million dollar life insurance policy

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Voya Financial, Inc. is a combination of insurance, retirement, and investment product and services conglomerate. The company serves the financial needs of approximately 13 million customers – both business and consumer – throughout the U.S.

The vision of Voya is to become America’s Retirement Company – and it is well on its way, as the firm helps its customers to meet the challenges of saving for retirement through its more than 7,000 dedicated employees.

Need help finding a different form of insurance coverage, such as burial insurance plans, auto insurance coverage or health insurance, we can help find the best company to work with according to your needs!

The principal businesses of Voya include Insurance Solutions, Investment Management, and Retirement Solutions. Each component has a very specific focus. These are broken out as follows:

  • Insurance Solutions: The Insurance Solutions component of Voya is considered to be a top-tier provider of term policies, as well as a top-ten provider of medical stop-loss insurance coverage in the United States. On the individual life insurance side, Voya currently has more than $2 billion in gross premium via its term, universal, and variable life insurance products. This component of the business also consists of Employee Benefits whereby Voya currently serves nearly 4.5 million individuals.
  • Investment Management: On the investment management side, Voya holds in excess of $207 billion in assets under management for both external and affiliated institutions and for individual investors. The company has a focus on investment solutions, with a clear emphasis on fixed income, equities, and multi-asset income strategies.
  • Retirement Solutions: Retirement Solutions is a leading provider of retirement products and services in the United States. This section of Voya’s business has roughly $375 billion in assets under management and administration and it serves approximately 47,000 institutional clients, and more than 5 million individual retirement plan investors. In addition, more than 2,300 financial advisors are also served in this area, as well as more than 417,000 retail fixed annuity product customers.

History of Voya Life Insurance Company

In the scope of financial services companies, Voya is quite new. It actually made its debut in April 2014 – and completed its overall re-branding in September. The company’s name originated as an abstract name that was coined from the word “voyage,” and it reflects both momentum and optimism.

The company actually came from the former ING US – and after two years of transforming the strategy, the financial profile, and the culture of the company, ING began to trade as a public company on the New York Stock Exchange under the ticker symbol VOYA in 2014.

While it has only a short history, Voya has strived to impress. In 2014, the company was named one of the World’s Most Ethical Companies by Ethisphere Institute, as well as a top-five retirement plan provider based on number of plans, participants, and assets. In addition, the company is also a top-tier independent broker dealer network in the U.S. a top-tier provider of life insurance, and a top-10 medical stop-loss coverage provider in the United States.

Products Offered By Voya

Voya offers a wide range of insurance and financial products. For individuals, the choices include life insurance, annuities, IRAs, workplace retirement plans, employee benefits, and college savings options.

On the life insurance side, options include the following:

  • Term Life – Term life is the most basic of all coverage options. This is because term provides just pure death benefit protection only, with no cash value or investment build up. Term life is also typically the most economical form of life insurance protection, especially for those that are needing a larger death benefit amount such as a 1 million dollar life insurance policy. This can especially be the case when the applicant for coverage is young and in good health at the time of application. If you are not in the best of health and feel a no exam life insurance policy would be best for you, we can help find the carrier to best suit your needs. Term coverage is sold for a set period of time – typically a certain number of years. Voya offers several term life options, including the Voya TermSmart, and the Voya ROP (Return of Premium) Endowment Term.
  • Universal Life – Universal policies are a type of permanent life insurance protection. This means that the policy is not sold for a set period of time but rather, it will last for the entirety of the insured’s life – provided that the premium is paid. Universal coverage offers both a death benefit and a cash value. Cash value growth is tax deferred, meaning that the policy holder does not have to pay any income tax on the cash while it accumulates inside of the policy. Universal policies are also quite flexible in that the policy holder is allowed to adjust the frequency of premium payments in order to meet his or her changing needs. The death benefit of the policy can also be adjusted up or down, within certain guidelines, as well.
  • Indexed Universal Life – Indexed universal policies provide death benefit protection, as well as the ability to build funds inside of the policy based upon increases in underlying market indexes. Even if the indexes perform poorly, however, the policy holder is safe based on the policy’s guaranteed minimum interest rate. Like other types of permanent coverage, the funds that are inside of the policy are allowed to grow tax deferred. For indexed universal life insurance, Voya offers the Voya Indexed Universal Life – Global Choice, and the Voya Indexed Universal Life – Guaranteed Death Benefit products.
  • Variable Universal Life – Variable universal coverage provides death benefit protection and the flexibility of universal life insurance plans. Policy holders also have the ability to build funds in their policy using variable investment options from the market. Funds in these policies can also grow on a tax deferred basis. Voya offers the Voya Variable Universal Life – CV, and the Voya Variable Universal Life – DB plans in the area of variable universal life insurance.
  • Survivorship Life – A survivorship policy insures the lives of two people – and the death benefit is paid out when the second person passes away. These policies are oftentimes used for estate planning strategies. They can be especially beneficial as the premium on a survivorship policy is generally less costly than that of two separate policies. Voya offers the Strategic Accumulator Survivorship Universal Life policy, as well as the Voya Survivorship Variable Universal Life-CV plan.

