One Million Dollar Term Life Insurance Video:
If you are looking for a one million (1,000,000) term life insurance policy, watch this video on requirements, and getting the best rates – then compare quotes below.
Transcript: One Million Dollar 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.
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
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. 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
So thank you for watching this video and I look forward to speaking with