How much will 10 million in life insurance be worth after the owner is deceased?
is it worth 10 million? How much will the heirs get? how does one get so much life insurance?
Assuming you’re talking about whole life insurance, not term life insurance, unless the deceased is under the maximum age for the term plan, then the policy is worth $10 million. Of course there will be lots of things you have to pay for out of that, but after the expenses you keep the rest, if there is any, which there should be plenty with $10 million. If by heirs you mean beneficiaries, then they get however much the policy holder left them. It may be one person to receive 100%, two at 50% each, two with one at 60% and one at 40%, or any other combination. As far as where to get it, I’d imagine a policy that large would be hard to come by, but I’m sure it’s out there. The premiums would be enormous though. If you bought the policy at 20 years old, and paid it until the typical paid in full date of your 65th birthday, the monthly payments would be over $18 thousand. That’s nearly half of what lots of people make in a year. That much is totally unecessary, and to be honest I wouldn’t be surprised if you had to make a huge down payment just to qualify, providing such a policy even exists.
Life Insurance : How Much Life Insurance Do You Need?