Financial Strength Ratings

Voya is a strong company, and it has been provided with very good ratings from the ratings agencies. These marks are as follows:

A.M. Best Fitch Ratings Moody’s Investor Services Standard & Poor’s

A A- A3 A-

Advantages and Disadvantages

Although not at the very top of the list, Voya is considered to be an extremely strong contender in the life insurance arena. The company has very strong ratings in terms of financial ability for paying out claims, and it offers a nice array of different products for meeting a diverse mix of client needs.

As with some of the other life insurers, however, if an applicant has any type of adverse health condition, he or she may be at an impasse in terms of how to proceed through the “traditional” application channels – especially if applying directly through the company. In this regard, it is best to instead work with an agency or company that specializes in higher risk insurance cases.

Obtaining Life Insurance Quotes

Any time you are seeking coverage, it is always best to obtain quotes from several different insurance carriers. This will allow you to review various policies, as well as premium prices, and to truly see what types of plans are available to you.

Just as with other types of important purchases, you wouldn’t typically opt for the first and only item that you see. So, with life insurance, it is important to keep in mind that this is in most cases going to be the financial security that your loved ones will be counting on to pay their living expenses, erase large debts, or eliminate substantial tax obligations. With that in mind, you will want to ensure that you are obtaining the very best coverage that you can.

When you’re ready to begin shopping for policies, our recommended partner, Root Financial, can help. They work with the top life insurance carriers in the nation today, and can get you all of the information that you need in order to make a well informed decision. They can also assist you with decisions such as:

  • What type of coverage to purchase – term, whole life, or universal
  • Determining how much benefit will be enough
  • Finding the best carrier that will meet your protection needs, as well as your premium budget

In addition, should you have any type of adverse health condition, Root financial specializes in helping people find the carriers that are more apt to cover various applicants. So whether you are a smoker, a diabetic or just in good health, this can save you countless hours of time and frustration throughout the application process. Use the form on this page to get started with your own set of quotes.

Source: goodfinancialcents.com

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The purchase of life insurance is an important piece of nearly anyone’s overall financial portfolio. Even though it’s important, doesn’t mean everyone has a plan. 

Why is life insurance so important? 

One reason is because this essential financial tool can help to protect the ones you love from having to spend other assets on things such as final expenses, paying off debt, and / or living expenses in the case of the unexpected. The proceeds from a life insurance policy can also help to keep those you care about from falling into drastic financial hardship and changing their lives at a time that is already emotionally difficult for them.

At the time you are buying a policy, there are several key factors to keep in mind. One, certainly, is to ensure that you obtain proper protection so that your survivors will have plenty of cash to go on. Another is to be mindful of purchasing coverage through one of the most financially stable life insurance companies.

This is because you will want to know that the underlying insurer is strong and stable financially and that it will be there in the future, if and when a claim needs to be made. With that in mind, it is important to do some research on the insurer that you are considering before moving forward.

One insurance carrier that is somewhat newer in the industry is Accordia Life and Annuity Company. This company, a subsidiary of Global Atlantic, provides security and income products to its customers.

Unlike some other companies, like Allstate or Progressive, Accordia isn’t a household name, but that doesn’t mean they are any less valuable. 

Table of Contents

History of Accordia Life Insurance Company

Accordia Life and Annuity Company is located in Des Moines, Iowa. 

It began with more than 200 agents who were already well-versed in the life insurance business.

In just the past decade, Global Atlantic has become known in the insurance and financial industry as a provider of insurance commodities, as it has grown to more than thirty billion dollars in assets. One reason for this company’s success is due to its long-term focus on its policyholders, as well as its emphasis on teamwork that is driven by its experienced leadership from the top.

Accordia Life Insurance Company Ratings and Better Business Bureau Grade

Thought to be a solid and steady company from an economic standpoint, Accordia is rated as an A- from A.M. Best. This is rated as “Excellent” and is 4th out of a possible total 16 overall ratings.

Accordia Life Insurance Company is not an accredited company by the Better Business Bureau, nor has it been given a grade by the BBB. There have, however, been forty objections filed given to the BBB about Accordia over the past three years, and all forty have been closed.

Of these 40 complaints that were filed, 18 centered on the company’s billing/collection issues, 17 centered on problems with the company’s product and/or services, four had to do with advertising and/or sales issues, and one focused on other issues. There are also three negative reviews posted by customers about Accordia Life Insurance Company on the Better Business Bureau’s website.

Life Insurance Products Offered By Accordia

The products that are offered by Accordia Life and Annuity Company are well designed, and they are focused on meeting the protection, wealth transfer, and small business needs of customers across the country.

