One Million Dollar Life Insurance
Making plans for when one passes away is important to ensure that their loved ones do not experience difficulties paying expenses and debts. The close family members and loved ones are left to clear bills and expenses left by their loved ones who pass away without life insurance. Getting life insurance that has enough coverage helps loved ones pay debts and still spare some amount for a comfortable life. There are many insurance companies offering different life insurance policies and it is important for everyone to choose the most suitable policy. The amount of money payable to the holders family varies for different policies with some awarding as much as one million dollars.
Someone has to meet certain criteria to be eligible for life insurance including the financial status and health factors. For those who are employed, their annual income is considered and that of their spouses can be considered if they are unemployed. Different insurance companies use different strategies to calculate the coverage and one of the factors include the annual income plus the age of the person. The number of contributions to reach the one million dollar life insurance changes depending on how old one is and older people pay more amounts for a few times. For those people who have other policies at work, some of the policies may be included or not included when calculating the coverage.
It is also possible to qualify for the life insurance policy even when you do not have a source of income in case you have assets such as real estates. For the unemployed persons, they qualify for a coverage usually equal to that of their spouses. A medical checkup is conducted to a person before the life insurance policy is given to assess their health conditions. A medical examiner takes samples of the individual’s blood, urine and others to check for blood pressure, weight and height among other attributes. The medical checkup also influences the life insurance policy since the health conditions need to be accounted for.
Tobacco smokers are expected to pay more compared to those who do not smoke for the same type of insurance policy. Some factors that need to be considered to know the life insurance policy that suits a person include the debts and expenses that would be left behind for the family. If the other family members rely on the person it would be important to consider the annual income so that they do not have challenges once the person passes away. These calculations may be hard for some people and they can get help from some experts to get accurate estimates for better choosing.