$5,000,000 of life insurance may sound like a lot of coverage for most people, but for some this the right amount of protection that is needed to adequately protect their loved ones. When choosing a policy for $5,000,000 life insurance-best companies and prices will give you peace of mind knowing that you are with a highly rated company and are paying an affordable premium.
Choosing the right policy
Many financial advisors recommend anywhere from 5 to 20 times one’s annual income in life insurance coverage. This is to replace the insured’s salary and to pay off any outstanding debts such as the mortgage if they were to pass away prematurely. Additional common needs for a 5 million life insurance policy are; to protect against estate taxes, it may be required by the bank in order to fund a loan or to protect a company or business partner as a “key man–key person.”
Is it expensive?
The good news is that all life insurance rates have dropped significantly over the past 15 years. As long as you shop around and compare multiple rate quotes, you will be able to secure a five million policy at an affordable rate.
$5,000,000 Life Insurance – Best Companies and Prices
Let’s take a look at the sample rates for a 45 year old male, non-smoker, best health class, $5,000,000 policy on a 10 year term.
- Cincinnati Life Insurance Company= $253 month or $2,875 annual
- Ohio National Life Insurance Corp= $249.55 month or $2.885 annual
- John Hancock Life Insurance Company= $257.58 month or $2,900 annual
- SBLI- Savings Bank Life Insurance= $253.17 month or $2,910 annual
- AXA Equitable Life Insurance Company= $252.68 month or $2,925 annual
- Prudential Life Insurance Company= $264.15 month or $2,935 annual
- Lincoln National Life Insurance Company= $261.66 month or $2,940 annual
- Banner Life Insurance Company= $259 month or $2,960 annual
- Principal National Life Insurance Co.=$261.21 month or $2,985 annual
- North American Co.= $263.81 month or $3,015 annual
- Midland National Life Ins.= $264.13 month or $3,015 annual
- Genworth Life & Annuity= $266.88 month or $3,050 annual
- MetLife= $280.71 month or $3,119 annual
- Protective Life Insurance Company= $272.36 month or $3,165.35 annual
- American General Life Insurance Company= $285.60 or $3,264 annual
Let’s take a look at the sample rates for a 45 year old male, non-smoker, best health class, $5,000,000 policy for a permanent life insurance policy-no lapse guarantee universal life insurance.
Protective Life– $2,069.29 monthly or $24,062 annual to age 90
Protective Life- $2,133.02 monthly or $24,745 annual to age 95
Protective Life- $2,503.50 monthly or $28,667 annual to age 100
The premiums are going to vary significantly from one life insurance company to the next. Also; age, health and term length will be a factor in finding the best rates and company as well.
Do your homework
If you’re in the market and need $5,000,000 life insurance, the best companies and prices will depend on a few different factors. That’s why it’s imperative to receive multiple rate quotes and compare companies to ensure that you don’t choose the wrong policy or end up vastly overpaying.