The primary products that are provided by Accordia include term insurance, as well as universal life and indexed universal life insurance coverage. These offerings can help its policyholders to prepare for both short and longer needs.

Accordia Life offers various kinds of life insurance protection to its customers. Doing so allows for its policyholders to create the protection that works the best for them, as well as to revise support as their requirements evolve over time.

Coverage that is provided via Accordia includes:

Term Life Insurance

One of the primary products that is offered through Accordia is term life insurance coverage. This product gives pure death benefit protection only, without any cash value or savings component. Due to this, term can be pretty decently priced – and a good way for those who need a large quantity of protection such as a $1 million dollar life insurance policy to obtain it at a lower rate. This is especially the case for people who might be young and in great health at the time of application.

Term life insurance is often thought of as being temporary coverage because it is purchased for a certain length of time such as for ten, twenty, or thirty years. There is also a 1-year annual renewable term life option. Typically, the premium rate for this will remain level within the policy’s “term” and then the policyholder will either need to re-qualify for coverage or the policy will naturally expire.

In some cases, a term life insurance policy will provide the option to convert over into a permanent form of coverage such as a universal life insurance policy. This way, the insured will not need to worry about the policy expiring at any certain time in the future (unless they stop paying the policy’s premium).

Universal Life Insurance

Accordia Life also offers universal life insurance coverage. This is a form of permanent life insurance protection, so in addition to death benefit coverage, there is also a cash value component in these policies.

The cash in the policy is allowed to grow on a tax-deferred basis. This means that the policyholder will not need to pay taxes on the gain or growth of the funds in this account unless or until the time of withdrawal. This can allow these funds to build and increase exponentially over time.

Universal life insurance coverage is thought to be a more flexible form of permanent life insurance than whole life insurance. This is because the policyholder may choose (within certain parameters) how much of their premium dollars will go into the cash value, and how much will go towards the death benefit of the policy. They may also be able to change their premium due date, based on their needs.

Accordia Life Insurance Company offers some different additional riders to their universal life insurance policies. These include the following:

  • Accelerated Access Rider
  • Wellness for Life Rider
  • Return of Premium Rider
  • Terminal Illness Accelerated Death Benefit Rider
  • Accidental Death Benefit Rider
  • Children’s Insurance Rider
  • Primary Insured Rider
  • Overloan Protection Rider
  • Waiver of Premium Rider
  • Waiver of Monthly Deductions Rider

Indexed Universal Life (IUL) Insurance

Another form of permanent life insurance coverage that is offered by Accordia is indexed universal life. With this type of universal life, the growth in the cash value component is based on the production of an underlying market index such as the S&P 500.

While the policyholder has the chance to increase his or her funds significantly based upon market performance if the market should decline, the principal in the account is preserved.

There are numerous choices for indexed universal life insurance that can be chosen through Accordia Life Insurance Company. These incorporate the:

  • Lifetime Builder IUL
  • Survivorship Builder IUL
  • Accordia Life Provider IUL

Get Best Life Insurance rates from Accordia

When looking for top quotes, work with multiple insurers. This is true not only for life insurance but for auto insurance and health insurance as well. That way, you will be able to compare benefits and from there you can determine which will work the best for you.

When seeking life insurance protection – along with policy quotes – we can help. We work with many of the best life insurance companies in the market today, and we can assist you with obtaining all of the important details that you require. 

We understand that finding the best life insurance plan for your needs can sometimes feel overwhelming. There are many things to contend with – and you want to ensure that you are getting the right coverage for your specific requirements. But now you have an ally on your side. So, contact us today – we are here to help.

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Source: goodfinancialcents.com

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Term life insurance is an important investment that can protect your family’s assets at any stage of your life and getting affordable life insurance rates is important for protecting your budget right now.

Depending on your age though will also determine how much you need, how long you need it for, is term or a guaranteed policy the best.

Below is a quick guide on the different ages and what you should consider when buying life insurance. I’ve also included links to relative articles that go more in depth on each age bracket.

Here’s what you need to know to get cheap life insurance at any age.

Whether you are single or married, a part of a large family or a small one, purchasing insurance is a responsible step that everyone should take so that loved ones will be provided for.

