Could You Afford a Million Dollar Life Insurance Policy?

Could You Afford a Million Dollar Life Insurance Policy?

A million dollar life insurance policy.

It used to be that only the most wealthy had a need for it or perhaps could even afford it. It was to some degree a status symbol, the kind of thing movie plots revolved around. Today, million dollar life insurance policies are much more common. Should you have a million dollar life insurance policy and could you afford it?

The Need for a Million Dollar Life Insurance Policy

It doesn’t take long to realize why a million dollar life insurance policy could be a good idea, especially if you have a home and young family.

Pay Off Your Home. Let’s say you have a $200,000 mortgage on a home. You would certainly want that paid off.

Student Loans. Perhaps between you and your spouse, there are $50,000 in remaining student debts. Life insurance could come in handy in relieving that burden.

Car Loans. It would not be unusual for a young family to have $25,000 or more in car loans that will need to be paid.

Credit Card Debt. If you are like most, you may have $10,000 or more in credit card debt.

Living Expenses for Five Years. If you make $75,000 annually, it would be a good idea to leave behind at least five years of income so your family can continue to live their current lifestyle. That’s another $375,000.

Children’s College Fund. College will not be inexpensive whether you are here or not. Let’s set aside $100,000 for each of the two kids you may have.

Medical and Final Expenses. We’ll include a modest $40,000 figure for final medical, miscellaneous and burial expenses.

In case you haven’t been adding, this amounts to $900,000 without accounting for any savings accounts for a spouse, children or other debts you may have. It doesn’t take long to realize how quickly a family could go through a million dollars in life insurance proceeds, even if they are not “wealthy”.

Can You Afford It?

You probably can, especially if you are under 45 years old and in good health. The best way to find out is to contact one of our professional independent insurance agents. They can shop multiple insurance companies to find affordable coverage that may surprise you. The point is you won’t know unless you call. Are you ready for that $1 million policy? Contact us today.

 


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about
our blog writer?

Read more about KayLynn's background.

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Life Insurance Is Not About You

There are Many Good Reasons to Get Life Insurance. You May Not Be One of Them.

Four Needs Life Insurance Can Help Fulfill

Life Insurance May Be More Versatile Than You Think

Term Insurance: Big Protection at Affordable Rates

If You Are Entering a High Responsibility Portion of Life, Term Insurance May be the Answer

Funerals, Life Insurance and Flowers

How Funerals Have Changed in Recent Years

The Difference Between Burial Insurance and Life Insurance

Do You Have Sufficient Life Insurance for Your Situation?

Why a Million Dollar Life Insurance Policy May Not Be Enough

The Time When a Million Dollars in Life Insurance May Have Seemed a Bit Much

Creating a Life Insurance Inventory

What Do You Want Your Life Insurance Proceeds to Accomplish?

Life Insurance: Why Waiting Limits Your Options

Waiting to purchase life insurance just may limit your options. Here’s how to maximize your choices when buying life insurance.

Five Cents a Week for Life Insurance? Wait…There’s more!

There Was a Life Insurance Version of the Milk Man and Home Doctor Visit

The Difference Between Term Life Insurance and Permanent Life Insurance Explained

This is a Great Way to Start with Life Insurance

Leave a Comment