Protecting your family's future is probably one of your greatest concerns. It doesn't help that you may not realize that you need a million dollar life insurance.
What if I told you that it is super easy to get 1 million in life insurance without graduation and that if
Today I should go over that should get a life insurance policy at $ 1,000,000, the best company to get through it and some example quotes.
Do you need a $ 1 million life insurance policy?
One million dollars without insurance insurance may seem like lots of money.
But it's actually about how much your family will need if you disappear unexpectedly.
Below we take a look at all the things you need to consider when thinking about how much life insurance you need.
Your Final Cost
According to Parting.com, the average funeral costs about $ 10,000, over 10 years ago my grandmother's funeral was over $ 12,000 so that price seems pretty accurate.
That price can increase very quickly because it covers things like:
The above costs are really just the beginning of the costs associated with your going, your family must also exchange your income.
Replacing Your Income  The basis and way your family may need to use your income for remuneration will be different depending on your situation.
Primary salary income
If your family only has one primary bread winner, it is important that they have an excellent policy.
You want to make sure your family can survive for an extended period if they lose you to an incredible death.
Just remember how many years your family would survive if your money stopped coming in and they had nothing to replace it.
If you are a high-income earner and make more than $ 100,000 a year, at least you have to look at $ 1 million in life insurance.
If you have anything less than that, you are 100% underinsured.
Keep in mind that most insurance agents recommend that you have 10 times your annual life insurance income.
But I recommend that you have between 15 and 20 times your income, just think about how long your family will be able to survive if you go away.
5 times your income is only 5 years, was 15 times 15 years.
Middle Class Income Families
A large majority of us fall into this income level in the United States.
We are also those who overestimate the cost of life insurance and underestimate how much life insurance we actually need.
In a new study, we found that over 75% of Americans who have life insurance are underinsured.
This is mainly caused by the fact that we do not think of all the factors that can be affected by our deaths.
It doesn't matter if it's a single income or a single income, class family, our expenses and debts seem to be completely different.
The cost and the debt after your death
Along with the income exchange, you must take into account your current debt and future expenses, which may include:
Hopefully you will begin to see that you have to consider a lot of situations when you think about your life insurance. Your family's future expenses are also important.
I am sure you can understand when I say that it can help everyone in the long term to be able to cover the cost of your child's college.
Right now the student loan debt is about 1.5 trillion … Yes, trillion; We must do everything we can to address this huge issue.
There are several places out there that help people lower their student debt or pay them.
However, I think it is best not to have the debt in the first place, because it is necessary to have sufficient life insurance.
When you factor all of the above elements together with income compensation, it should be easy to see that buying $ 1 million term life insurance is a necessity.
$ 1 million of no degree Life Insurance for Business
Starting a business can be both fun and scary at the same time.
Almost all companies start small and eventually they will grow and having the right coverage in place is crucial.
There are several reasons why you may need this coverage:
Life insurance for an SBA loan
Eventually, most self-employed or small business owners will need to borrow money to buy equipment, real estate, or for cash flow purposes.
If you take out a $ 500,000 or $ 1,000,000 SBA loan, you need to get the exact amount of a life insurance before the loan can be approved.
Life insurance for any self-employed
If you are self-employed you know that you wear all the hats, you are the accountant, seller, marketer, HR, CEO, CFO, COO and any other "O" or position you can think of.
The business will not run without you being nearby and can completely destroy your family financially if you do not have the right amount of coverage.
It is important that you have enough coverage in place so that your family will still be good if you move on.
How Much Does Million Dollar Life Insurance Cost
The price of a million dollar policy will be different for everyone, but the factors that determine your interest rate will basically be the same:
Your age is a decisive factor in how much your life insurance will cost, the younger you are when you buy your coverage, the lower the monthly premiums will cost.
Prices for women will always be cheaper than men's prices, because women on average tend to live longer than their male counterparts.
If you like to go parachuting or as racing cars, your prices will be a little more expensive because these measures are a little risky.
Insurance companies would prefer you not to jump out of airplane for fun.
The term length is also an important factor in your life insurance price.
A 10-year policy will be cheaper than a 30-year policy.
The longer you lock your prices the higher the savings you will have over time.
If you are a tobacco user, you will pay up to 65% more in monthly premiums than a non-tobacco user.
Hopefully, it serves as a reason why you stop smoking if you are currently doing so.
Some insurance companies believe you are a non-tobacco user after just 12 months of not smoking.
Your health history will be the only one that will have the greatest impact on what your final prices will come to.
If you are in perfect or preferred health, you get the best prices.
If you are in average or standard health, you will have an "OK" rate, but it won't be the best.
If you have under-average or substandard health, your prices start to rise.
The healthier you are when you get coverage, the better.
Whether you need $ 50,000 life insurance without exams, $ 100,000 life insurance without graduation, $ 500,000 life insurance without graduation, or $ 1,000,000 coverage, the price will change.
The more coverage you get, the higher the premiums go but they do not always increase so much, so make sure you look at different quotes for different amounts.
Sample $ 1,000,000 Life Insurance Exam No Exam Quote
Sample Samples Prices for Women
* Prices are based on a 20-year policy – Non-tobacco woman Women with a preferred health score
Sample test for men  * Prices are based on a 20-year policy – Non-tobacco Male with a Preference