  1. Know your family’s budget and how the life insurance rates will fit within your budget. Knowing this dollar amount will keep you from being “oversold” by an agent trying to earn higher commissions. The premiums must fit within your budget.
  2. Be aware that each person’s life insurance needs for death benefit amounts are different. We will look at this in more detail later, but just because your buddy or co-worker bought a million dollar life insurance policy doesn’t mean that you need to.
  3. Understand that life insurance companies have different underwriting guidelines and that you HAVE to compare rates from different companies to be confident you’re getting the lowest life insurance rates available for you based on your lifestyle, your medical conditions, and your age. (We compare rates from different companies for you.)
  4. Be thinking about the following numbers (to help determine the death benefit needed):
    • How much family debt you have (mortgages, credit cards, autos, etc.)
    • College education dollars needed for children in the household
    • Ongoing income dollars for a surviving spouse (if applicable)
    • Estimated amounts of funeral costs
    • Any philanthropic dollars you might wish to leave to a favorite charity
    • How much life insurance do you have now, for how long (ie, 20-year term), and is it a permanent policy like whole life or universal life
  5. This is related to #3. It might not be in your best interests to buy life insurance from agents that only represent one company and can’t offer you quotes from several different companies. Some of these life insurance companies are Northwestern Mutual, New York Life, and others who have agents that only sell their life insurance plans.

Life Insurance Rates By Age

Purchasing life insurance is very important, and generally speaking, one of the main factors in pricing life insurance from the insurance company’s viewpoint is how old you are. 

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Your age will help you determine how much death benefit you need to apply for, how long you need it for, and whether term or a guaranteed policy is the best plan that suits your needs.

Obviously, it just makes common sense that the older you are, the less number of years you are expected to live. 

Life insurance companies call these “mortality tables”, and they use these mortality tables to actuarially determine how much they should charge for life insurance.

These CSO mortality tables have been adopted by most state insurance departments to allow companies to use them in determining the premiums they should be charging for their life insurance policies.

Remember though that even these life expectancy charts are used differently by different life insurance companies.

We can provide you with several life insurance company reviews such as Banner Life Insurance for you to learn more about what each company has to offer, so make sure to check those out as well!

Many people put off buying life insurance because it doesn’t seem to be an immediate need or priority to fit in the family budget.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-leaderboard-2-0-asloadedmax-width:300px!important;max-height:250px!important

Here are 3 critical reasons to apply for life insurance now and to not put it off any longer:

  1. You really aren’t getting younger. As just mentioned above, as you get older your rates are going to increase. The best day to buy life insurance is today.
  2. If you don’t have any major health conditions that would cause your life insurance rates to be surcharged, get your life insurance now while you are in good health. If you do have medical conditions, get your life insurance now before your health gets worse.  If it improves later, then you can always reapply for lower rates.
  3. You never know what the future holds. Take care of your loved ones now and go ahead and check “buying life insurance” off your list. Whether you end up getting quotes from us (Compare Rates form on the right), or from someone else, go ahead and do it.

Now, let’s discuss issues based on various ages. We will first start with the Millennials……

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Life Insurance for Your 20s

In your 20s, life insurance is inexpensive and easy to get. At this age, you can expect an enormous number of term life options at affordable prices. By getting life insurance at this early stage, you can protect a young and growing family from financial hardships and do so inexpensively.

Going ahead and buying life insurance now is a great decision to make at this young age. It is better than waiting until you are older, possibly having health issues and having to look into the option of life insurance without a medical exam, which is defaulted to a higher rate because of the poor health you may have at older ages. Starting young and healthy is the way to go!

Depending on your income and family budget, you could consider both permanent life insurance or inexpensive term life insurance.

If you don’t have children or large assets to protect, choose a policy of at least four times your annual income. If you do have children, the number of children, your spouse’s income and your other debts should all factor into the amount of insurance you purchase.

Read more on buying Term Life Insurance in Your 20’s

Life Insurance for Your 30s

In your 30s, you likely have a family and assets that need to be protected with a life insurance policy. Your income may be higher during this period, necessitating a larger policy to meet bigger financial needs. Some life insurance buyers purchase a second policy in their 30s to supplement the policy bought in their 20s.

If this is your first time to purchase term life insurance, be sure to get enough to cover your family’s needs and to pay off your home and other large debts. A general rule is to purchase at least 10 times your annual income, and in your 30s this is generally an affordable option.

@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-leader-1-0-asloadedmax-width:728px!important;max-height:90px!importantThis amount of death benefit may seem to be higher than what you would normally consider, however, if you lose one of your family incomes due to death, there would be a huge financial pressure to try and make up the difference, or either the surviving spouse would have to drastically reduce expenses.

The mortgage still needs to be paid, most kids still need to go to college, there would be funeral expenses, etc.  Speaking of mortgages, we typically do not recommend buying mortgage life insurance from the letters you get in the mail from life insurance companies just after you have refinanced your house, for example.

They are usually overpriced.  You can normally get much better rates by using our Compare Quotes tool as we compare rates with many different insurance companies.

During these years would also be a good time to consider a permanent life insurance policy, which begins to build some cash value.  This would be a good discussion question for your life insurance advisor.

Read more here:

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Life Insurance for Your 40s

By your 40s, you likely have significant assets to protect. If you have not bought a life insurance policy yet, it’s important to do so before the rates rise even more in your 50s or future health conditions, such as diabetes, make it more difficult to get insurance.

