1 Million Dollar Policy
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.
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 dollars 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.
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 .
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