So you realize that if you die your family will need quite a sum to continue living their lives, you may have business needs or you simply are a generous soul and want to leave behind some legacy. Whatever it is a $2 million dollar policy is what you though will get the job done and you may very well be right about this. After all, if you simply left the money to be paid out with interest only at mere 5% your family would collect 100k every year indefinitely and 200k if your financial adviser was getting 10% returns. This is why a 2 million dollar life insurance policy is a sweet spot for folks who make above average income. Now you really came here because you’re wondering what this type of policy cost, what are the qualifications, best company to buy with and any other tips that may help you with securing this plan.
*If you just want quotes click on one of the options. (Term Life or Permanent Life)
- Applying for $2 million is the exact same process as getting a $200k policy.
- You can get approved from a one week to six weeks.
- Life insurance comes in two choices which are a term and permanent life.
- A term can be locked in from 10 to 30 years and permanent is for life.
- Pay annually for a term and try to pay one or ten payments for permanent if you want maximum savings.
Term or Permanent Option
Before we could find out how much it a 2 million dollar policy is and what it takes to secure a policy like that will need to determine if you’re better suited for a term life insurance policy or permanent life insurance policy. Now, this can be a lot simpler than you think or maybe not that simple but we’ll do our best to make it so.
Term life insurance
This is a temporary form of life insurance coverage which also happens to be the most popular life insurance policy in America. The reason, of course, is that it is extremely affordable and allows you to secure a large amount of life Insurance for a small monthly premium. This policy is designed to provide protection for a particular time frame usually ranging from one year all the way to thirty years in length. After the term expires your policy will go up in cost every year thereafter because the idea was to provide protection during the most vulnerable years. This type of coverage is perfect for someone starting a new family or getting into a brand new mortgage and for anyone who just needs a policy for a certain time frame. Most people who buy term are under age of 50 and are in the building stages of their life.
Permanent life insurance
Opposite of a term policy a permanent plan does not have an expiration date, well it actually expires when you do. These days permanent plans can be locked in until the ripe old age of 121. And of course unlike term life insurance permanent life insurance is quite costly but it is a great way to leverage your money when you count how much you’re putting into the policy versus how much your family is going to get out of the policy. There are two types of permanent life insurance, whole life and universal life. Whole life policy provides a guaranteed cash value growth and lifetime security. Universal life offers a lot more flexibility in how you can pay your premiums or make adjustments to your death benefit along with how your cash value gets invested. Permanent life insurance is ideal if you are over the age of 50, you’d want to leave money to your family at one point or another or if it’s for estate-planning purposes.(Feel free to read our ultimate life insurance plans guide)
What do you need to qualify?
Application and Medical Exam
So once you figure out what kind of plan you need and with which company you’re going to go with, the next step is to actually apply. The first thing you will do is complete a life insurance application, the application will ask you 20 to 40 questions about your overall health, lifestyle, family history and any dangerous hobbies that you may participate in. Be sure, to be honest in your application since it can hurt you in both short and long-term if you lie. Once the application is completed you will be able to wet sign or e-sign and now you have to move on to completing your medical exam.
The medical exam is done at no cost to you and it’s simply a nurse that comes out to your home or office to check all your vitals. The medical exam will also check your height and weight, blood pressure reading, and take a sample of your blood and urine. This then gets sent over along with your application to the life insurance company. The life insurance company will also check your motor vehicle records, pharmacy records and may even request medical records from your primary care physician. Depending on what kind of records they need to get, the entire application process may take anywhere from three weeks to about six weeks to get you approved. In some instances, it may even take up to ten weeks for people with serious ailments or high-risk occupations.
$2 Million Dollar Life Insurance Quotes
Instead of posting sample quotes the best thing you can do is check out how much a $2 million dollar term or permanent plan will cost for you by using one of our comparison tools. Simply click on life insurance quotes tab, select the type of plan you’d like to see and pick your health rating. The health rating go from preferred plus for people with excellent health to regular for those with some ailments. Once you do this you’ll be able to compare rates with top rated companies all in one place.
Best Carriers
There are companies that are much better to apply with for a $2 million dollar policy. So we will look at the best insurance companies for $2 million dollar life insurance policy. The ranking factors are obviously cost, underwriting, company’s financial strength, and service. We did all the leg for you so if you choose one of the companies on the list below you can be assured that you got the best of the bunch.
No Exam
If you are a very busy individual and need to secure a $2 million dollar life insurance policy for a business loan or for a court order and you are on a time crunch, there may be a way to get your policy fast. That is when a no medical exam life insurance option will be your savior. This policy will allow you to secure up to half a million dollars of life Insurance with approvals times of 3 days or less depending on the company. Now because these policies are capped at half a million dollars we will need to stack more than one policy together to get you the desired amount. No medical exam life insurance policy is more expensive but nonetheless a great option for someone who needs a policy fast.
Work with Us!
Here at InsureChance, we have partnered with over 60 most reputable life insurance companies to give you the power of choice. With our state of the art tools, you’ll be able to determine the amount of coverage you need and see which company is willing to offer you the best deal. We also go a step beyond by providing lifetime support to all of our clients along with occasional policy reviews. If you’re ready to work with the best life insurance agency feel free to request an application or call us at 888.492.1967!
