LIFE INSURANCE QUOTES FOR $250,000 – $1,000,000 OF COVERAGE
If you’re looking to find some term life insurance quotes for $250,000 – $1,000,000 of coverage then we can help!
Every person has different needs and reasons for buying life insurance.
Not only are we going to provide you with some sample quotes for $250,000, $500,000, $750,000 and $1 million of coverage, we also have some valuable tips to help you choose what you need.
So, let’s start with looking at some sample quotes for 10, 15, 20 and 30 year term life insurance, the explanation of the term lengths, and then we’ll discuss the medical exam requirements you might have to incur for the level of coverage you need to protect your family or your business.
Quick Article Guide:
- Reasons for $250k to $1 Million of Coverage
- 10 Year Term Sample Quotes
- 15 Year Term Sample Quotes
- 20 Year Term Sample Quotes
- 30 Year Term Sample Quotes
- Medical Exam Requirements
- No Medical Exam Policies
Reasons You Might Need $250,000 – $1,000,000 of Coverage
If you’re just starting to research life insurance, one of the first steps to take is to determine how much life insurance you need. This varies from individual to individual. You want to make sure you buy enough.
One approach is to look at your current needs and then ask yourself what your financial needs might be down the road 10 – 25 years later. Some of the areas where you will want to consider when buying life insurance include:
• Income replacement
• Cover your final expenses such as funeral and burial cost
• Cover your mortgage
• Pay for all your current and future financial debts
• Business insurance such as a buy/sell agreement, key man insurance or to cover a sole proprietorship
• Pay for your children’s college education
• Estate taxes for high income earners
• Give to charity
• Provide a financial legacy
• Cover your final expenses such as funeral and burial cost
• Cover your mortgage
• Pay for all your current and future financial debts
• Business insurance such as a buy/sell agreement, key man insurance or to cover a sole proprietorship
• Pay for your children’s college education
• Estate taxes for high income earners
• Give to charity
• Provide a financial legacy
To help you calculate your need, you might want to use our life insurance calculators.
We have 2 of them which includes one for determining simple income replacement, and another one for considering other variables.
10 Year Term $250,000 – $1,000,000 Quotes
A 10 year term life insurance policy covers for an initial 10 years. To renew this term period again premiums will increase annually afterwards. A 10 year term policy is generally the lowest priced that any insurer provides. This type of policy is ideal for shorter term needs such as to cover a business loan or other short term debts.
15 Year Term $250,000 – $1,000,000 Sample Quotes
The uses and requirements for this length of term is similar to 10 year term, the 15 year term policy and will be in force for 15 years. A 15 year term is not available for those 80 year and older because term policies have maximum ages limits where certain term lengths are no longer available. Most insurers stop providing a 15 year term after age 70.
20 Year Term $250,000 – $1,000,000 Sample Quotes
This is the most common length of term policy we sell as it covers a longer period. It may be sufficient for you to use this time so long as you decrease your debt load and add to your assets. The cut cut-off age for most carriers for this length of term is age 60.
30 Year Term $250,000 – $1,000,000 Sample Quotes
The majority of people who buy this policy do so for the purpose of income replacement. This term length provides longer life insurance protection for those need it. Most carriers will cease providing this term length at either age 50 or age 55.
If your interested in finding other life insurance quotes for lower life insurance amounts and need life insurance quotes such as for $25,000 – $100,000 of coverage or even much higher life insurance quotes for $2,000,000 – $5,000,000 of coverage then click on those links.
And, if you are looking for policies which have the additional coverage features such as “Return of Premium” or “Guaranteed Life Time Coverage” you can get additional quotes from the quote calculator on the right hand side of the page or call us at 855-247-9555.
Medical Requirements for Getting Life Insurance
Every standard life insurance policy means you will have to undergo some form of medical exam to be approved for a policy.
There are many of you folk out there who are under the erroneous impression that every life insurance company is pretty much the same when it comes to medical exams.
That’s a big fallacy because they are very different!
Some companies are a lot more lenient and liberal in their underwriting requirements than other companies. This is an important point to remember because life insurance is a long term investment.
You want to get the best value for the hard earned money you spend on a policy, and you want an insurer who is going to give you the best policy at the lowest premiums.
Life insurers differ in a variety of areas such as height and weight ratios and for different ages. Your current age or a pending birthday could mean a significant difference in what you pay.
There is also a big difference in how insurers treat medical conditions, lifestyle habits and even in how they treat high risk occupations. While some insurers will decline you automatically, other companies will provide coverage under different conditions.
Another area where life insurers can be very different is in the medical exam requirements. How they determine what they want for the overall medical testing procedures will depend on both your current age AND on the amount of life insurance coverage on your application.
Just to give you an example of what one insurer is looking at, one such company requires that for a 30 or a 60 year old applying for $ 250,000 or up to $1,000,000 in coverage, you will have to undergo an:
• Abbreviated paramed,
• Blood profile,
• Provide a home office urine specimen,
• Review of your MVA report and
• A Nonmedical.
• Abbreviated paramed,
• Blood profile,
• Provide a home office urine specimen,
• Review of your MVA report and
• A Nonmedical.
But if you just turned age 61, the insurer will require the following:
• An attending physician statement,
• Blood profile,
• Home office urine specimen,
• A MVA report and
• Resting EKG.
• Blood profile,
• Home office urine specimen,
• A MVA report and
• Resting EKG.
Other insurers will have different requirements. You now begin to get the idea that they are not all the same.
No Medical Exam Coverage for $250,000 – $1,000,000 Life Insurance
If you have an aversion to needles and simply don’t want to bother with having to take time out to have a medical exam, then you will be happy to know that there is an alternative.
It’s called “No-Medical Exam Life Insurance” where you can apply online, provide a brief interview with one of our independent agents and can receive coverage within 48 hours.
Now, not every life insurer provides no-medical exam coverage policies. Also, most companies don’t provide policies much greater than between $250,000 – $350,000 in coverage, but here at JRC we know one carrier that will provide a no-medical exam policy with up to $1,000,000 in coverage!
Also visit our article for people in excellent health who want to learn about the special perks you get when buying life insurance.
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