How To Buy A Million Dollar Life Insurance Policy?

The sum of $1 million might seem huge, but in reality, it won’t mean much shortly. The cost of living here in the US is increasing. Hence, applying for a life insurance policy with $1 million coverage is a sensible decision.

How To Get A $1 Million Life Insurance Policy?

When one is considering applying for a million dollar life insurance policy, they have to ensure that they are meeting the requirements of their preferred insurer. Therefore, insurance companies tend to process applications from clients they consider ‘low risk’ cases.

So, how can one ensure they are a ‘low risk’ case in the corporate eyes of their preferred insurance company?

Well, one has to keep the following factors in mind when they are applying for a million dollar life insurance policy in a bid to get their application approved –

The Age Of The Insurance Policy Applicant Matters A Lot

Most insurers would sign off on a million-dollar coverage policy application from an individual, given they are under the age of 40.

After 40, individuals can still apply for a life insurance policy with a million dollar coverage, but the premiums would be hefty. Furthermore, the death benefit associated with the policy would also come down significantly.

One Should Apply Only After Surrendering Existing Coverage

One must make sure they are applying for a life insurance policy with a million-dollar coverage, given that they do not hold any existing life insurance policy. If the applicant does hold a policy with a coverage of, let’s suppose, $300,000, the insurer would make a counter offer about a policy with a coverage of $700,000.

The Income Of The Applicant Is A Contributing Factor As Well

An insurer would only approve an application for a life insurance policy with a million-dollar coverage given the applicant’s annual income (and net worth) justifies the coverage offered by the policy.

Hence, one must ensure that they show the insurer pertinent documents stating that they can afford to pay the premiums of a $1 million life insurance policy.

The Policy Applicant Has To Be In Their Prime Health

When applying for a million-dollar life insurance policy, one must be in prime health. Furthermore, to keep the premiums for the affordable policy, one must also make sure that they are non-smokers and do not abuse alcohol and recreational drugs.


$1 million life insurance policies are gradually gaining traction here in the US. But, it would be unwise to ignore that the terms of a $1 million life insurance policy will be a bit complicated to understand for the average policyholder. For the best results, one must consult with a veteran and revered life insurance policy consultant.

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