THE Halo makes it easy to apply for a life insurance policy online that fits your needs. See if a life insurance policy from one million dollars will be enough to help protect your family should the unexpected happen.
How much does a million dollar life insurance policy cost?
Find out how Ethos can help you get a policy of up to one million dollars at an affordable rate. This chart shows average premiums for 10- to 30-year term life insurance policies for healthy, non-smoking men and women aged 35 and over.
Life insurance helps protect your loved ones
A policy of life insurance of US$ 1 million can provide protection for your loved ones in the event of your unexpected death. But is it right for you? It is recommended that you have at least ten times your annual salary. The formula DIME (debts + income + mortgage + education) is another useful way to determine your coverage calculations. By adding these factors together, you can get a better idea of your coverage needs.
- Debts – Total of all current debts (such as student loans or credit card balances)
- Income – Multiply your salary by the estimated number of years your family would need support (salary of US$ 100 thousand x 10 years = US$ 1 million)
- Mortgage – Mortgage balances or housing expenses
- Education – An estimate of the costs to finance your children’s tuition
How can I qualify for a million dollar life insurance policy?
- Age: Life insurance coverage costs more as you get older. The younger you are, the more coverage you may qualify for.
- Health: The better your health, the better your chances of being approved for a larger policy.
- Income: Many applicants may qualify for coverage of up to 30 times the annual salary. Depending on how much you earn and your financial situation, you may need to consider increasing your coverage.
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