How much will 10 million in life insurance be worth after the owner is deceased?
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5 Responses
1.31.2010
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.
1.31.2010
10 million – is this a trick Q?
1.31.2010
To the dead person? Not much.
1.31.2010
How many times are you going to ask about this?
1.31.2010
They pay an awful lot of money for it I guess. Almost in a gamble that the person will croak or have a severe injury. Usually, the person being insured must be capable of making that type of money or be an athelete or business owner with significant financial considerations which are made possible by the involvement of such an individual. Although, I'm sure with a high enough payment, anything is possible. If 10 million is the face value of the policy, there may be riders in the policy which make it worth more than that… Or the amount may be 5 million and the max payout may be 10 million. It's hard to say. The amount payed would vary by how many heirs, which state, and the federal income tax code. Source(s): Just a whole bunch of B.Sssing, I don't know what I am talking about. I have no need for a 10 million dollar life insurance policy. But if anyone wants to add me as an heir, I'd appreciate it.