Financial experts agree that even if you already have a policy in place, your 40s is a good time to sit down with your finances and reevaluate your insurance needs. You may find that you need a supplemental policy to take care of new responsibilities that weren’t present in your 30s.

With today’s economy and lifestyles (increase in divorce rates), many individuals and families are still deep in debt.  This is not a time to be slack in taking care of potential financial disasters (such as the loss of a spouse and their income), but rather a time to take care of life insurance needs.

Read more on buying Term Life Insurance in Your 40’s

Life Insurance for Your 50s

As you enter your 50s, you will have different insurance needs than you did in years past. You may have grown children who can provide for themselves. Your house may be paid off, and you may need to cancel that mortgage insurance policy if you had one.

However, there are still many expenses that a term life policy can assist your family with paying. A term policy can be used to fund a trust, to provide your family with inheritance and to provide a liquid asset for your estate. Life insurance will be more expensive at this age, and that expense will go up if you have significant health problems. However, even at the increased rates, term life insurance is still an affordable insurance option.

You may find yourself at this point either experiencing or have experienced the loss of a parent or loved one, and personally now understanding the financial aspects of that event whether good or bad.

@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-mobile-banner-1-0-asloadedmax-width:336px!important;max-height:280px!importantIf you have experienced that situation, you will have found out that life insurance proceeds are handled outside Probate Court, and are much easier to deal with than all the other legal issues of handling someone’s estate.

One other important issue to consider during this stage of life is if you might have some type of business life insurance need.  This could be from a Key Man life insurance standpoint, or maybe life insurance to fund a Buy-Sell contract between partners that own a business.  Additionally, if you are a Sole Proprietor that owns a business, you might want to have a one-way Buy Sell arrangement with a friendly competitor.

Life insurance rates for business policies may generally be lower per thousand dollars of death benefit because usually these type plans having higher death benefits.  Companies usually have “life insurance rate bands” and there are discounts as the death benefits get higher.

Any of the above business life insurance needs are very critical, and can also help a surviving spouse if you have some type of “business will”.  A death of a spouse is a traumatic event, even if expected, so minimize the additional responsibilities that person may have to deal with as much as possible by prior planning.

Read More On Buying:

Life Insurance for Your 60s

In your 60s, you may not have dependents who need your income, but term life insurance can still provide a level of support for your loved ones in the future. If you don’t have enough death benefit coverage by the time you reach your 60s, purchasing a policy as soon as possible is vital.

Hopefully during these years most of your debt is reduced to a manageable level, college debts for your kids have been taken care of, and your main need for life insurance would be to help pay for final burial expenses, ongoing income to supplement social security benefits for a surviving spouse, as well as to provide a charitable gift for a local nonprofit you might be actively involved in.

If you wait until age 65, you will have far fewer insurance options. Some companies simply won’t sell a policy to anyone 65 or older. At this stage of life, you can expect rates to be more expensive, but they will still cost significantly less than whole life policies.

Read More On Buying:

Affordable Life Insurance Rates For Seniors

Even seniors age 80 need life insurance coverage. With advances in medicine and health care facilities, people are living much longer. Some of the needs for life insurance for seniors are the same as those mentioned for folks in their 60’s.

Rates for life insurance for seniors do not have to bust your budget, however. It’s still possible to get affordable life insurance as a senior citizen.

Many times there are medical issues that do cause life insurance rates to be higher than they are for those without medical conditions.

However, even with medical conditions, there are many good guaranteed life insurance policies for the elderly.

If you’re ready to see real pricing, get a life insurance quote now.

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Source: goodfinancialcents.com

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United Home Life Insurance Company has been in the business of offering life insurance coverage to its clients for nearly 70 years. Its parent company, United Farm Family Life, initially began in the insurance industry in 1937. The firm’s headquarters are located in Indianapolis, Indiana.

Unlike many other life insurers requiring coverage applicants to undergo a medical exam prior to approval, United Home Life Insurance Company is primarily known for offering simplified issue life insurance coverage. This means that those who apply for coverage will be approved – even if they have some type of adverse health condition. This is because these types of policies may not require the applicant to take a medical exam, and may not even require them to answer a great deal of health-related questions.

United Home Life Insurance Company has the motto of “Simplified Products – Faster Results” – and the company abides by this in both its life insurance coverage products and in its customer service. This is because the company believes buying life insurance should not be a long, drawn-out process; it should be as easy as possible for customers. This is one of the things that has made United Home Life Insurance Company so successful throughout the years – especially in this particular product niche.

United Home Life Insurance Company Review

United Home Life Insurance Company also abides by the rule of “life insurance made simple.” The goal of the company is to offer life insurance coverage that is easy to understand and that will provide financial security for the loved ones of insured policyholders.

