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What does a million dollar Term Life insurance policy look like and who should purchase it ?

A $1 million life insurance policy might seem too much coverage at first, but once you account for long-term cost like raising children and paying off a mortgage, you may discover your loved ones would need that much financial support in the event or your death, if not more. A $1 million life insurance policy is more affordable that you might think, especially if you're young and in good health.

How much does a million dollar Term Life insurance cost ?

The longer your term life insurance policy is, the higher your premiums will be. Your premium is how much you pay for your coverage - usually on a monthly or annual basis.
A 35 - year-old non-smoking male in good health can expect to pay $34 per month for a $1 million tern insurance policy with a 10-year term, or $46 for a 20-year term. That same adult would pay $70 for a policy with the same coverage within a 30-year term. 

Policy Rider

Child rider, straight forward coverage. for ages 15 months to 18 years. A child rider provides coverage for your child without the complex investing component that child policies have. 
A child rider has the flexibility to convert. 
As your child grows and you decide they need lifelong coverage, you can convert the rider to a whole life policy.
A child rider is more affordable than a child life insurance policy.

Key takeaways:

A common rule of thumb is to purchase life insurance coverage at least 10 to 15 times your income. If you make $100,000 annually, that's $1 million.
When calculating your coverage needs, make sure to include any additional financial obligations, like shared debts.
There are no restrictions on how your loved ones can spend a $1 million life insurance payout. 

Index Universal Life insurance  

An IUL is a type of permanent life insurance, meaning it can accumulate cash value and provide a death benefit-index universal life insurance is sold as an insurance-investment hybrid. As cash value builds, insurance companies tie its value to a market index, like the Dow Jones Industrial Average or S&P 500. The insurance company decides which market the funds will be tied to, although they don't actually invest the money in the market. Instead, they use their chosen market to determine how much the money is worth at any given time -- up to a cap. The cap rate is normally somewhere around 10% to 12%, so if the market is enjoying a bull market and the value of stocks is soaring, money invested in an IUL will increase in value up to 10% to 12%. IUL insurance typically includes a guaranteed rate of growth. The rate varies by insurance carrier an IUL policy lasts the policyholder's entire life, as long as premiums are kept up to date. That said, as a policyholder ages, the cost of the policy increases. A policyholder may be able to adjust their premium payment by lowering their death benefit. After enough cash has accumulated, a policyholder can borrow from their IUL, although they can expect to pay interest on the loan  rates from 0% to 3% percent. If they don't pay it back in full, the amount owed will be deducted from their death benefit.

Guaranteed Universal Life insurance 

Great option for single-premium  plans or 1035 exchanges. Features a low cost guaranteed death benefit, subject to premium payment requirements, for permanent protection of a long or unknown duration.

Waiver of Premium rider - pays your life insurance premiums if you become totally disabled and unable to work. Covered Disabilities may include permanent illness or a severe injury. The disability must have continued for 180 consecutive days.

Waiver of Charges: In the event of a disability the monthly deductions from the policy fund are waived. The disability must have continued for 180 consecutive days.