How much does a million dollar life insurance policy cost? (2024)
A million dollar life insurance policy offers high-value life insurance coverage to policyholders looking to protect their loved ones when they pass. On average, these types of life insurance policies start at $40 per month and are vital to estate planning.
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Scott W. Johnson
Licensed Insurance Agent
Scott W Johnson is an independent insurance agent in California. Principal Broker and founder of Marindependent Insurance Services, Scott brings over 25 years of experience to his clients. His Five President’s Council awards prove he uses all he learned at Avocet, Sprint Nextel, and Farmers Insurance to the benefit of his clients. Scott quickly grasped the unique insurance requirements of his...
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UPDATED: Sep 17, 2024
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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Sep 17, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Million dollar life insurance is a type of policy for high-net-worth individuals
- Experts recommend a life insurance policy equal to 10 to 12 times your income
- You’ll pay around $40 monthly for a million dollar life insurance policy
How much does a million dollar life insurance policy cost? On average, it costs $40 monthly for a million dollar life insurance policy. A million dollar life insurance policy offers high-value life insurance coverage to individuals looking to give their life insurance beneficiary financial protection if they pass.
To find the coverage you need at a price within your budget, compare million dollar life insurance quotes and shop for different types of term life insurance policies. Still want to see the cost of a $1 million life insurance policy for you? Enter your ZIP code into our free tool above to instantly compare $1 million dollar life insurance rates.
Understanding Million Dollar Life Insurance Policies
To those wondering how much term life insurance you can buy, policyholders can purchase million dollar life insurance coverage. However, this is a large life insurance policy, so it’s more expensive than a policy with lower coverage amounts.
By comparing term life insurance quotes for million dollar policies, you can find an affordable policy to secure your family’s financial future and begin estate planning.
While permanent life insurance policies have low coverage amounts, it’s possible to get a whole $1 million life insurance policy. Read more about whole life insurance companies if you have different coverage needs.
Now, you may be wondering, “How much does a $1,000,000 life insurance policy cost per month?” Keep reading to compare the average cost of a $1 million dollar life insurance policy by age and gender.
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$1 Million Life Insurance Policy Cost
How much is a million dollar life insurance policy? On average, the $1 million life insurance cost is $40 a month. However, your rates will vary depending on age, gender, health concerns, and coverage amount. Check out the table below to see average million dollar life insurance rates.
Million Dollar Term Life Insurance Rates by Term Length
| Term Length | Male | Female |
|---|---|---|
| 10-year term | $26 | $22 |
| 15-year term | $29 | $27 |
| 20-year term | $40 | $29 |
| 30-year term | $65 | $49 |
As you can see, a life insurance policy for adult children is more affordable than for older adults, making it wise to buy a policy early.
10-Year Term One Million Dollar Life Insurance Average Cost
How much is a $1 million dollar life insurance policy for ten years? The table below shows 10-year term million dollar life insurance rates based on age and gender.
Million Dollar Term Life Insurance Policy w/ 10-Year Term
Age Male Female
30 $26 $22
35 $26 $23
40 $35 $28
45 $53 $43
50 $81 $63
55 $136 $102
60 $223 $150
70 $310 $230
On average, the monthly payment for million dollar life insurance for 10 years is $72 monthly.
Million Dollar Life Insurance Policy for 20 Years: Average Cost
How much for a million dollar life insurance policy for 20 years? Check out the table below to see how much you could pay for a 20-year term million dollar life insurance policy.
Million Dollar Term Life Insurance Policy w/ 20-Year Term
| Age | Male | Female |
|---|---|---|
| 30 | $40 | $29 |
| 35 | $43 | $34 |
| 40 | $60 | $48 |
| 45 | $96 | $71 |
| 50 | $145 | $105 |
| 55 | $245 | $175 |
| 60 | $422 | $294 |
| 70 | $500 | $375 |
As you can see, it costs around $126 a month to get million dollar life insurance for 20 years. You’ll also pay lower rates when you get coverage at a younger age.
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Million Dollar Life Insurance Policy for 30 Years: Average Cost
How much is a million dollar life insurance policy per month for a 30-year term? See the table below for average 30-year term million dollar policy rates.
Million Dollar Life Insurance Policy w/ 30-Year Term
Age Male Female
30 $65 $49
35 $74 $57
40 $107 $82
45 $167 $122
50 $268 $190
55 $524 $349
60 $670 $470
70 $950 $690
You’ll pay $171 monthly on average for a 30-year million dollar life insurance policy.
Million Dollar Whole Life Insurance Policy Average Cost
How much is a million dollar whole life insurance policy per month?
The $1 million dollar whole life insurance policy cost is higher than that of term life coverage, but it covers your entire life.
Million Dollar Whole Life Insurance Rates by Age and Gender
| Age | Male | Female |
|---|---|---|
| 30 | $580 | $505 |
| 35 | $680 | $595 |
| 40 | $810 | $720 |
| 45 | $1,000 | $875 |
| 50 | $1,265 | $1,080 |
| 55 | $1,610 | $1,375 |
| 60 | $2,120 | $1,825 |
| 70 | $4,250 | $3,600 |
As you can see, it costs anywhere from several hundred to several thousand dollars for $1 million whole life insurance.
