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In This Article, I’m Going To Talk About The Process Qualifying For $10,000,000 In Life Insurance
You are looking for sources on how to qualify for $10,000,000 in life insurance. You’re looking for an income replacement plan, liquidity to pay your estate taxes, or for a key man or buyout cross-pay plan for your partnership.
Here you will find a thorough review of the all the reasons why people get declined for $10,000,000 in life insurance.
We will cover important strategies to employ to make sure that you can qualify for $10,000,000 in coverage. We’ll give you different options for life insurance at $10,000,000 coverage. We’ve included some sample rates to consider.
Today’s Topic Overview:
- Why People Buy $10,000,000 In Life Insurance
- Case Study Examples
- As A Supplemental Life Insurance Retirement Policy
- As Mortgage Protection
- A Purchase Agreement For Business Continuity
- For Collateralization
- How To Qualify For $10,000,000 In Life Insurance Coverage
- Top 6 FAQs For People Buying $10,000,000 In Life Insurance
- Strategies For Buying $10,000,000 In Life Insurance
- Stories From The Field
- Eat Healthily
- Use A Broker
- Different Rates And Types Of Life Insurance For $10,000,000 In Coverage
- Term Life Insurance
- Permanent Life Insurance
- Next Steps
Here are the most common reasons for buying life insurance in the amount of $10,000,000. These may apply to you. They’ll help solidify the reason why it’s important to buy $10,000,000 in life insurance.
As A Supplemental Life Insurance Retirement Policy
Life insurance is not just for final expenses or outstanding obligations. Life insurance can also be useful while you are still living. You can also supplement your retirement plans with a life insurance policy.
Life insurance plans may be able to provide a tax-free form of income upon your retirement. This is very attractive to some individuals that have maxed out their opportunities and their retirement plans. They want to find additional coverage.
It’s something that will allow them to take advantage of some unique provisions to accumulate cash income in retirement. Something that avoids some of the potential tax issues related to mortgage payoff.
If you would like to find out what you might qualify for, give us a call for a free quote at (888) 626-0439. You can also send us a request using the message board found on this page. We will reach out to you within 24 business hours with more information.
As Mortgage Protection
Some people buy $10,000,000 in life insurance because they have a large mortgage. They want it covered in the case of their demise. They want to keep the estate in the family. A life insurance plan does a great job of covering the expense of a mortgage.
Say you owe $10,000,000 on your home and you’re going to pay it off in 20 years. If you happen to die in the 10th year, you’re going to need some life insurance in place to cover the mortgage balance. Then your family isn’t required to pay additional expenses.
A life insurance policy with $10,000,000 coverage will do a good job here. It will cover final expenses without risking the loss of your home due to the high mortgage amount that’s required.
A Purchase Agreement For Business Continuity
Many people purchase life insurance coverage not just for personal reasons but also for business concerns. You may be involved in a partnership or in a corporate setting with key people who are owners of the company. Imagine for a moment if those key people died. Their family inherits ownership of the business and now has control over the company.
What implications would that have for the running of the operation? How would the business be affected? Those implications could be negative if the person taking over is not competent in the day-to-day operations of the business.
Whether you work in a corporate or a partnership situation, buying life insurance is a great way to have a business continuity plan. It eliminates the financial risk of losing your partner and having the family controlling interest. A life insurance coverage plan can fund the corporation in buying out the surviving family’s provision in the contract.
This allows the ownership to be spread among the remaining partners. The business can continue to operate. The family can take their ownership interest out of the business. Everybody’s happy.
A life insurance policy is a great collateralization tool. It gives the banks more confidence. If you (as a key person in your business) pass away, their investment will be protected through the proceeds of the life insurance plan.
The setup process for one of these plans is simple. It’s a typical life insurance qualification. You name the beneficiary on the policy as the bank as access collateral in case you happen to pass away. It relieves a lot of the tension and stress for the bank.
