Thinking about a life insurance policy worth a million dollars may seem extravagant, and a little over the top but it really isn’t that unreasonable. Many families would need a very large amount of money to support themselves if one income providing member was suddenly deceased. If you take a step back and add up all your family’s debts, living expenses and expected expenses (like post-secondary tuition) then you might just find that a million dollars isn’t too far off from what’s needed to survive. If you want to make sure your family is well cared for should you not be around, then let’s talk about the million dollar life insurance policy today!

 

Here’s what you need to know

It’s not as expensive as you might think to have a life insurance policy of a million dollars. There are variables, like any insurance policy, but these plans can be obtained for anywhere from $30 to $100/month.

Similar to other life insurance plans, you can purchase these policies as either term life insurance or permanent insurance. The payment amounts and requirements will differ accordingly, but you do have options to meet your needs and ensure your beneficiaries receive the million-dollar lump sum payout should something happen to you.

Renowned and reliable insurance company

We are a reputable insurance company, over the years we have created an enviable reputation for providing services that are second to none. All our staff have many years of experience and are qualified, we always have your best interest in mind. In addition to providing estate planning solutions, our team can also help you with the paper work and more.

Is it taxable income for my beneficiaries?

  • The financial ramifications of this plan is something you’ll want to discuss with your financial advisors to make sure you’re making the best choices for your family’s future.

Why so much money?

A million dollar policy Brampton does seem like a lot, and it’s a little overwhelming to try to rationally think about how much money your family might need if something happens to you. If you have young children who still may need education costs covered, or you just purchased your first home, paying these costs can very quickly add up. With one less income, your partner may be unable to keep up with the financial demands of life in your absence. It seems like a lot of money, but costs can quickly add up. Give yourself the assurance your family will be well cared for with the right amount of life insurance. Reach us to know about the best million dollar policy quote

 

Still have questions?
No problem – life insurance is tricky and it isn’t easy to pick the right policy for you. We’re here to help you figure out what makes the most sense for your life currently, and the future needs of your family. Harpreet Puri has years of industry experience so you know you’ll always get what you need and what’s going to benefit you the most. Make an appointment to talk to Harpreet Puri about million dollar policy insurance plan.

Million dollar policy
Are you considering getting life insurance? It can be pretty stressful choosing the right policy that looks are your needs. Selecting the wrong plan can be detrimental. If you are wondering what a million-dollar life insurance coverage is all about? What does it cover? And most importantly, is it worth it? At CanadianLIC, we have years of experience helping clients with their insurance needs. For further information, get in touch with a member of our team today.

What is a million-dollar policy?
Many families require a vast sum of money to support themselves if the sole income provider dies. Suppose you think about it and add up all your family debts, living expenses, and other expenses such as post-secondary education etc. In that case, you might understand that a million dollars are not that far off from what’s required to make by. If you want to ensure your family is well taken care of when you are no more, you should consider getting a million-dollar life insurance policy. If you are unsure what, million-dollar life insurance policy is right for you? Or what company should you purchase it from? Our insurance experts can help determine the right policy based on your specific requirements.

 

Is a million-dollar Life insurance policy expensive?
There are a few variables to consider, like any other life insurance policy. Contrary to popular opinion, a million-dollar life insurance policy is not expensive. However, these plans can be bought for somewhere between $30 to $100 a month. As mentioned earlier, a million-dollar life insurance policy is similar to other life insurance policies. They can be purchased either as permanent or term life insurance, but the requirements and payment amounts will differ. The policyholder has the option to meet your specific needs, including ensuring your beneficiaries receive the million-dollar lump sum should the unexpected happen to you. The best part of this policy is that the lump sum benefit is not counted as taxable income, and the beneficiary is not required to pay taxes.

Components that affect term life insurance premiums:
Below-mentioned is some factors that affect term life insurance premiums:

Age of the insured:
This is the most crucial premium component. The older you are, the more likely it is that you will die within the policy term.
Health of the insured:
The premiums rates increase year on year. If you suffer from health conditions like diabetes, your premiums will be higher. This is why one should purchase a life insurance plan when they are young and in good health.
Policy term:
A ten-year policy will have a lower premium than an insurance policy with a term of twenty years; likewise, it will have a lower premium than a thirty-year term. In essence, the shorter the period, is more likely the insurance company will have to pay a claim to the insured before it expires.
Size of the policy:
Size matters, in this case, the policy coverage. When the death benefit’s size is considered, the larger policy will always be cost-efficient. For instance, a million-dollar life insurance plan will cost more than a policy that provides coverage of $500,000.
Occupation, hobbies and habits:
There are occupations out there that are more dangerous than others. For example, deep-sea diving is riskier than golf. One activity that is guaranteed to increase your premiums is smoking.

F.A.Q.

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet. With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.

 

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.

 

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.

 

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