Factors Affecting Your Million Dollar Life Insurance Rates
Companies consider several factors when crafting your million dollar life insurance rates to assess your risk to insure. Below is a list of common factors companies consider:
- Age: You might be wondering, “How much is a million-dollar life insurance policy if I’m young?” Young people have a lower mortality risk and pay lower rates for million dollar life insurance policies.
- Lifestyle Choices: Smoking, excessive alcohol drinking, or participating in high-risk activities like skydiving can lead to higher rates. However, finding a cheap life insurance policy for smokers is not impossible.
- Gender: Women have a higher life expectancy than men, so they pay lower average million dollar life insurance rates.
- Term Length: The higher your policy’s term length, the more you’ll pay for coverage.
- Health: Health concerns or pre-existing conditions can affect rates, and some companies may deny you coverage since many require medical exams. These individuals can consider a no-medical exam life insurance policy, a type of guaranteed issue life insurance policy, though rates will be more expensive.
Consider factors you can control — like lifestyle choices and coverage options — and compare quotes from various companies to find a million dollar life insurance policy with affordable rates.
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Best Companies for Million Dollar Life Insurance Policies
You can purchase a million dollar life insurance policy from several companies, including:
- AIG
- Pacific Life
- New York Life
- Prudential
- Banner Life
- MetLife
- Mutual of Omaha
- Lincoln Financial
When considering rates, customer satisfaction, and financial stability, we consider the best companies for million dollar life insurance policies to be New York Life, Banner Life, and Mutual of Omaha.
Read More: AIG vs. Lincoln Life Insurance
Determining Whether You Need a Million Dollar Life Insurance Policy
Generally, experts recommend people buy life insurance equal to 10 or 12 times their annual income, so individuals who make $100,000 a year should consider a million dollar life insurance policy. Here is a list of people who could benefit from a million dollar life insurance policy:
- Business Owners: A business owner who plays a critical role to the company’s operations, has high business debts, and various financial obligations should consider million dollar life insurance. Life insurance for business owners is instrumental in ensuring a business can thrive after an owner’s death.
- People With Large Debts: A million dollar life insurance policy could benefit someone with a mortgage, student loans, or car lease.
- Someone With Multiple Dependents: If several people rely on your income, or you have kids that will eventually attend college, consider a million dollar life insurance policy.
Though $1 million seems like a lot of coverage, many people can benefit from it, and finding an affordable policy isn’t impossible. If you’re still wondering, “How much does it cost for a million dollar life insurance policy?” check out the table below to see how coverage amount impacts your rates.
Term Life Insurance Average Monthly Rates by Policy Amount
| Policy Amount | Male | Female |
|---|---|---|
| $500,000 | $25 | $21 |
| $750,000 | $33 | $24 |
| $1 Million | $40 | $29 |
| $2 Million | $73 | $52 |
As you can see, a male policyholder pays about $15 more monthly for a million dollar life insurance policy vs. a $500,000 term policy.
Read more: How much does a $100,000 life insurance policy cost?
Tips on Shopping for Million Dollar Life Insurance Policies
Consider the following tips when shopping for million dollar life insurance policies:
- Compare Quotes: Insurance companies offer different rates depending on various factors, so compare million dollar life insurance quotes from at least three companies before buying a policy.
- Consider Coverage Needs: Before you get coverage, consider your financial obligations, like mortgages, car loans, credit cards, or other debts, to see if million dollar life insurance is right for you. You should also determine what term length you need. If you want your premiums back when your term ends, consider a return of premium life insurance policy, though rates are higher.
- Speak to an Advisor: Speak with an insurance agent to help you navigate coverage options and find an affordable million dollar life insurance policy.
As you can see, there are several things you can do to ensure you get an adequate amount of coverage that fits your budget.
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Case Studies: Illustrating Million Dollar Life Insurance Policies
Consider these real-life case studies to see the benefits of a million dollar life insurance policy:
- Case Study 1: Sarah’s Financial Protection: Sarah is a 30-year-old married woman with two young children and is the primary breadwinner in her family. After considering her family’s needs, she decides to purchase a million dollar life insurance policy. She compares quotes from different companies and finds a policy that offers the coverage she needs at an low premium.
- Case Study 2: James’ Business Succession Plan: James is a 45-year-old business owner who runs a successful company. James decides to purchase a million dollar life insurance policy as part of his business succession plan. The policy is structured to provide funds that can be used to buy out his shares or provide financial support to the business in the event of his death.
- Case Study 3: Emma’s Estate Planning: Emma is a 65-year-old retiree who has accumulated significant wealth throughout her life. She has multiple properties and assets she wants to protect and pass on to her heirs. As part of her estate planning, Emma purchases a million dollar life insurance policy. The policy provides a tax-efficient way to transfer wealth to beneficiaries upon her death.
