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How to get a $1 million life insurance policy – CBS News

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By Matt Richardson
/ CBS News
Life insurance offers financial protection for your loved ones after you have died (and, based on the policy, can sometimes be used while alive). 
In exchange for a monthly fee (or an annual one if you want a cheaper rate), you can rest assured knowing that your beneficiaries will be secure in your absence.
Life insurance comes in all shapes and types. Some of the more well-known are term, whole, universal and variable. It also comes in a range of amounts – tens of thousands of dollars to over $1 million.
Depending on your personal financial situation and goals, a $1 million policy may make sense. You will need to be eligible but many people surprisingly are – and they don’t have to break the bank to get a policy.
Read on to learn more about how you could qualify for a $1 million life insurance policy or reach out to a life insurance expert now who can help you get started with a free quote
Obtaining a life insurance policy for $1 million is similar to qualifying for other, smaller amounts. Here are four ways to increase your chances of approval.
Life insurance is not one of those things that will get cheaper if you wait. In fact, the longer you wait the more you will likely pay for coverage. 
If you start significantly later, you may end up paying more for less coverage. So it pays to start early (think under 40). Insurance companies are more likely to approve you for a $1 million policy when you’re young and unlikely to have your beneficiaries cash it in. So apply now and see what you can qualify for
This may seem obvious but it’s often overlooked. It won’t matter what amount an insurance provider will approve you for if you can’t afford the monthly payments required to maintain it. 
Make sure to do a realistic appraisal of your finances. You may be qualified for a $1 million policy, but can you afford to pay it? First, determine how much you can pay (and where you can get the funds) each month and then match up that figure with what you’re eligible for. You may even be able to get more than you initially expected! But have that figure ready first.
An insurance company isn’t just going to hand over $1 million. They’re going to want to know that you’re healthy and that the chances of your beneficiaries filing a claim quickly are low. 
The best way to showcase your current health status is by taking a medical exam. You’ll have to complete a questionnaire online (or on paper) and then complete a physical exam in person. The latter will likely include blood work and urine testing as well as the traditional tests done when completing a physical. Complete them all, demonstrate your wellness and you’ll put yourself one step closer to getting that policy.
Don’t forget: insurers want to see that you’re healthy. While a medical exam will give them good insight, you should take additional steps to make sure you’re in good shape:
Not only will making these moves improve your health, but they’ll also help secure a lower premium and make you eligible for more coverage. 
Different insurance companies are comfortable with different levels of risk. They also provide different levels of protection for varying costs. This is why it’s so important to shop and compare different providers before deciding which one to sign with. You may not be eligible for $1 million with the first insurance company you get a quote from or you may not be able to afford coverage in that amount with that company.
So, shop around. Get quotes from multiple providers to see what’s out there. Just make sure to do an apples-to-apples comparison. For example, if you’re looking for a $1 million dollar term life insurance policy for 20 years make sure to get a quote from a second and third provider for that same amount, policy type and time frame. 
Once you find a provider you feel comfortable with you can formally apply and schedule a medical exam (if needed). Reach out to a life insurance company now or use the table below to start shopping.
A life insurance policy for $1 million may sound like a lot of money. But if you’re young, healthy and ready to take a medical exam it’s likely you can get a policy for that amount (or even more).
Speak with a life insurance expert now who can help you get covered.
First published on October 20, 2022 / 4:05 PM
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