$2,000,000 Life Insurance Quotes

See the best rates on $2,000,000 life insurance quotes instantly

It is estimated that nearly half of all Americans who have a life insurance policy are drastically underinsured. This means if they were to unexpectedly pass away, their spouse and loved ones would not have the financial security to pay off any debt and expenses left behind.

While deciding to get life insurance coverage in the first place is an important first step, it is just the beginning. You also have to decide what an appropriate amount of coverage is for your specific needs. At Spectrum Insurance Group our agents will assist you in determining the amount of coverage that will meet your family’s needs so that you are not over or under insured. If you or your advisor has already determined that you need two million dollars of life insurance coverage we will shop many top carriers to show you the lowest $2,000,000 life insurance quotes.

People commonly undervalue what it would take to maintain their family’s standard of living without them.

Family found best $2,000,000 life insurance quotes

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Do You Need a Two Million Dollar Life Insurance Policy?
How Much Would $2,000,000 of Life Insurance Cost?
Two Million Dollar Term Rates For Men
Two Million Dollar Term Rates For Women
Can A Two Million Dollar Life Insurance Policy Ever Be Affordable?

Do You Need a Two Million Dollar Life Insurance Policy?

While a two million dollar life insurance policy may seem like an excessively high amount of coverage, you first need to make some important calculations. When you add up all the costs of the household you may find it still would not cover all of the family’s needs.

One of the main purposes of any life insurance policy is to pay for expenses left for your family after your passing. Outstanding debts and expenses could come in a variety of forms. Many of our clients like to run calculations for the best amount of coverage for their family so we have found one of the best tools for doing just that. Calculate your life insurance needs. Some of the items we have listed below you will want to think about in your calculations as well as any other needs your family has since everyone is different.

  • Outstanding mortgage payments
  • Car loans or payments
  • Unpaid student loans
  • Children’s school expenses
  • Business loans
  • Medical bills
  • Various funeral-related expenses.

The last thing you want to do is burden your family with these unpaid expenses after you are gone. While outstanding debt and funeral expenses seem daunting enough on their own, they represent just a portion of your life insurance coverage needs.

You also need to remember that your family and loved ones will likely need financial security after you are gone. Essentially, your life insurance policy coverage should in some way replace your lost salary. This is especially true if you are one of the main financial providers in your family. Think about how hard it could be for your family if the worst happened and you were no longer around to provide for them. We typically advise those seeking life insurance to aim for a policy that covers at least ten years of their annual income; however, this should be seen more as a minimum.

Even if you are not the financial provider of the family all the work you do around the household is extremely valuable. Most homemakers want to have a similar amount of coverage as their working spouse. The working spouse would have great burden of not only the loss of a loved one but would need to now pay for many expenses that you took care of like child care, cooking and cleaning so that they can continue their work. Or have the ability to leave their jobs so that they can now take care of the household and children.

Once you start thinking about how your family would fare without your paycheck and how big of a burden your unpaid debts might put on your loved ones, you start to see how a two million dollar life insurance policy is far more reasonable than it first seemed.

Unfortunately, a large amount of coverage is not free. Larger insurance policy plans have a greater payout and easily cover your family’s expenses but at the same time, they require a higher monthly rate. That said, you should not be discouraged. Below we’ll take a look at what you could expect to pay if you wanted two million dollars worth of life insurance coverage.

How Much Would two million of Life Insurance Cost?

Happy family with $2,000,000 life insurance quotes

The premium costs you can expect on a two million dollar life insurance plan depend on many factors. As with any life insurance application, your insurer will want to know about your health and lifestyle. When you are applying for such a large amount of coverage, any life insurance company will look at the following factors to determine the cost of your benefit:

  • Your age
  • Your current health
  • Pre-existing medical conditions and past health issues
  • Your driving record
  • Whether you use tobacco
  • Your relationship with alcohol
  • Your build

This is just the beginning. There are so many variables when it comes to assessing a person’s life insurance rates. Each person is quoted a unique rate based on their health, lifestyle, and current situation. As independent agents we specialize in finding the life insurance carrier that will approve in high risk situations to secure the coverage your family needs.

To give you a rough idea, here’s a rough guide for how much a healthy, non-smoking man could expect to pay with a preferred rating. The hypothetical applicants will be receiving two million dollars of coverage on a 20-year term life insurance policy. Request an instant quote to get more accurate estimates from our licensed agents. We work by phone, email and text so even if you are extremely busy we will be able to assist you in your search.

$2,000,000 Life Insurance Quotes Term Rates For Men

SEX AGE$2,000,000 WITH 20 YEAR TERM
Male 30 $65 per month
Male 40 $105 per month
Male 50 $300 per month
Male 60 $845 per month
Male 70 $3,190 per month

It is important to note that when it comes to life insurance, men and women are assessed differently. There are many explanations for this but the main reason is differing life expectancy rates between men and women.

$2,000,000 Life Insurance Quotes Term Rates For Women

SEX AGE$2,000,000 WITH 20 YEAR TERM
Female 30 $55 per month
Female 40 $88 per month
Female 50 $215 per month
Female 60 $575 per month
Female 70 $2,090 per month

Please remember that these numbers are merely rough estimates to demonstrate how varied quotes could be for a two million dollar life insurance policy. There are so many factors that contribute to the cost of your insurance premiums. You can also view instant quotes with a shorter term that will be less costly or a longer term that will increase the cost.

Can A Two Million Dollar Life Insurance Policy Ever Be Affordable?

As mentioned above, most people assume that any sort of life insurance plan that provides over one million dollars in coverage will come with extremely expensive premiums. Fortunately, this is not always the case.

There are ways to make a life insurance policy with two million dollars in coverage more affordable. One of the best ways to lower your premium rates is to become healthier. This means kicking any bad habits you may have. This includes quitting smoking or chewing tobacco and cutting excessive alcohol consumption. However using our field underwriting experience you may still be able to qualify at a much lower non smoker rate even while still using cigars or chew. You can read more about this in our blog post about smokers life insurance.

Essentially, anything that puts your health at risk makes you a riskier person to insure, which translates to higher premiums for you. Before you get an accurate quote for a two million dollar policy, you have to take a medical exam. Plans with larger payouts require more intense medical exams than smaller life insurance policies. Our agents and processing team will make this a simple and hassle free process for you.

Improving your health is always a smart move, especially when it comes to applying for life insurance. If you are overweight, consider losing weight. Being a healthier weight will be reflected in your quoted insurance rates as well. If you do have a health concern today don’t leave your family without protection we can always lock the best rate you can qualify for now. In future years if you have made changes to improve your health we will shop for your $2,000,000 life insurance quotes again and secure the better rate for you.

Overall, remember that high paying life insurance policies are not necessarily just for the rich. If you find you need one, get quotes below and let our experienced agents work for you to locate your best life insurance policy.