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Additional Details
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A W | Life Insurance Policy paid in full? |
Is it possible to purchase a million dollar life insurance policy, at the age of 22, in FULL for 60,000.00, and pay no premiums ever again?
Will the policy pay whenever I die? Even if I die 50 years later?
Additional Details
Say, at 22 years old, you got a windfall, LOTS of money, and wanted to do it? Curious that the policy would still pay when you most likely die 50+ years from now? |
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mbrcatz
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So, what you really want, is a quote for a paid in full life policy.
Sure, if you're healthy, that $60K should do it. Because if you invest it in an index fund, after 40 years, it should grow to over $7,000,000, so an insurance company should be willing to give you $1,000,000 of life insurance, invest the money, and keep the difference. It will only take about 24 years for your $60,000 to turn into a million, if you don't touch it at all.
So, your alternative, is investing it yourself . . . and being able to retire at 50 with $2,000,000 in the bank.
Your call. |
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Mr. Prefect
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Why in the world would you pay off a policy, let alone one of this magnitude? If you spend $60,000 today, and you die tomorrow, your heirs would get the million.
If you pay one monthly premium, then die, your heirs will still get the million, and have all the money left over that you did not throw away on this policy(the $60,000, minus one payment). |
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hungry man
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Invest the $60,000 and use the interest to pay the premium for the policy. You probably don't need $1,000,000 policy but say the premium for a term policy is $600 a year. You should make at least $3,000 on the $60,000, pay $600 premium. Now you have $62,400 to start the next year and it would continue this way for the term of the policy. These examples are not exact, I am not taking into account what tax bracket you are in, whether you pay the premium monthly or yearly, etc. but the concept is the same.
Basically, you are young, have the money to pay the premium, so buy a level term policy for 10 or 20 years and pay yearly premiums. If you die one month later, the company will refund the unearned premium. Find a reputable company with a name you recognize. If you know a friend that sells insurance, good, because unless you have some experience in life insurance, you need help in filling out the application. I do not recommend the internet for you except to check prices and companies. |
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Dodo
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It depends on what plans you are looking to buy. For whole life plans (as in your coverage is lifetime), your $60,000 will not be enough. But for Term Plans, even if it is enough, you can't find one that covers you for life.
There are some limited payment plans which allow you to just pay premium for 15 years and you are covered for life. But to have $1m sum assured would cost you a lot. Your $60,000 would only be enough for a few years' premiums. |
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bud68
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What is your objective? If you're trying to invest a windfall, a whole life policy is not the way to do it. |
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aaron p
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I didn't run the numbers to see if I could do it on a guaranteed basis, but that sounds reasonable. If you're 22 and receive that type of windfall, you might be better talking to a financial planner. They may show you that it would be better to manage the money and just pay the ongoing premium on the policy.
BTW, "50 years later" isn't that long because you'd only be 77. The average life expectancy of a 22 year old today is way beyond 77.
good luck |
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