Policies of insurance of life are sold with death benefits in a range of US $ 100,000 to US $ 10 million. A life insurance policy can accumulate cash value for the insured or simply create benefits available to those who survive within an agreed period of time. Insurance companies have qualification measures for persons seeking the highest amounts of benefits.
- Decide between term insurance and life insurance. A whole life policy, as life whole or universal life insurance accumulates cash value over time that can be used for loans or received by surrendering the policy. Term insurance simply provides a benefit payment over a period of time, like 20 or 30 years. There will be a higher premium for permanent life insurance that temporary insurance with a profit of US $ 1 million.
- Talks with representatives of various life insurance companies. Discuss the options and costs of several different insurance policies that have a profit of US $ 1 million to make an informed decision about the plan that best fits your needs.
- Complete the application with the assistance of a representative. Although many companies have application forms available online, most require that a representative complete the application for customers who take a life insurance policy of $ 1 million.
- Undergo medical examination. The life insurance policies with low amounts of benefits are sold without exams, but anyone who asks for a policy of US $ 1 million will be sent to a doctor paid by the company for a full examination.
- Sign the contract agreement and make regular premium payments. They are commonly available options to pay monthly or annually. Premiums for most life insurance policies one million dollars are in the range of US $ 400 to US $ 800 per month for a nonsmoker 48 years old.