One Million Dollar Life Insurance: 1,000,000 Term Life Insurance


In this video I’m going to talk to you about
getting approved for a one million-dollar life insurance policy, and
talk about some rates, as well. Coming up. So you might be looking for a million-dollar
life insurance policy. First, let’s talk about some of the requirements
in order to get approved for a million-dollar life insurance policy. Depending on your age, insurance companies
are going to look at your annual income, to determine your eligibility to get
approved for any life insurance policy. So, if you’re looking for
a million-dollar life insurance policy, depending on your age, if you’re between,
let’s say, 20 and 30, 35, insurance companies are generally going to
allow you up to, between 20 and 30 times your annual income. That means if
you’re making, you know, $50,000 a year, 20 times your annual income allows
you to get approved for a million-dollar life insurance policy. As you get older, that multiple becomes smaller.
Why? Because you really have less years in which you’re going to be
working and earning an income, and so, those are the years that you are trying
to protect. So the less years you have to work, the less the multiple
is going to be. So if you’re 50 and you’re looking for a million-dollar
life insurance policy, the insurance company may only give you 15 times
your annual income, for example. Now there are other reasons why you may need
a million-dollar life insurance policy. So let’s say you’re getting
a business loan, or let’s say you’re doing it for estate planning purposes.
So there are other reasons that an insurance company would take into
account and consider for approving a million-dollar life insurance
policy. If you are a domestic partner or spouse of
somebody that has a million- dollar life insurance policy, let’s say you’re
homemaker, you can also get approved for a million-dollar life insurance
policy, as long as you’re getting the same coverage or less than your
partner. So if you don’t have an income but your partner does, that can
qualify you as well. Now, if you’re applying for greater than a
million dollars, if you’re applying for, let’s say, three million, four
million, five million, the insurance company is going to have a few more
requirements. Sometimes they’re going to ask you to fill out what’s
called a personal financial statement, which is a one-page sheet that’s
going to list out your assets and liabilities. They want to make sure that
you’re getting a policy that makes sense for you. And if you’re going to
get a policy, maybe, that’s even bigger than that, they may even ask for
things like bank statements or tax returns, to verify your income. But up
until that range of two-three million dollars, they’re generally not going
to ask for any documented proof of income. They’re actually just going
to ask you to write down what your income is on the application. So, who are the best companies to go with
for a million-dollar life insurance policy? Well, if you’re looking
for term insurance, the best thing to do is to compare quotes. You can
do that on our web site chooseterm.com. The companies you’re going
to find, that are generally the most competitive are companies like Banner
Life, American General, TransAmerica, SBLI, Protective Life, and Prudential.
Depending on who you’re looking to go with, those are going
to be the top companies that usually have the best rates. They’re all A+
rated companies, or A-rated companies, in the case of American General,
and they all have competitive quotes. If you’re looking for a permanent
policy, you can consider a guaranteed Universal Life policy, and you’re
going to have companies like, Banner Life, American General, Protective,
and Prudential, that are going to be, probably most competitive. If you have any preexisting condition, it’s
really best to speak with a high-risk specialist who can point out which
company is going to be, specifically, the best one for you, based
on the condition, whether it’s a minor thing, like high blood pressure or high
cholesterol, or something more major, like diabetes, or MS, or hepatitis
C, for example. So what I recommend you do is, if you’re looking
for a million-dollar life insurance policy, visit our web site at chooseterm.com.
You can compare quotes or you can call me at 800-574-0245,
extension 101. I’m the founder of chooseterm.com, and I’d be happy to speak
to you, compare quotes, and go over rates with you. I can then email you
all the companies, all the pricing, you can see all the financial ratings
of the companies, make sure that they’re quality companies, and help you
get a life insurance application. So thank you for watching this video and I
look forward to speaking with you.

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