient.

    Next, we will discuss the average cost of million dollar term life insurance policy ($1,000,000) has to offer and the breakdown explained in more detail to follow.

    **For high net worth individuals, a 100 million life insurance policy is not uncommon in this day and age! The record life insurance policy to date is 201 million!! 

    Get A Instant Quote In Less Than 30 Seconds


    $1,000,000? How Big Of A Policy Should I Purchase 

    People are always surprised at how much life insurance it takes to receive the proper amount of coverage for their family. Some people assume that $100,000 will certainly be enough. However, as alluded to above, life insurance goes quickly — there are a lot of expenses to cover. Even a million dollar life insurance policy ($1,000,000) might not be enough for full coverage. In fact, the average cost of a child is about $250,000! So it is important to shop and find the best 1 million dollar term life insurance quotes to choose from.

    Many clients interested in knowing what a 1 million life insurance policy cost, ask us about Indexed universal life insurance (IUL).  This type of policy allows the owner to distribute cash value amounts to either a fixed account or an equity index account.  These policies are similar to the S&P 500.  There are pros and cons to IUL’s.

    Pro’s

    • Policyholder flexibility
    • Tax free capital gains
    • Higher return potential

    Cons:

    • Caps on returns
    • There are no guarantees

    When buying universal life insurance policies it's important to have your agent explain what the difference between Non Guarantees vs Guarantees

    You may want to check out our other article, Living benefits life insurance. Above all, you will have much more security with a 1 million term life insurance policy.


    HOW MUCH DOES A one MILLION DOLLAR LIFE INSURANCE POLICY COST PER MONTH

    How much is a million dollar policy? First, let’s look at some of the rates for a $1 million life insurance policy. Second, we’ll give you the average cost of a million dollar life insurance policy. Third, this is based on age and sex:  Please keep in mind, not only do premium prices depend on age, health but also it is based on lifestyle as well:

    • Males:
      • 30 years old: ~$35/month
      • 40 years old: ~$55/month
      • 50 years old: ~$150/month
      • 60 years old: ~$430/month
      • 70 years old: ~$1,600/month
    • Females:
      • 30 years old: ~$30/month
      • 40 years old: ~$47/month
      • 50 years old: ~$110/month
      • 60 years old: ~$290/month
      • 70 years old: ~$1,050

    The Time Is NOW!!!

    As you can see, with one million dollar life insurance coverage, the policy rates go up considerably based on age, and rates are significantly higher for men.  Ultimately, you can achieve this and purchase a cheap affordable life insurance policy,  but the time is NOW.  The longer you put off today, the older you get, the higher the rates go and the more you can be considered high risk. You don't want to be age 60 needing a 20 year term. Above all, even in excellent health, the rate will be three times that of a 50 year old.

    Now that you have an understanding of the rates for a million in coverage, let’s go over some of the things that you may want the money to go towards:

    • Income Replacement
    • Jumbo Mortgage
    • College Tuition 

    My agent was outstanding and policy was issued at rate promised!

    My agent was outstanding. He worked diligently to get me the best rate possible for my term life insurance. There were no high-pressure sales tactics and everything was explained to me at every step along the way. I now have a great policy in effect. This was challenging for my agent but he got the job done! Very, very happy with Pinnacle and the agent.

    Brad L 

    Client


    One Million No Exam Life Insurance Policy With Sagicor

    Here is a great product for all you on the go consumers that don't have time for fully underwritten life insurance. 

    In fact, Sagicor Sage term with Accelewriting is 100% without a medical exam!! The accelerated underwriting is one of the only "True" million dollar no exam policy in the industry! So you can scratch those pesky physical exams. Here are the solid points.

    • 2 minute automated underwriting decisions
    • 80% of the Accelewriting Sage Term have a decision within 5 days or less
    • 54% receive Standard, Preferred or Preferred Plus offer

    Furthermore, the underwriting process will be a prescription check, MIB (medical information Bureau) check, and a DMV check. Sagicor is superior with the highly rated companies that offer no exam term life insurance. 

