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The Insider’s Guide To Securing $5,000,000.00 In Life Insurance [Rates Revealed]

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In This Article, I’m Going To Talk About The Process Of Applying For A $5,000,000 Life Insurance Plan

Under what circumstances do people buy a $5,000,000 life insurance plan? What are the strategies for how to qualify for a $5,000,000 life insurance plan? How do you get the best overall package price and coverage?

Today’s Topic Overview:

Why buy a $5,000,000 life insurance plan?

It’s important to cover some reasons why you might want a $5,000,000 insurance plan. To build the need for it. Because, quite frankly, not everybody needs $5,000,000 in life insurance plan coverage.

You would be looking for $5,000,000 coverage in life insurance because you have major economic questions. Questions that need to be covered in the case of your passing. Here we will talk about what those economic considerations will be.

Top 6 FAQ for people buying $5,000,000 in life insurance

1.Can I qualify for $5,000,000 of life insurance coverage?
You will find the younger you are the more likely you are to qualify for higher amounts of coverage. The same is true for health conditions. If you are generally in good health you have a better chance of qualifying than if you are in poor health.

2.Is $5,000,000 in coverage a good amount?
The answer to that question ultimately comes down to what your personal goals are. We here at Buy Life Insurance for Burial deal with people from all walks of life.  Some individuals want just enough insurance to cover cremation.

Others may want enough to cover income replacement and have a 3 figure salary. Your coverage amount will ultimately depend on your insurance goals. Generally, as a rule of thumb, income replacement should be around 10 times your annual income, while burial expenses can range from $5,000-$10,000 and vary by region. Cremation is less expensive than burial expenses, ranging from $3,000- $5,000.

3.What if I need more coverage?
I always tell clients its important first to get coverage that you can afford and keep. When you are in a financial position to get more coverage, you can. Adding to your plan later is always an option.

4.What type of life insurance is best to buy?
It depends. What are your goals? If they are long term goals like paying for final expenses that a whole life or guaranteed universal life insurance policy is best. If on the other hand you want to cover a short 10 year loan, term insurance is a great option.

5.No other options available
If you find you do not qualify for most common types of insurance, guaranteed acceptance life insurance is a great option. 

6.Do I need to take an exam?
For coverage amounts over the $400,000 to $500,000 threshold, an exam is typically required. To receive a free, no obligation quote, feel free to get in touch by calling (888) 626-0439 or sending us a message using our request box. A friendly representative will be in touch to help handle your request. 

Case study examples

30 Year Mortgage

A couple recently came to me after purchasing a new home. They had signed a typical 30 year mortgage and had decided it would be wise to get life insurance in place in case something happened to the husband who was the primary income provider.

The only problem was that the husband suffered from high blood pressure. He was taking medication to regulate the problem, but had heard that this health condition could cause high rates or cause a life insurance application to be declined outright.

I assured him we worked with a number of providers and would look to see who could offer the best deal. At the end of the day I was able to provide the couple with quality coverage at an affordable price. They were pleased with the offer and had peace of mind in knowing they had coverage on the books.

While we can’t guarantee the same outcome for everyone, we do our best to get quality coverage on the books for every applicant.

Father with a History of Depression

A man recently got in touch with us after the birth of his first child. He said the experience of becoming a parent had made him realize the importance of getting quality life insurance in place to protect his wife and child if he were to pass away sooner than expected.

The man was generally in good health but had a history of depression. He was taking medication to manage his mental health, but worried that this would have an effect on his application for life insurance.

I took his application and shopped among a number of our competitve providers to find quality coverage that met his goals and budget. He was very pleased with the offer and happy to get $5,000,000 of coverage in place.

Though we can’t guarantee the same outcome with every application, we do our best to provide quality coverage to every applicant. Unlike agents who work with one product, we are able to shop a number of products to give you the best chance of getting coverage on the books.

Income replacement

If you’re looking for $5,000,000 in life insurance coverage, you probably earn around $500,000 in income a year. You’ve thought through the process of what happens when you pass away.

How will your family live at the same level of lifestyle that you’ve worked so hard to ascertain? Would you want them to suffer financial loss and have to change their entire life? What if your spouse doesn’t have the economic capability to put your children through college? To pay for school and do all the things that your family is accustomed to?

This is where buying a $5,000,000 plan would make sense. It offers substantial cover and replaces your income. They can do all the things that economically you would have done if you were alive.

10x income rule

Most financial planners agree that a good starting point for buying life insurance 10x your annual earnings. Say you earn $500,000 a year. A $5,000,000 plan will be a great point to start.

