Million Dollar Life Insurance Rates in Different Areas

Million dollar life insurance rates vary greatly, depending with the country, age, health status and sex. For instance, an American man of 70 years and above pays a million-dollar insurance rate costing him $15,570 every year. It costs a Canadian about $9,400 to pay for the similar insurance coverage. Numerous other statistics illustrate this point in a better way. For each age group, there is a 5-year guarantee of annual rates. The averages of insurance rates worth a million dollars indicate how much men living in American pay for term life insurance policies of a million dollars. If you look carefully, you will notice that premiums increase as the ages of men increase, and at some point, it nearly triples the first cost. The average premium of men who are 70 years old will cost 20 times more than the rates at the age of 25 years.

American women pay cheaper insurance rates than men of a similar age, since women have a higher life expectancy than men do. For instance, by the age of 70, American women pay nearly half the cost compared to American men. Unlike in the US, Canadian men pay high premium rates for a million-dollar insurance policy, before the age of 70. However, at the age of 70, the million-dollar rates of insurance favor Canadian men in comparison to their American counterparts. Ironically, Canadian women pay more expensive premiums than women living in the US. The highest percentage savings for women in America are highest before and at age of 35. However, at the age of 65, premium rates for Canadian women are almost the same as those in America. There are a several million dollar insurance covers like:

1. Renewable Term Insurance

This insurance allows you to renew a current policy once it expires.

2. Level Term Insurance

This policy is paid upon death of the policyholder, and through the whole policy term, the payment will not change. At the end of that specified term, the policy will expire and stop having any value.

3. Convertible Term Insurance

This insurance authorizes you to convert your current term policy into endowment or a whole life policy. In this insurance one can have a fresh policy because of his or her health status.

4. Increasing Term Insurance

These types of policies normally increase by 5% annually, or depending with the rate of inflation. This type of policy is especially helpful to those who wish to be insured for a long time.

5. Decreasing Term Insurance

This is the opposite of the policy mentioned above. In this policy, the level of cover falls annually until it gets to zero. This kind of cover is especially useful in repaying loans.