    Insert table

    Here is how the 1000000 life insurance rates will stack up against fully underwritten policies. Here is an example of a 45-year-old male in good health with a 20 year term

    Sagicor No Exam with Accelewriting Vs Fully Underwritten Policy

    Face Amount

    Product

    Monthly Premium

    Annual Premium

    $1,000,000

    Select a Term 20

    $90.12

    $1,054.00

    $1,000,000

    Sage Term 20

    $100.26

    $1,114.00

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    HOW DOES A MILLION DOLLAR LIFE INSURANCE POLICY WORK

    Think of it this way, Life Insurance is income replacement for your family in the event of your death.  When you die, your paycheck dies with you!!  If you do not have a policy in place, think about this… It will leave your family crippled financially!!! Life insurance insures income replacement for your family when you are no longer here!

    Life Insurance of one million dollars

    One Million Life Insurance Policy

    • A mortgage on your home — a term life insurance policy is often bought in accordance with a mortgage. For example, someone that just took out a 30 year mortgage on their house will often want to take out a 1 million 30 year term life insurance policy, so that if something were to happen, loved ones won’t have to cover the mortgage.
    • Special events — perhaps you want to cover a few weddings or graduations with your million dollar life insurance policy. Also, with a net worth of over 5.62 million, estate taxes.
    • Replacing your income — you probably want to replace any income you’re receiving, whether it be a salary or retirement income. This way, you can still support your family financially after you pass. Rule of thumb is 10 times your annual salary.
    • Final expenses — As mentioned above, funeral services take a good amount of money; Of course, you won’t want to leave any final expenses for your loved ones to pay.
    • Buy – Sell Agreements  – A legally binding agreement between the co-owners of a business.   A buy-sell agreement governs the situation if a co-owner dies, is forced to leave the business, or simply chooses to leave the business
    • Key Man Insurance – This is insurance on the key person in a business.  Also known as “Key Man Life Insurance.“  Usually, the Business Owner could also be a key employee.  These people are important and crucial to the survival of a business.  Their absence could cause the business to decline.  Actually, the company itself is the beneficiary of this insurance policy. In fact, the company pays the policy premiums in a Key Person Insurance Policy. $1,000,000 may not be enough coverage.  Given that, you can discuss this with your independent Agent. They are there to guide you.

    Get A Instant Quote In Less Than 30 Seconds


    SAVE OVER 50%~LAYERING ONE MILLION DOLLAR POLICY ~ IS IT POSSIBLE

    What is the smartest way to achieve your goal in life insurance ~ the most financially sensible money saving tip RIGHT HERE!!!

    Yes, it is possible.  In fact, layering policies in most cases can save you over 50% on your premiums. This can translate to ten’s of thousands of dollars in savings.  The philosophy of layering policies is getting everything you need now, but not paying for something you don’t need down the road.   For instance, having young children cost you more now than say if kids are in college. Also, 20 years down the road your mortgage will be paid down.

    So ask yourself this question, will your financial dependency that your family has for you be the same today as it would be 20 years from now?

    HERE IS AN EXAMPLE, LAYERED POLICIES COST:

    Steven, a  47 year old male, with 2 children, 11 and 12 years old.  He makes $65,000 a year.  He is looking to purchase a $1,000,000 dollar 30 year term policy. If Steven outlived this policy his total financial outlay for over 30 years is, $63,450.00!!

    30 Year Term Policy

    Or Steven can do a one million dollar layered policy as follows:

    • $500,000 for 10 years, monthly payment: $42.00, Total Financial Outlay over years 1-10 is $14,500.00.
    • $250,000 for 20 years, monthly payment: $32.59, Total Financial Outlay between years 11-20, $9,700.00.
    • $250,000 for 30 years, monthly payment: $52.28, Total Financial Outlay between years 21-30, $5,975.00.

