In the past, when the idea of getting life insurance is fairly new, people really have not much of a choice on what kind they want to invest in. The idea of personalizing it and tailor fitting the life insurance to their needs, budget and lifestyle is a foreign thought for many. However, today, when people are getting more and more empowered and knowledgeable, the choices are growing in variety. That way, people no longer have to make do with their insurance policy. Now, they can make sure that they can get their money’s worth because they can now get the benefits that they deem are necessary. This also means that they do not have to be stressed whenever their premium is due because the fee will match their earning capacity and ability to pay.

Now, I am presenting you with yet another option when it comes to your life insurance. As you must already know, life insurance coverage could span from as little as 100,000 dollars to as much as 10 million dollars. Now if the first option is far too small for you and the next far too big, you can always go for the middle ground and get the a million dollar one.

So what exactly is a one million life insurance? As the name suggests, that is the amount of death benefit that the beneficiary, which is usually the family will be entitled to once the policy holder is gone. Naturally, this type of life insurance will have a corresponding cost implication. Just like any other life insurance, in order to be granted a million dollars coverage, one must be fairly young and should be of good health. Those who are not under that bracket may still be granted with it but it does have a catch. Naturally, the monthly premium will be higher as they are considered to be a higher risk by the insurance company.

Usually, a young person who has a very healthy lifestyle (does not smoke and does not drink) will have about a 300 dollar premium in an annual basis. However, a person of the same age but has unhealthy habits such as smoking will have a premium of as much as 1,120 dollars per year. That is a huge jump from the initial 300 dollars. Normally, smokers have to pay 50 to 200 percent more for their premium just because of that lifestyle. That is why aside from the health benefits, it is also wise to just kick the habit.

On the other hand, a 55 year old with non life threatening health issues will have to pay a little above 3000 dollars per year. The value shoots up though once a person reaches senior citizen’s age because they end up with an annual premium of 4755 dollars for their one million life insurance plan.