People buy life insurance because they’re looking to replace their future income in case they pass away earlier than expected. People in the financial planning business follow a simple rule. A simple rule that even David Ramsey discusses at times.
It’s called the 10x income rule. A good rough estimate of what you need as far as life insurance goes is 10x your annual income.
You make a million dollars a year. Chances are that if you die, that million dollars goes away. The savings set aside for investments or to pay for kids’ colleges are not going to be there.
You’ve died earlier than expected. You didn’t have the time to accumulate the type of money necessary. This is where a $10,000,000 plan can be extremely handy.
You take the policy out. If you pass away, that $10,000,000 is paid to your beneficiary. This funds your family’s lifestyle without you present. They are not forced to lower their standard of living just because you happen to pass away.
Case study examples
Business Expansion and High Blood Pressure
A young woman recently got in touch with us after she and her business partner decided they wanted to expand their business. They needed to get a bank loan for their expansion, but to do so the bank required they take out a 10 year term insurance policy.
The woman suffered from high blood pressure and was taking medication for her condition.
She was concerned this would affect her application, but we work with a number of providers that cover high blood pressure and were able to get her qualified for premium rates.
While not all applications will be approved, we do our best to find an insurance plan that will work for your goals.
Parkinson’s Disease and Final Expense Coverage
A client of mine named Ms. Brennan who was 30 years old recently got in touch because she wanted just enough coverage to take care of her cremation. Based on local expenses and local averages it looked like the average cremation would run no more than $3,000-$5,000 depending on what kind of urn and service was provided.
The only issue was that this client had a history of neurological problems, specifically Parkinson’s disease. She had heard this could cause issues with getting approved for quality life insurance and she was worried her application could be denied.
The good news is we were able to shop among a number of providers and find quality insurance for this client that provided the life insurance coverage she was looking for at an affordable rate.
While we can’t guarantee the same outcome for every client, we do our best to shop among a number of providers that covers things like Parkinson’s.
If you have any questions you would like to discuss with one of our experts in the field, please feel free to get int ouch by calling (888) 626-0439. You can also send us a message using the contact us box found on this page. We would be happy to speak with you more about your insurance options.
How to qualify for $10,000,000 in life insurance coverage
What’s the process for qualifying for $10,000,000 in life insurance? It’s a bit more complicated than it would be with a traditional life insurance policy in a smaller amount.
When you want to qualify for this amount of life insurance you are looking at most certainly a full medical examination.
This will involve an exam, a physical, blood and urine test, and most likely an electrocardiogram. Perhaps even a treadmill stress or mental health test.
All of these elements are required because of the scope of the coverage that is being purchased. The option of buying life insurance without an exam is out of the picture. Most companies with this amount of coverage will not simply request medical records. They’re going to request full examinations before considering you for life insurance.
You may also want to consider adding riders to your life insurance policy. This is an important addition to many life insurance plans. It can be extremely useful in circumstances where the unexpected happens. Let me give you a couple of examples.
One great life insurance rider to purchase is a disability waiver premium. The concept behind this is simple. If you become ill, you cannot work. Your income changes dramatically.
If you can prove that you’re disabled, there are contingencies in the policy. They state that you don’t have to pay your life insurance premium for as long as you are disabled. This premium waiver will cover the premiums on the payment while the life of the policy is in force.
I also like the conversion options in a life insurance plan as well as the option to add additional coverage regardless of insurability. Add a rider that guarantees insurability.
Your needs may change as time passes. They may become greater. Many people in life build up their legacy and their business. You want to add to your coverage to cover these needs.
Say that your health changes and disqualifies you from adding more coverage. You would have the right to exercise this rider for more coverage without having to go through a physical process. This allows you to retain a level of future coverage without the requirement of doing the examination.
Top 6 FAQs for people buying $10,000,000 in life insurance
1.Can I qualify for $10,000,000 in life insurance?
It depends on a number of factors including your health and your age. Most applicants find if they are generally in good health and relatively young, they will get a better rate and have more options for coverage.
