Why a Million Dollar Life Insurance Policy May Not Be Enough
Why a Million Dollar Life Insurance Policy May Not Be Enough
One million dollars. It can sound like a significant amount of money. When it comes to life insurance, however, you may be surprised with how quickly that million dollars may be spent. That’s why a million dollar life insurance policy may not be enough.
Paying off a mortgage, for example, can take 25% of that million dollars or more. It is not unusual today for homeowners to carry $250,000, $350,000 or more in a mortgage balance. If life insurance doesn’t cover this balance, the home may have to be sold.
Student loans are another significant debt. The average graduate has about $40,000 in student loans with some carrying significantly higher debt.
Some deaths, especially when a younger person is involved, may have large medical bills associated with them. Whether death is from an illness or accident, many rely on life insurance to cover those debts.
Car payments and credit card debt will also need to be addressed upon a death. These too, can run into the tens of thousands of dollars. Then, of course, you’ll have the final expenses involved with a burial or cremation. Even a less expensive cremation can costs thousands of dollars.
But paying off debts may not be the end of it. An insured may wish to cover living expenses for those left behind for a few years or cover college costs. It quickly becomes apparent that a million dollars may not be too much when it comes to life insurance.
The good news is that when purchased at a younger age, term insurance in an amount of one million dollars may be more affordable than you may believe. Finding out is simple. Just contact one of our independent insurance agents and answer a few questions. They will then do the shopping for you, comparing coverage and prices from multiple companies. You make the final choice for the coverageย that is best for you.
There was a time when a million dollars worth of life insurance seemed excessive. That is just not the case anymore. Get started with your free quote today.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Insurance Blogs
Your Life Insurance Policy: A Secret Savings Account?
Don’t Cash Out! Unlock the Hidden Benefits of Your Life Insurance Policy (Free Quote Included!)
Taming the Paper Tiger: How to Keep Important Documents Safe
Don’t Let Your Important Documents Become Disaster Snacks! Safe Storage Tips Inside
Fort Knox for Your Family: Why Life Insurance is Your Secret Weapon
Life Insurance: The Unsung Hero of Family Protection (Free Quote!)
Decoding the Grocery Aisle: Your Guide to Nutrition Labels
Mystery Solved! Unveiling the Secrets of Nutrition Labels for Smarter Grocery Shopping
Kick the Bucket List, Not the Bucket: Unleashing Your Inner Adventurer
Bucket List Blues? Unleash Your Inner Adventurer with This Fun and Feasible Guide
Life Insurance: Unraveling the Mystery (No Shady Business Here)!
Life Insurance FAQs: Unveiling the Mysteries and Myths (Without the Gimmicks!)
Life Insurance Claims: Demystifying the Process (So You Can Get What You’re Owed)
Life Insurance Claims: A Simple Guide to Getting What You Deserve
Life Changes? Don’t Forget Your Life Insurance! A Guide to Keeping Your Beneficiaries Up-to-Date
Life’s Milestones and Your Life Insurance Beneficiary: Why Regular Reviews Are Crucial
Million Dollar Dreams, Affordable Reality: Is a Big Life Insurance Policy Right for You?
Million Dollar Life Insurance: Myth or Must-Have? Exploring Your Options
No Needles, No Problem: Unveiling the Secrets of Life Insurance Without a Physical Exam
Life Insurance Made Easy: Skip the Physical, Get Covered Today!