The company offers a nice selection of different types of life insurance coverage – and many of their plans may be further custom-tailored to meet more specific insurance needs via riders, some even at no additional cost to the policyholder.

In addition to being known for its simplified underwriting products, the company is also known for its top-notch customer service. This comes from both its home office staff as well as the independent agents offering the company’s policies.

Combined, United Home Life and its parent company, United Farm Family Life, have more than $2 billion in assets, as well as more than $20 billion of life insurance in force. For this reason, these companies are in a good, solid position to meet the financial promises they have made to their policyholders.

United Home Life Insurance Company Rating

  • A- (Excellent) from A.M. Best Company

The parent company of United Home Life – United Farm Family Life – is also very strong financially. It, too, has been given a high mark, including:

  • A (Excellent) from A.M. Best Company

Types of Life Insurance Available

United Home Life Insurance Company and United Farm Family both offer a wide array of life insurance coverage. This can help clients to better meet their protection needs, as well as assist clients in changing or adding to their coverage as their needs change over time.

The insurers offer both term and permanent protection. With term life insurance, the insured is covered with pure death benefit coverage only – and because of this, the life insurance can often be less expensive than a comparable permanent policy. They are especially more affordable for those looking for a larger policy, such as a million dollar life insurance policy. Term life insurance is purchased for a certain number of years.

Permanent life insurance coverage offers both death benefit protection, as well as cash value build up. The death benefit protection is guaranteed to last for the insured’s lifetime, as long as the premium is paid. Cash value inside of a permanent life insurance policy is allowed to grow tax-deferred. And, the cash may be either borrowed or withdrawn for whatever reason the policyholder sees fit.

Term Life Insurance Coverage

The term life insurance coverage offered through United Home Life Insurance Company and United Farm Family Life provides a defined amount of coverage for a set amount of time. At the end of this “term,” the premium will increase each year until the policy ends, which is typically at the insured’s age of 95.

There are three primary products offered, including:

  • Express Issue Term 20 – This 20 plan is a level death benefit term policy featuring a 20-year initial level premium guarantee period. The premium will increase on a yearly basis after the 20-year period is complete. The policy features four supplementary riders so the insured has the ability to further customize coverage if he or she would like. 
  • Express Issue Term 30 – This 30 plan is a level death benefit term policy featuring a 30-year initial level premium guarantee. Then, the premium will go up annually. There are also four supplementary riders the insured may add for further customization.
  • Premier 20 with ROP – With the Premier 20 ROP policy, there is a 20-year initial level premium guarantee period. At the close of the 20-year period, premiums go up annually. There is also a return of premium feature on this policy. There are two supplementary riders available with this type of policy.

Because these are all simplified issue policies, there is no routine medical exam required as a part of the underwriting process, and the coverage cannot be canceled during the term period as long as the premium is paid.

Permanent Life Insurance Coverage

Provider whole life is a permanent life insurance policy that offers both death benefit protection, as well as cash value build up. This cash is allowed to grow on a tax-deferred basis, meaning that there is no tax due on the gain unless or until it is withdrawn.

This is a graded benefit whole life insurance policy, which means that during the first two years of policy ownership, the benefit for death of the insured by natural causes will be a refund of the premiums paid in, plus interest. However, starting day one of policy year three, the full amount of the policy’s death benefit will be paid to the beneficiary should the insured pass away for any reason. There are also several no-cost riders that may be added to this policy.

Final Expense Life Insurance Coverage

United Home Life Insurance Company and United Farm Family offer several simplified issue final expense whole life insurance policies, too. These plans offer a death benefit that never decreases, as well as premiums guaranteed never to increase. They also offer cash value build up that is allowed to grow on a tax-deferred basis.

There are three final expense policies offered, including:

  • Express Issue Premier – This is an immediate death benefit whole life insurance product offering additional riders and benefits to help in customizing the product to the policy holder’s needs.
  • Express Issue Deluxe – The Express Issue Deluxe also offers an immediate death benefit, as well as numerous additional riders that can help to offer more customized protection.
  • Express Issue Whole Life – This graded benefit whole life insurance policy also provides several no-cost riders designed to provide additional value – including an Identity Theft Waiver of Premium Rider.

Accidental Death Coverage

The company also offers the Protector AD accidental death plan. This accidental death coverage is an inexpensive addition to existing life insurance coverage, and it doubles over 20 years. The premium is level and guaranteed for 20 years, followed by guaranteed increasing annual premiums. There is also a return of premium feature. This plan only has one non-health question on its application.

Other Products Sold

United Home Life Insurance Company and United Farm Family also offer an Express Issue Deluxe Whole Life insurance policy that provides an immediate death benefit to qualifying insulin-dependent diabetics. This means that there is no need to wait for two or three years of policy ownership in order for the full amount of the death benefit to be paid out.

Source: goodfinancialcents.com

Apache is functioning normally

When deciding upon life insurance coverage, especially when considering a five million dollar policy, it is important to shop around in order to find the insurer that fits both your needs as well as your budget.