However if you are just looking for enough to take care of final expenses, such as a burial insurance plan, you will find that this rule doesn’t necessarily apply and you’ll have more flexibility for smaller amounts of coverage as opposed to larger amounts of coverage.
2.Why is $10,000,000 dollars in coverage a good amount?
If your personal goals require $10,000,000 in coverage, then it’s a good amount of coverage. There is no right or wrong coverage amount, only guidelines. It all comes down to your personal goals.
If you want to replace income, then we recommend getting 10 times your annual salary in coverage. If you want to take care of final expenses, $25,000 is a good place to start.
3.What if I need more coverage?
I recommend only get what coverage you can afford right now. You can always add to your policy later on when you are in a financial position to do so. It doesn’t make sense to get more coverage than you can afford to make payments on, because you will only end up with no coverage at all if you fail to make payments.
4.What type of life insurance is best to buy?
Again, this all depends on your situation. If you are looking to cover long term problems then a whole or guaranteed life insurance is best. For short term obligations, term insurance is a good choice.
5.No other options available
If you have found that you have no other life insurance options available to you, guaranteed acceptance life insurance is a great solution. It doesn’t require an examination and will cover most chronic health problems.
Strategies for buying $10,000,000 in life insurance
I want to take a moment here to go over a couple of important factors that you should consider before taking the steps to qualify for a $10,000,000 life insurance plan. Your situation is unique. Not just in the amount of coverage that you’re purchasing, but also in what you must do to get your coverage enforced. Allow me a moment to explain.
You need to take every precaution necessary to ensure that your examination goes without a hitch. It’s important that you understand this. It allows you to give me the best options for the best qualifying factors available.
Take the following steps that I’m about to go over with you. If you don’t, you may find that your vital readings from the examinations are more negative than they should be. This may influence an underwriter to write up your premium class to a higher level than desired.
Here’s what you need to do:
Before the exam, eat healthily
For several days in advance of the examination, make sure to take the time to eat healthy food. Eat fruits, vegetables, and lean meats. Eliminate saturated fats and fried foods.
This will have a temporary but important effect on your overall readings when it comes to cholesterol, blood pressure, and triglycerides. This, in turn, can have a tremendous effect on the actual price that you will pay on your premium.
Exercise will help to lower your blood pressure and control your blood sugar and vital readings. Make sure you do exercise (if you’re already not doing so) before the exam. Spend a night in a luxury hotel to give yourself a nice stress-free sleep. Ensure that you’re well rested and focused for the exam the next day.
I may sound a little bit overboard, but the difference between getting a standard rate and a preferred plus rate is hundreds of thousands of dollars a year in annual premium sizes. It’s worth the extra added effort to make sure that everything goes down without a hitch.
Discuss your options with a broker, not a captive carrier
Why? Price is everything in the purchase of a life insurance plan. We want to make sure that you have multiple options, especially if you’ve had a history of health problems.
Some carriers look at your health issues differently to others. You don’t want to select a carrier that rates you up too high. You don’t want one that restricts your coverage because your risk profile doesn’t fit within their parameters.
Make an effort to find a plan that’s going to do the best job of matching your health history records. It gives you the opportunity for the most coverage for the least amount.
Stories from the field
Today I want to share with you a story that demonstrates what Buy Life Insurance for Burial can do for clients, even if they have had a significant history of health problems.
For a time I worked in some very rural areas in Alabama. On this particular day I had visited with a number of clients in their homes and was finishing up for the day with one last stop before heading home.
As I approached my last stop of the day I pulled into the drive and saw a sign that said the following: Any damage done to your person or your property is not the fault of this property owner. The Nights.
Usually when I see threats of this magnitude I back away and go on to the next appointment. But this was my last stop of the day and for some reason I was feeling brave.
I got out of my car and instantly noticed there was a man sitting on the front porch watching me. It was clear this was Mr. Night. I decided to try to break the ice a little, so I called out to him as I walked toward the front porch and said he must be the man I was looking for.