Within that $5,000,000 you can pay off a mortgage. You can pay any other obligations that you have. You can also fund your retirement with it, so your spouse and family will be well taken care of.  

Collateralizing your debt

Are you a business owner and looking to expand your business? Have you gone to the bank and applied for a loan? Have you been turned down because of collateralization issues?

Life insurance is the perfect solution. In many circumstances, it helps in convincing a bank to allow you a loan to capitalize your business.

The reality is that in any business, small or large, business revolves around one key person. If that’s you and you die, your business probably will die with you. You need to have successors or partners lined up to take over.

The bank is looking at your business, judging whether it should loan money to it. If you as the key person exit the picture, how are they going to get paid back?

This is why a life insurance plan with the bank as a beneficiary is perfect to assuage the concerns said bank would have. They can then finance your operation for a cross-purchase agreement for business continuity.

You’re a doctor, attorney, business owner, or other professional. You’re in partnership with another professional. The importance of deciding how to continue the business if either you or your partner were to pass away has probably crossed your mind.

You own the business 50/50. If your partner passes away with no plan in place, his family comes into the picture. They make decisions about the business.

Would that not have an immediate effect on the direction in which you intend the business to go? It may have quite a dramatic negative effect. Why would you want to encourage this effect if it can be avoided?

Herein lies the problem. When your partner passes away, you may lose contacts. They may be key people and key resources with contact vendors. It may have a negative effect on your business relationships.

The bank may proceed with very much caution in determining whether or not they want to loan money to you. It’s much easier to plan ahead of time. Fund a buyout agreement with a life insurance plan that stipulates that the policy will pay off the surviving family.

This will allow you full ownership of the company. You’ll have a complete controlling interest to allow the business to continue. You won’t have to sacrifice the integrity of your income and earning business.

Mortgage payoff

You own a palatial estate. You’re concerned about keeping that estate in the family. A $5,000,000 life insurance plan will be a great way to do that. It’s much safer than depending on savings or a retirement vessel.

A mortgage protection plan is easy to apply for. It’s the same as a life insurance plan. You name a loved one as the beneficiary. Their job is to pay off the mortgage upon your passing.
To receive more information about what you might qualify for, please call us at (888) 626-0439. You’ll speak to a knowledgeable broker who can provide you with a free quote and let you know what your payments might look like. 

You can also send us a message using the box found on this page. We will respond to your request within 2 business hours.

Supplemental life insurance retirement plan

The death benefit of a $5,000,000 life insurance plan is not the only advantage. The cash value accumulation benefits that one receives over time are another.

Traditionally, this has been purchased in what are called ‘whole life’ insurance plans. They can now also be purchased in universal life plans.

The concept is simple. You make payments into the plans over a period of time and cash values are generated. Dividends are applied and you can draw that money out. It’s tax-free. It acts as a bank in case you need money. It can supplement your current retirement strategy.

How to qualify for $5,000,000 in life insurance?

Qualifying for $5,000,000 in life insurance is a little different than qualifying for $1,000,000.

It’s important to point out some of the differences so you can be well prepared as to what to expect. You will be required to take an examination.

This includes, but is not limited to, an analysis by a doctor, blood withdrawal, urinalysis, a stress test, and an EKG.

All of these are required because of the amount of coverage that the insurance companies are insuring against you. You may want to request not getting an exam, but the likelihood of that happening is very slim.

There’s a lot at stake in insuring somebody for so much coverage. The insurance company wants to make sure their assessment of risk is accurate. It’s best to accept the fact that you’re going to take an exam. Thankfully it can be done in the comfort of your own home or business.

Consider also adding riders. A rider is an added benefit to a life insurance policy. It’s an extra cost on top of your policy. It’s designed to enhance the value of a life insurance plan.

There are some neat little riders that you can add to a $5,000,000 life insurance plan. They’re very helpful. One that I like a lot is the disability waiver premium rider.

If you end up becoming disabled or hurt and cannot work, then this particular plan will waive premiums after a period of time. You get to continue to keep the plan despite the fact that you cannot work.

In my time as an insurance agent, I’ve seen many people that have become disabled. Boy, were they glad that they had these riders. Their lives changed so dramatically at an economic level. Without them, they wouldn’t have been able to afford to keep their plans.

How to get the best rate possible

What are the strategies for buying $5,000,000 in life insurance plans? We’re buying a substantial life insurance plan. You’ll pay a large sum of money over a period of time.

It’s important that you take the necessary steps to ensure that you get the best outcome.

Here are three suggestions that I make to people looking for $5,000,000 in life insurance coverage. They will help you get the best results possible.

