Protecting one's family and their future financial safety is the utmost concern to any individual with a family that they love and cherish. This is why taking out an insurance policy against your untimely death is a significant thing to keep your family well protected. Knowing how much you need to ensure that your family remains secure and happy after you have passed is not an easy thing to do. For those used to living a lavish lifestyle, then one million dollars should be enough to help maintain this, at least in the short term, while your family comes to terms with your death and establishes new ways of being financially secure.
Funerals Can Be Costly
With the cost of having a funeral being so expensive, it can easily burden families' wealthiest. The average price of a funeral in the United States of America is $10,00, although that could be a gross underestimation given that a casket alone can cost as much as $6,000. Add to this, the funeral home services of roughly $3,000, a headstone cost being about $5,000, and burial plots costing as much as $3,500. Embalming of the body costing around $650, and then flowers, which can cost north of $60,000, it is easy to see how some services run into the tens and hundreds of thousands.
There is also the need to replace a loved one's income in the event of their untimely death. For those families where the person who has died is the primary income earner, it can mean that their household income has been wholly slashed down to nothing overnight. This is particularly true if that person was a freelancer or had their own business. If the person who has died is a high earner and has lots of expensive outgoings, this can also pose a substantial financial burden.
Suppose the death of a loved one leaves a large number of expenses behind that need regularly paying, such as monthly mortgage payments. In that case, a large one million dollar payout from the insurance company can help massively cover these things to make what is already a difficult situation that bit easier. It also helps to secure the future of any dependents they may have and can potentially fund them to go to college later on in life.
Life Insurance Is Surprisingly Affordable
As you can imagine, giving your family this amount of financial security comes at a cost, but probably not at as much of a fee as you may think. For example, if you are a 40-year-old male, you will pay $82 per month for this coverage level, whereas a female will pay just $64. It is no surprise then that more than 44 % of Americans vastly overestimate the cost of having life insurance. However, these are simply averages, and the price that an individual pays can vary dramatically based on several different factors.
These include things such as your age. The older you are when taking out life insurance, the more you will pay as you are more likely to die sooner than a younger person, who will pay less for the same level of coverage. The same is also true of men, as they tend to live shorter lives than women and pay a higher premium for the same one million dollar policy. Taking insurance out over a shorter amount of time makes it much more affordable than doing so for a long time, say 30 years. However, by having a 30-year policy, the rates you pay are locked in and save money in the long run.
The lifestyle that you live in also has a direct impact on the cost of your life insurance. For instance, someone who lives life on the edge, taking part in daredevil sports such as dirt biking and skydiving, will pay a much higher premium than someone who does not do these sorts of things. If you use tobacco products, such as cigarettes or chewing tobacco or both, you will pay more to be covered for one million dollars than someone who does not use them. This should come as no surprise, as the use of those products can dramatically increase your chances of dying prematurely.
The amount of coverage that you go for also affects the amount that you pay. For instance, you can expect to pay more for a cover level that pays out $1,000,000 than one that only pays out $50,000.
Use The Best
One of the best companies out there for providing quality life insurance policies, especially without the need for medical examinations, is Bestow. They are backed by the well known and highly respected North American Company for Life and Health insurance. Bestow is a company that you can trust to handle your life insurance policy with, even even though they are relatively new to the market. Life insurance policies with them are available to individuals aged between 21 and 55 years old and cover you for amounts between $50,000 and $1,000,000. However, their services are not available to those who live in Georgia or New York, so those residents will, unfortunately, have to look somewhere else for their life insurance.
If you now think that a one million dollar life insurance policy would be right for you if, having read all of this, you should visit the https://www.simplyinsurance.com/1-million-dollar-life-insurance/ website to obtain a quote and go from there. The entire process is a quick and easy one that is done entirely online.
If the death of a loved one leaves a large number of expenses behind that need regularly paying, such as monthly mortgage payments. A large one million dollar payout from the insurance company can help massively cover these outgoings to make what is already a difficult situation that little bit easier. It also helps to secure the future of any dependents that they may have and can potentially fund them going to college later on in life or some other important milestone. There is no doubt insurance is important and especially life insurance.