span usually, unexpected expenses arrive at the worst times. Whether it’s your washing machine breaking down or the car needing work, it always takes you by surprise. However, even though these things can happen at any time, it doesn’t mean you can’t protect yourself and your loved ones from the expense.
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The “Million Dollar” in a million dollar life insurance policy can surely make it look tempting, but quite far-fetched as well. Like any other life insurance, a million dollar life insurance is a contract between an insurance policyholder and an insurer. In the situation of the death of the insured person, the insurer must pay the designated beneficiary a sum of money, in this case, 1 million dollars, in exchange for a premium. As long as your estate is not named as the beneficiary and you haven’t bought the policy as a third party, the proceeds from the insurance will be non-taxable.
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