Can I Buy a $10 Million Dollar Life Insurance Policy?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Who Is Eligible for a $10 Million Life Insurance Policy

Eligibility Criteria:

  1. Net Worth: Your net worth plays a crucial role. Insurers typically seek a correlation between your net worth and the insurance amount.
  2. Income: High income is necessary to justify the premium payments.
  3. Debts: Outstanding debts are considered to ensure the policy is not overestimated.
  4. Purpose: A clear and valid purpose for the policy is essential.

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Examples of Justifications for a $10 Million Policy

  • Business Owners: Protecting business interests and stakeholders.
  • High Debt Levels: Covering significant debts, like business loans.
  • Family Protection: Ensuring financial stability for dependents in high-income families.
  • Estate Planning: Addressing estate taxes and preserving wealth.

How To Acquire a $10 Million Policy

  1. Application: Complete a detailed application form.
  2. Financial Documentation: Submit proof of income, net worth, and debts.
  3. Cover Letter: Write a letter explaining the need for this specific coverage amount.
  4. Medical Exam: Undergo a comprehensive health examination.
  5. Evaluation: The insurer evaluates your application, financial status, and health.
  6. Approval: Upon satisfactory evaluation, the policy is issued.

Key Factors for a $10 Million Life Insurance Policy

Net WorthHighMust align with the insurance amount.
IncomeHighNecessary to afford premium payments.
DebtsModerateImpacts the policy amount.
PurposeEssentialMust be clearly articulated.


Acquiring a $10 million life insurance policy requires substantial financial justification, including net worth, income, and debts, alongside a clear explanation of the need for such substantial coverage. It’s a tailored process designed for individuals with significant financial responsibilities or assets. Contact us today for a free quote.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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