Applying for a million-dollar life insurance policy is fairly easy — you’ll apply the same way you would for a life insurance policy with almost any other coverage amount. A Policygenius life insurance agent can help you fill out your application and take a medical exam if need be — then, the insurance company will review your application to see if you qualify for coverage.
5 steps to buying a million-dollar life insurance policy
Follow these steps to buy a million-dollar term life insurance policy:
Work with a licensed broker to compare quotes. Policygenius’ licensed insurance agents can help you compare options from multiple insurance companies at the same time. This way, you can find the insurer that’s the best fit for you.
Fill out your application. Your agent will help you fill out an application with basic identifying information, including health and financial details. You’ll also list your coverage amount and your beneficiary.
Take a medical exam or complete a health interview. The medical exam resembles an annual visit to your doctor’s office — and it’s paid for by the insurance company. Depending on your profile and your insurer, you may complete a health questionnaire online or over the phone instead.
Wait for the company to review your application. The insurance company will review all the information you submitted in order to determine your rates. This process is called underwriting, and it can take four to six weeks on average. If you don’t need an in-person medical exam, it could take just a week or less.
Sign your policy documents and make your first payment. After the insurance company processes your application, you can sign your policy documents and pay your first premium to activate your coverage as long as you’re approved for coverage. If not, you can work with your Policygenius agent to apply with another insurer.