Premiums for million-dollar life insurance rates can range quite a bit from company to company, which is why it is crucial that you consider getting quotes from multiple life insurance companies.

This is the number one way to save money if you need a large life insurance policy, regardless of the reason you need that high of a death benefit.

Sample Premium For A Five Million Dollar Policy

Many people ask us “how much is a million-dollar life insurance policy?”  Before I give them the answer, I usually tell them to also look at higher death benefit levels, and not to just look at the cost of a 1 million dollar life insurance policy.

You will also have to decide whether to get quotes on permanent life insurance or term life insurance.  For our purposes, we will look primarily at term life insurance rates because typically these are much lower than the average cost of permanent life insurance.

Pro tip: For large insurance policies – shop around! Prices will vary greatly from company to company.

Anyway, look no further! Below are a few examples of what you might expect to pay for five million dollar life insurance rates.

$5 Million Life Insurance Example

If you are a forty-five-year-old male seeking a five million dollar policy you may receive various ranges of preferred plus ratings depending on the company you go with.

For example, three A+ rated companies vary from $205.32 to $714.27 depending on the year level.  All of these companies rate in our list of top ten life insurance companies, such as Banner Life Insurance Company.

A ten-year level term policy would cost you around $205.32 whereas a fifteen-year term policy increases to $305.37 and heightens to $427.17 when considering a twenty-year term.

Although this is just an example, it was used so that one can understand that life insurance rates do vary quite extensively in some cases.

Sample Rates for $5 Million Policies (Males)

Sex Age $5,000,000 20 year Term
Male 30 $157.47/mo

Male 40 $253.17/mo

Male 50 $740.37/mo

Male 60 $2,103.75/mo

Male 70 $7,973.88/mo

Sample Rates for $5 Million Policies (Females)

Sex Age $5,000,000 20 year Term
Female 30 $131.37/mo

Female 40 $214.02/mo

Female 50 $528.66/mo

Female 60 $1,440.91/mo

Female 70 $5,225.06/mo

All in all, it is important to realize that the range of costs depends primarily on a few things, such as the length of your term policy as well as the amount of money (death benefit) you are wishing to insure.

Therefore, it is important to search around for all of the options when looking to apply for a multi-million dollar life insurance policy.

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Higher Premiums = Stricter Tests

Anytime you cross a certain threshold for life insurance premiums, especially getting up into the millions of dollars range, your life insurance company is going to be a little stricter in checking your laboratory tests. This is called life insurance underwriting.

Certain carriers will allow you to apply for life insurance with no exam, but once you cross the 1 million dollar life insurance level, expect them to take a much closer look at various aspects of their underwriting, which we will discuss further.

Obviously, it is appropriate for life insurance companies to do their due diligence for anyone wanting to buy life insurance in the millions.  They wouldn’t be financially prudent if they didn’t.

Life insurance companies understand if they get a reputation for “easy underwriting” then insurance agents and consumers will go to that company if they have serious medical conditions. This is called adverse selection and their underwriting results would deteriorate; then they might lose money and possibly not be able to have enough reserves to pay death benefit claims.

Life Insurance Applications and Your Medical History

When applying for high limits for life insurance amounts, your medical history will definitely come into play. You will be asked a lot of health questions either in person by your life insurance agent or over the phone if you apply for life insurance by telephone or on the internet.

Go ahead and prepare for this by gathering all your information about the recent doctor or hospital visits such as dates of service, reasons for the visit, results of the service and whether that medical condition still exists, and whether or not it is under control.  This would also include any prescription drugs you may be taking for that medical condition including dosage amounts and frequency.

According to the Center for Disease Control, the following statistics from 2014 (last complete year available) indicate the leading causes of death from medically related conditions in the US:

  • Heart disease: 614,348
  • Cancer: 591,699
  • Chronic lower respiratory diseases: 147,101
  • Stroke (cerebrovascular diseases): 133,103
  • Alzheimer’s disease: 93,541
  • Diabetes: 76,488
  • Influenza and pneumonia: 55,227
  • Nephritis, nephrotic syndrome, and nephrosis: 48,146

It makes sense that if you have one of these medical conditions that made this list, then you could expect to pay higher premiums for your life insurance policy. Since some of these diseases can be genetic, you will also need to have information about your parents and their health conditions, as well as information on the above diseases about your siblings.

Depending on your age and the death benefit levels you are applying for, life insurance companies will ask you to do various application requirements to allow them to perform their underwriting. All companies are different, and whether you are looking for life insurance at 50 years old, or life insurance for over 75 years old, may have different requirements for enrollment.

Since you are looking at a high death benefit amount, such as at least a million dollars of life insurance, then you will almost always have to either take a physical, or at least have a paramed examiner come to your home or office, and give you a “mini-physical.”

