What Is a Million Dollar Life Insurance Policy?
A million dollar policy provides $1,000,000 in generally tax-free coverage (under current Canadian tax rules). It's designed for anyone with significant financial responsibilities-homeowners, business owners, high-income earners, or those who want to leave a lasting legacy.
- Strong financial security for your loved ones
- Pay off mortgages, debts or business loans
- Support children's education and future needs
- Flexible options: term or permanent (whole/universal) coverage
Million Dollar Policy Quote
Types of Million Dollar Policies
Why Choose Million Dollar Policy?
Comprehensive protection for your family's lifestyle and future
Ideal for those with large mortgages, dependents, or business obligations
Helps with estate planning and wealth transfer
Not just for the wealthy-many Canadians qualify for affordable rates
How Does a Million Dollar Policy Work?
Choose your policy
Select term or permanent coverage based on your goals.
Set your beneficiaries
Name one or more people to receive the benefit.
Pay your premiums
Rates depend on age, health, coverage type, and term length.
Payout
When you pass away, your beneficiaries receive the $1,000,000 benefit-either as a lump sum or scheduled payments.
How Much Does a Million Dollar Policy Cost?
Premiums depend on age, health, gender, and the type of coverage (term or permanent). Healthy, younger applicants can often secure a $1,000,000 term policy for as little as $35-$70/month. Permanent coverage costs more but offers lifelong protection and cash value.
Get a personalized quote from Punjab Insurance for accurate pricing.
FREQUENTLY ASKED QUESTIONS
Frequently Asked Questions about
Million Dollar Life Insurance Policy
Who should consider a million dollar policy?
Anyone with significant financial obligations-mortgages, children's education, business needs, or those who want to leave a substantial legacy.
Is the payout taxable?
Life insurance benefits are generally tax-free for beneficiaries under current Canadian tax rules.
Can I choose how the benefit is paid out?
Yes! You can select a lump sum or scheduled installments to suit your family's needs.
What if I outlive my term policy?
Term coverage ends, but you may have options to renew, convert to permanent coverage, or purchase a new policy.
How do I qualify for $1,000,000 coverage?
Eligibility depends on your age, income, and health. Most insurers require your coverage to be reasonable based on your financial profile.
Can I increase or adjust my coverage later?
Some policies allow increases or riders to be added. Speak with your advisor for details.
How do I get started?
Get a free quote or schedule a call with a licensed Punjab Insurance advisor for expert, personalized advice.
GOOGLE REVIEWS
Why Families & Businesses Choose Punjab Insurance
Aisha Malik
Sep 18, 2025
"I purchased a term life insurance plan and was impressed by the professionalism and clarity. The advisor patiently explained all options and helped me choose the right coverage. The process was smooth, and I now feel confident that my family's financial future is well protected."
Emily Carter
July 12, 2025
"Getting my health insurance was quick and hassle-free. The team guided me through multiple plans, explained benefits in detail, and answered all my questions. I felt reassured throughout the process. Their transparency and responsiveness made selecting the right policy."
Owen Mitchelle
Feb 14, 2025
"I recently filed a small claim and was impressed with how efficient and smooth the process was. The staff guided me step by step, and I received the payout promptly. The experience gave me full confidence in their service and made me feel secure about my coverage."
Arjun Patel
Nov 28, 2024
"Choosing a term insurance plan felt overwhelming at first, but the team made it simple and straightforward. They explained exactly what was covered and addressed all my questions. Premiums are affordable, and I now feel confident that my family is financially protected."
Rahul Mehta
Aug 27, 2025
"Overall, I had a positive experience purchasing health insurance. The policies were explained clearly, and I felt no pressure to decide quickly. Some email responses were slightly delayed, but the staff was friendly and helpful. I am satisfied with the coverage."
Meera Kapoor
Mar 22, 2025
"I was looking for reliable health insurance and found the team very supportive. They explained all policy benefits and helped me select the best coverage for my needs. It took a little longer than expected to receive all documents, but the overall process was smooth and reassuring."
Secure $1,000,000 in dependable life insurance coverage designed to protect what matters most. Provide lasting financial security for your loved ones and enjoy true peace of mind-knowing their future is well protected, no matter what life brings.
Disclaimer: Information on this page is for general guidance only and not a substitute for professional advice. Please consult a licensed Punjab Insurance advisor for personalized recommendations.