Top pick: Sproutt
- Quotes from 40+ top insurers
- Up to $10 million in coverage
- Skip the medical exam
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Most term life policies cap coverage at or below the $10 million dollar mark, because high-level policies come with high-level eligibility requirements. But if you have a family business or taxable estate, you may need a large policy to help your family cover the expenses you leave behind and protect your business.
This kind of policy doesn’t come cheap. But if you have the means to qualify for $10 million in coverage, you can likely afford the premiums. Still, the earlier you get your start, the more money you’ll save. A man who is 30 years old, healthy and a non-smoker, can get a 20-year term policy for around $295 per month, based on rates from Policygenius. The same policy for a woman with similar stats may cost $217 per month.
This level of coverage creates a higher risk for the insurance company, which means your eligibility will be highly scrutinized. You’ll likely need to make at or near $1 million per year to qualify. And be prepared to present documentation to prove your worth and the assets you need to protect, including your broker-dealer statements, tax returns, CPA statements and charitable giving statements.
No. A $10 million policy requires a medical questionnaire and a full paramedical exam. Some insurers offer temporary coverage while you wait for the results of your exam, though the benefit of your temporary policy won’t be for the full $10 million.
Policies that don’t require medical underwriting, such as simplified issue and guaranteed issue life insurance, tend to have a cap between $25,000 and $500,000.
It might be, but consider the following aspects of your finances to determine whether you need this much coverage:
A policy this large comes with a higher than normal premium. Taking the time to consider your finances and coverage needs before you buy a policy can ensure you don’t end up paying too much. Reassessing at regular intervals, or when major life events come up, can make sure you maintain adequate coverage in the future.
You probably won’t be eligible for a policy of this size without a considerable estate and the documentation to back it up. But with this much at stake, compare all your life insurance options before choosing an insurance company.
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