Mr. Night was not ammused. He instantly demanded I tell him what my business was and I responded that I had received a request for information about life insurance.
He quickly called his wife outside and then left us to talk while he went off to the garage. Mrs. Night was much more welcoming and explained that she was concerned about her husband not having life insurance in place.
She shared that she had been married before and her previous husband had made sure to get quality life insurance. When he died unexpectedly, the death claim money was a godsend. She was able to pay for his funeral and burial without going into debt.
I explained a number of options for Mr. Night and advised we go speak with him to get his approval. We found him tinerking with something in their garage and he gave me the same cold greeting as we approached.
His wife explained she wanted him to consider getting life insurance and he quickly responded, “Why would I want to do that.” After which he proceeded to call me a number of names.
As his voice escalated, I wondered what in the world I had gotten myself into. “You’re lucky your not buried dead in my backyard the way you showed up,” he told me.
I was about to turn around and leave when his wife told him to calm down and surprisingly, he did. In fact, he got so calm he actually ended up signing the application.
I was shocked by how far the situation has escalated and how after a matter of minutes I walked out of there with a signed paperwork.
Besides this being a funny anecdote, there’s is also an important lesson in this story. You see, about three years later I got word that Mr. Night had passed away from natural causes.
This small policy that his wife had pushed to get ended up saving her from going into debt. The death claim paid for Mr. Nights funeral and burial, which was more money then they had in savings.
It saved Mrs. Night from the worry and stress of trying to figure out where the money would come from. She didn’t have to suffer any more than she already was suffering from the loss of her husband.
The moral of the story is don’t shoot your insurance agent if they show up at your house! We want to help.
Different rates and types of life insurance for $10,000,000 in coverage
Term Life Insurance
Term life insurance is the most popular form of coverage. It consists of approximately 80% of total life insurance purchase decisions. The concept of term insurance is simple.
It’s pure insurance. There’s no cash value component, no dividends that are paid within the policy. It states that a death benefit of $10,000,000 will be paid upon your passing as long as the death occurs within the term period of time.
Term periods can last between 10 and 30 years. Sometimes less, sometimes more. Premiums usually remain level throughout that period of time. They don’t go up in price.
People purchase term insurance because they want the pure insurance component. Their main goal is to temporarily ensure a temporary concern. For example, a lot of people buy a term insurance plan to replace their income or to fund their future retirement goals.
You reach retirement age and you do accomplish your goals. What’s the reason for having a life insurance policy at that point? The life insurance policy has satisfied its goal, which was to cover in case something does happen earlier than expected. Term insurance is good for those reasons.
If you need life insurance longer than that, you may find that you’ll be in a hot spot when the term comes to an end. Consider the nature of what it is that you’re insuring against. If it’s temporary, term insurance is a good idea.
10-Year Term Life Insurance, Best Price On Quoter
Permanent Life Insurance
Permanent life insurance is life insurance that lasts your whole life. It doesn’t cancel because of age or health. The rates do not go up. This predominantly refers to what we call whole life insurance.
There’s a big downside to permanent insurance premiums. Typically they are 5 to 10x higher than their accompanying term insurance type.
Whole life insurance pays dividends. It has cash value. It’s primarily used to pay final expenses and other permanent types of financial obligations. Estate taxes. Providing liquidity to a business in the case of a death of a partner.
Whole Life Insurance Rates, Life Pay
Universal Life Rates, UL to 100
If you’re interested in qualifying for life insurance coverage of $10,000,000, visit my website. You can go to buylifeinsuranceforburial.com and grab a free quote.
I do ask that you message me first. You can do that by clicking the contact box; the one at the top or the bottom, and send me a quick message. Or just call me. The best way to reach me is (888) 626 0439, and speak with me live.
Thanks for reading this article. I hope you have found it helpful. If you have any remaining questions or would like to find out what your premium might look like, send us a message or give us a call at (888) 626-0439.
You’ll speak to a life insurance expert who can guide you through various options and rates. We hope to hear from you soon!