    Total Financial Outlay over 30 years layering policies is $30,175.00

    PinnacleQuote Life Insurance
    One Million Dollar Quotes
    One Million

    YOUR TOTAL SAVINGS ON THE LAYERED STRATEGY VS ONE TERM POLICY IS:

    $33,275.00, that’s 52%!!

    As you can see above this is a layered strategy.  Steven’s needs for coverage will decrease after the first 10 years because his children will be grown and most likely out of the house.  In 20 years, his need for life insurance will change again, his home will most likely be paid off so, therefore, the amount of coverage will decrease. 

    Now, 20 years later, Steven has reached retirement age. Furthermore, at retirement age, you are on a fixed income!! So ask yourself, would you rather have a premium payment of $185.06 a month for coverage you don’t need or $52.28 on coverage that you do? Plus another $33,275.00 that’s back in your pocket!


    PINNACLEQUOTE’S PHILOSOPHY ~  1 MILLION DOLLAR LIFE INSURANCE POLICY

    To determine the amount of life insurance you need, we focus on mortgage, college, the age of your children.  Two important factors are:

    • Age of your youngest child
    • Your annual income * (your paycheck dies with you)

    This is the best way to calculate what your family will need to live and maintain his or her standard of living in the event of your death especially unexpectedly.

    With that being said, if your children are grown up and are no longer financially dependent on you, your financial obligations will change.  You can always consider getting a smaller plan.   Such as a half million dollar life insurance policy. But as you can see, planning to purchase a $1,000,000 (one million) policy would make the most sense when you factor in standard of living for your family to continue to live the life you planned for them financially.

    Keep in mind, term life insurance can provide maximum death benefit at the lowest cost.  For this reason, the most common type of term insurance is a guaranteed level premium term life insurance. For this reason, depending on age, you can get terms of 10, 15, 20 and 30 years. The premium is guaranteed not to increase for the life of the term period.

    Hopefully, in the near future companies offer a one million dollar policy without a life insurance medical exam. 

    REMEMBER, FOCUS ON YOUR YOUNGEST CHILD ~ HERE IS WHY…

    When it comes to thinking about life insurance.  For the most part, think of it this way,  how much life insurance should you purchase? Life insurance is an investment.  An investment in your family and their future in the event of your death.  Focus on your youngest child, and if you plan on having more children, your children depend on you the most.  How much will life insurance cost?  We determine your annual income and your children’s ages. See below for our breakdown.

    Life Insurance Policy

    Secure Your Families Future

    IF YOU DIE, YOUR PAYCHECK DIES WITH YOU!!!

    Your Children by age:

    • 5 years of age or younger:  20x your annual income  (your youngest child, needs you the most)
    • 6-10 years of age: 15x your annual income
    • 10 years of age – older: bare minimum 10x your annual income
    $1,000,000 Term Life

    One million Dollar Life Insurance Policy

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    one million dollar life insurance policy,TERM LIFE OR WHOLE LIFE?

    HOW DO I GO ABOUT GETTING THE CHEAPEST LIFE INSURANCE PLAN ~ $1,000,000

    Quit Smoking!!!

    You’ll want to make an excellent impression on the insurance company when you go to apply for life insurance.  In the long run, one of the best things you can do is to quit using tobacco; tobacco users usually pay 2 to 3 times more for their life insurance.  Remember, if you do smoke, do not let this discourage you form applying for life insurance.  Speak to your independent agent.  He/she is the one who will know the right carrier that fits your health, lifestyle and needs!

    Anything you can do to improve your general health will also do loads to help. In fact,  before applying, we recommend exercising frequently, eating healthy, taking measure to lower your blood pressure, etc.

    Unless you go with the more expensive no medical exam policy, you’ll need to take a physical.  As a result, you’ll need to disclose any pre-existing health conditions to the life insurance company as well.

    Lastly, we always recommend shopping at life insurance companies before settling on one. For this reason, you can hire an independent life insurance agent to help you. This way, you’ll get connected to the top life insurance companies, and find the cheapest policies with the best coverage.