This usually involves a nurse checking your blood pressure, height, and weight, asking you the usual health questions about you and your family, drawing blood and obtaining a urine specimen for lab work, as well as giving you a portable EKG exam.

If you are applying for a 5 million dollar life insurance policy, then you will most likely have to take a complete physical from a Medical Doctor as well as take a Stress Test EKG from a cardiologist.

Why Life Insurance Companies want to Know about Your Lifestyle

Your lifestyle choices will definitely be a part of the determination of premiums you will be offered by life insurance companies, or whether you will be offered a policy at all.

Some of these lifestyle choices are as follows that you will be asked about on your life insurance application:

  • Do you smoke cigarettes, cigars, or chew tobacco?
  • Do you exercise regularly or engage in physical activities such as tennis, biking, etc.
  • Do you frequently travel overseas to dangerous places in the world?

You probably already know that stopping smoking and starting to exercise will increase your health and lower the average cost of life insurance.

Just for your information, here are a few lifestyle tips that have been shown by various studies to increase your life expectancy.  They may not help reduce your term life insurance premiums, but they may help you live longer:

  • Floss your teeth regularly (helps reduce infections and inflammation in gums, resulting in less chance of infections in your arteries causing plaque buildup)
  • Eat more vegetables. Healthy vegetables prepared in a heart-healthy way.
  • Move out of Alaska and/or get lots of outside time (Vitamin D has several health benefits)
  • Wear your seat belt: Not related to disease prevention, but it sure can help with staying alive in an auto accident

Will Your Occupation Prevent you from Getting a 5-Million Dollar Life Insurance Policy?

Maybe. Maybe not. Life insurance company actuaries (the accounting folks who actually determine what life insurance companies will charge for their policies) also have to include factors based on the occupations of their applicants.

One of the occupations that consumers don’t think about that is a high-risk occupation is truck drivers and delivery drivers.  This is because transportation accidents are one of the highest on the job reasons for deaths according to the Bureau of Labor Statistics.

Other occupations that are hazardous and might even preclude someone from getting a million dollar life policy are commercial fishermen, loggers, roofers, farmers, powerline installers/repairmen, traveling circus workers, etc. Also, if you work underwater or over 3 stories, that can give life insurance companies a cause to rate up your life insurance offer.

If you are in one of these occupations, you might want to just give us a call so we can go to some of our companies that offer life insurance to consumers engaged in high risk occupations.

Which Hobbies affect Applying for Life Insurance?

OK, you just bought that new Harley.  You should have applied for life insurance first.  Yes, riding a motorcycle can cause you to have to pay higher life insurance rates because life insurance companies would rather see you in a car wearing seat belts.

So now before you sign up for jumping out of an airplane because it is on your bucket list, buy your million dollar life insurance policy now to get a good rate.

Here are a few more hobbies that will cause your life insurance rates to be surcharged:

  • Mountain Climbing, including rappelling.
  • Scuba Diving
  • Car racing
  • Paragliding
  • Cave exploring (spelunking)

Why Would You Even Want to Get a Million Dollar Life Insurance Policy?

Many times people buy life insurance to help pay for funeral expenses or provide college education for younger children.  If you are looking at a multimillion dollar life insurance policy, it is probably not for either of those reasons.

Most applications for these large death benefits are to use for a business or personal will.  This could be to fund business buy sell arrangements or key man life insurance policies for a business, or to provide for estate taxes for an individual.

Sometimes both individuals and corporations will need a large policy to pay off debt in the event of an untimely death, or to provide for a generous donation to a charity to leave a lasting legacy in the name of an individual or corporation.

Get a Second Opinion (if you don’t like what you hear)

If the initial rate comes back much higher than expected, make sure you seek out rates from all the best life insurance companies.  It should be noted, that as an independent insurance agency, we already do this for you.  In one case, we had a client that was a real estate developer and was seeking $7 million of life insurance coverage.  We decided to split the policy up between two carriers to diversify the risk for the two life insurance companies.

After the medical exam, one carrier rated him Preferred, while the other one rated him Standard Table 1.  It was a $2,000 difference for both companies which left both myself and the client puzzled.  We tried working with the company but their underwriter saw something different than the others so they didn’t budge.  The end result was us shopping the policy with a 3rd insurance company that matched the least expensive option saving the client money while also keeping his large policy diversified.

We hope this will have fully answered your question of how much is a million-dollar life insurance policy.

If you have any further questions regarding life insurance, feel free to contact us with any of your concerns as we are always happy to address your specific needs.

Bottom Line

Do you need a $5 million dollar life insurance policy? Only you can answer that question. But if you do decide that you need such a large policy, the process of getting approved and finding the best company to buy from is not as difficult as you may think.

Just be sure to do your research and compare quotes from different insurers before making your final decision.

Source: goodfinancialcents.com

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