As you can see, a million dollar life insurance policy offers peace of mind that loved ones are taken care of when you pass.
More About Million Dollar Life Insurance Policies
How much is a $1 million life insurance policy? Expect to pay around $40 monthly for a million dollar life insurance policy.
Consider a million dollar life insurance policy if you’re a high-net-worth individual looking for life insurance. In addition, New York Life, Banner Life, and Mutual of Omaha are the best providers of $1m term life insurance.
Do you know that life insurance can do more than protect your loved ones? Just watch this video and see how our newest products are more than just protection. pic.twitter.com/gOBALCyOyb
— New York Life (@NewYorkLife) October 4, 2022
If you own a business, have large debts, or various financial obligations, million dollar life insurance can offer financial protection to your beneficiaries. To see the cost of a million dollar life insurance policy for you, enter your ZIP code into our free quote tool below to instantly find cheap million dollar life insurance coverage.
To see how much a $1 million dollar life insurance policy will cost for you,
Learn More: How much term life insurance can you buy?
Frequently Asked Questions
Can you get a million dollar life insurance policy with no-medical exam?
Yes, companies like AIG, Banner Life, Transamerica, Pacific Life, and Lincoln Financial offer million dollar life insurance policies without a medical exam, also known as guaranteed issue life insurance policies.
Are million dollar life insurance policies expensive?
A top question readers ask is, “How much does million dollar life insurance cost?” The average cost for a $1 million dollar life insurance policy is $40 monthly, but rates vary depending on coverage amount, age, gender, term length, and type of life insurance.
Who needs a million dollar life insurance policy?
If you’re estate planning, a business owner, have large debts, or have several dependents, consider million dollar life insurance.
How do I file a claim on a million dollar life insurance policy?
To file a million dollar life insurance policy claim, call your insurance company and submit the required documents, such as a death certificate, to get the payout. However, each company’s claims process is different.
What types of million dollar life insurance policies can I get?
You can get a million dollar term and whole life insurance policy. You can also get a guaranteed issue life insurance policy with $1 million in coverage.
How much is a $2 million dollar life insurance policy?
How much is a $2 million life insurance policy? You’ll see even higher numbers for the $2 million dollar whole life insurance policy cost, since whole life insurance premiums are higher than for term life.
Looking for a whole life insurance policy calculator to estimate rates? Enter your ZIP code into our free quote comparison tool below to shop for various life insurance types.
How much is a $10 million dollar life insurance policy?
Expect to pay more than several hundred dollars monthly for $10 million in life insurance, and even more if it’s whole life.
How does smoking affect my million dollar life insurance policy rates?
How much does a $1 million life insurance policy cost for smokers? Smokers pay higher million dollar life insurance rates since insurers consider smokers high risk to insure.
How much is a half million dollar life insurance policy?
While you won’t pay nearly as much as for a half a million life insurance policy as a million dollar policy, rates depend on personal factors, such as lifestyle, age, and gender.
Which company has the best million dollar life insurance policy?
The best companies for million dollar life insurance policies are New York Life, Banner Life, and Mutual of Omaha.
Can I get a million dollar life insurance policy with cash value?
Yes, million dollar life insurance policies can build cash value if you have whole life.
How much for a $1 million dollar life insurance policy with cash value? Million-dollar life policies with cash value cost more than term policies, and it depends on personal factors too.
What are the tax implications of a million dollar life insurance policy?
Life insurance death benefits for a million dollar life insurance policy aren’t subject to income or estate taxes. However, any interest earned on any type of life insurance is subject to taxation.
Who has the best max-funded indexed universal life insurance?
The companies with the best max funded IUL, or indexed universal life insurance, are Northwestern Mutual, MassMutual, and Pacific Life.
How much is a million dollar life insurance policy for a 60-year-old?
You might be wondering, “How much does a $1 million dollar life insurance policy cost if you’re 60?” A 60-year-old could pay as low as $150 monthly for a $1 million term life insurance policy, but it depends on your term length and personal factors.
How much is a million dollar life insurance policy for a 50-year-old man?
How much does $1 million dollars life insurance cost for a 50-year-old man? A 50-year-old man will pay around $81 monthly for a 10-year, million-dollar life insurance policy. However, it’ll cost around $268 for a 30-year policy.
How much is a million dollar life insurance policy for a 70-year-old man?
The $1 million dollars life insurance policy cost for a 70-year-old man is around $310 monthly for a 10-year policy, or $500 for a 20-year- policy.
Your life insurance quotes are always free.
Secured with SHA-256 Encryption
Scott W. Johnson
Licensed Insurance Agent
Scott W Johnson is an independent insurance agent in California. Principal Broker and founder of Marindependent Insurance Services, Scott brings over 25 years of experience to his clients. His Five President’s Council awards prove he uses all he learned at Avocet, Sprint Nextel, and Farmers Insurance to the benefit of his clients. Scott quickly grasped the unique insurance requirements of his...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