    Term life insurance has the lowest prices and is for a specific amount of time, such as 10, 20, 30 years.


    ONE MILLION DOLLAR WHOLE LIFE POLICY ~ WHAT YOU NEED TO UNDERSTAND

    On the other hand, 1000000 whole life insurance (permanent life insurance) costs more but guaranteed for your entire life, provided premiums are paid or until maturity.  The cost of whole life insurance some policies allow you to pay premiums in a single installment, or for a shorter period such as 20 years or until age 65. We also have clients who maximize their cash value accumulation with an over funded or 7 year pay whole life policy.

    How Much Is A 1 Million Dollar Whole Life Insurance Policy Cost, 

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    LIFE INSURANCE RATINGS ON A MILLION DOLLAR TERM LIFE INSURANCE POLICY ~ RISK CLASS DEMYSTIFIED

    In the life insurance world, there are risk classes that will determine your rate.  Your age, weight, height, family history and especially if you are a smoker will determine your risk class/ratings which will determine a million dollar life insurance payout.

    Below we will discuss each life insurance ratings/ class so you have a better understanding.

  • Preferred Plus ~ This right here is the best class.  You are as healthy as an OX.  You are in fantastic health/shape and no need for underwriters to question your health.
  • Preferred ~ Similar to preferred plus. You are in great health, but perhaps you have issues with your blood pressure, or maybe your cholesterol is not ideal.
  • Standard Plus ~ Again, nothing terrible.  You are indeed in good health, your height to weight ratio not in ideal range.  Your family history is great.  You should be OK with underwriters.
  • Standard ~ Ok,  let’s get serious here. Things are not ideal, your height to weight ratio not good at all.  Medical records came back with some issues that need to be addressed. If your family history is not good, they will rate you based on that and the “average life expectancy.”
  • Substandard ~ Poor health history, such as heart disease, CHF, diabetes etc.  Please Note: Consulting with your independent agent will help you understand this class best as there is a table rating system given to substandard.

  • HOW MUCH IS A 1 MILLION DOLLAR TERM POLICY?

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    ONE MILLION DOLLAR LIFE INSURANCE QUOTES ~ WHERE CAN I GET THE BEST QUOTE

    First, PinnacleQuote is here to help, whether you get a $250,000, $500,000 or a $1,000,000 policy.  Second, Speak with one of our agents, and they’ll be able to answer any and all of your questions. Third, We can help set you up with the best life insurance companies and find the most reasonably-priced policies for you. Finally, Working with us will save you a tremendous amount of time, energy, and money.  We make buying life insurance very simplistic! 

    Additionally, we have over 250+ life insurance options ranging from Term Life, Whole Life, Universal Life and Guaranteed Universal Life. In fact,  we are contracted with over 50 A/A+ rated carriers in 49 states. So we will provide the Best price, Best carrier, GUARANTEED!!


    ABOUT DANNY RAY, OWNER/FOUNDER OF PINNACLEQUOTE LIFE INSURANCE SPECIALISTS

    Term Life Insurance

    Danny Ray ~Founder/Owner of PinnacleQuote

    My name is Danny.  I am a proud father and I too have family who depend on me.  In fact, the products I offer you and your family, are the same products for my family.  Hence, I have no interest in putting you in a product that is not the right fit for your family.  Equally important, my passion is making sure my client’s families are properly protected and what you have envisioned for them financially is kept in tact.

    Keep in mind, I work for YOU not the insurance company.  I have over 25+ years experience with over 20 thousand individual policies written, with the top rated carriers,  A/A+.   The level of dedication I am looking to show you in this process is second to none.

    I look forward to helping you through the process of life insurance.

    Life Insurance ~ The last way to say I LOVE YOU to your family. 

    One Million Dollar Life Insurance Policy

    If you have any questions, please feel free to contact us at PinnacleQuote (855)380-3300.

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    We are not in the business of selling. We are actually against that. We like to educate our clients and provide them with the best options. We based those options on the 

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