Definitely take the exam

Make sure that you eat healthily and relax the day before the exam. Consider staying in a nice hotel, relaxing, enjoying life. Eat lots of vegetables, fruit, and healthy meat. It’s a good decision to make.

The reason we want to do this is to prepare ourselves from a health standpoint. We want to get the best vital signs for blood pressure, cholesterol, triglycerides, and other aspects in our exam.

If you do not take these steps, you could get higher readings. Maybe a bit higher than that which some underwriters would be comfortable with. This may impose higher than necessary rate increases on you.

Discuss carrier options with a broker

It’s important to do business with a broker, not a captive one trick pony agent. Life insurance companies all have their own sets of requirements. They’re looking for different things when it comes to applying for life insurance coverage.

Some are more flexible with some issues regarding health, lifestyle, hobbies, and professions. Others are not. A broker will find a company that will work with them to find the best coverage for their life insurance client, despite what their health background might be.

Working with a broker gives you a much better chance of this happening than working with a carrier agent. That agent only works with one carrier. They will only offer their rates and types of life insurance for a $5,000,000 plan.

Stories from the field

In this story I want to convey the importance of getting the highest quality life insurance that you possibly can and why this is important to work with a broker like us at Buy Life Insurance for Burial so that your family isn’t financially burdened by your death.

I got a referral from my father a number of years ago for a gentleman who was 85 years old.

Mr Jones was a veteran and had recently remarried. He was interested in adding to his existing insurance to ensure his final expenses would be taken care of.

Mr. Jones was not in the best of health. He had had a number of strokes and was taking blood thinners to prevent any further complications from a stroke. He was concerned this would have an impact on his ability to get further coverage, but knew the imortance of not working with just any company that guaranteed coverage.

That’s why he had specifically decided to work with us. He knew the difference in coverage between a broker and a TV ad or flyer and wanted to ensure he had first day coverage rather than having to wait 2to 3 years for his coverage to kick in.

Needless to say, he was enthralled that we were able to get him coverage for the amount he requested. He was especially estatic that his coverage went into affect the very first day. 

This all happened on a hot, humid Georgia day in May. By that fall I got word that Mr. Jones  had passed away from heart falure. Though the news was sadenning, I was happy that Mr. Jones had come to us for life insurance.

Because he had first day coverage, we were able to pay out the entire balance of his death claim to his wife, despite his death occurring just 6 months after adding the new coverage.

It’s important to understand that I am by no means guaranteeing that everyone reading this will qualify for life insurance coverage. But I can promise at Buy Life Insurance for Burial that we have access to a number of providers who cover a variety of health conditions.

The moral of this story is to always strive to get quality first day coverage if at all possible because death can happen unexpectedly. It’s important to know that even if you die a week later after getting life insurance, that you will be covered and your beneficiary will receive a payout.

Life insurance coverage available

Here is a simple explanation of the kinds of life insurance that are available to you. You will also find different rate charts for $5,000,000 in life insurance for different age ranges.

10-Year Term Life Insurance, Best Price On Quoter



Whole Life Insurance Rates, Life Pay


Universal Life Rates, UL to 100


Term Life Insurance

Term insurance is one of the more common ways to purchase life insurance.

This is the sensible choice if you’re looking to replace your income, to cover debt like a mortgage or to do a loan collateralization program.

Term insurance is the cheapest form of insurance. It’s temporary. After the term is up, the premiums either fly to the roof on price or cancel outright.

Permanent Life Insurance

Permanent life insurance is offered via whole life insurance and universal life insurance.

It’s designed to give permanent protection. It’s used to cover most circumstances that cannot be outlived.

It’s used for business continuity programs and estate planning. These are usually permanent problems that need permanent solutions. It can also be used as a supplemental life insurance retirement program.

Permanent life insurance products are the vehicles by which a cash value accumulation and dividends are applied.

My goofball son and I thank you for reading, and hope you’ve gained truly valuable information on your search for life or burial insurance. If you’re ready to discover your options for life or burial insurance, call me at 888-626-0439 now for your free life insurance quote!

Next steps

If you’re interested in more information on the best way to qualify for $5,000,000 in life insurance, visit my website.

You can go to 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.

If you would like to take advantage of a free quote please give us a call at (888) 626-0439. You can also send us a request using the message box on this page. 

I hope you have found this article informative and helpful in your search for life insurance. Most of all I hope it convinces you to get life insurance in place if you haven’t already done so. Thanks for stopping by.


We work with individuals across the nation to secure the best life insurance rates.

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