How Much is a Million Dollar Term Life Insurance Policy
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...
Farmers CSR for 4 Years
UPDATED: Mar 23, 2024
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UPDATED: Mar 23, 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 provider and cannot guarantee quotes from any single provider.
Our 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 on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
A million dollar life insurance policy is a contract between a life insurance company and an insured. The insured pays a premium payment, and in return, the life insurance company will pay a lump sum payment of a million dollars to the insured named beneficiary should the insured pass away while the contract is active.
If you’re searching for a life insurance policy to cover your family, it may not be out of the realm of possibility for your loved ones to need a million dollars if you were to pass away.
A million dollar life insurance policy is a large amount of coverage, but you would be surprised as to how many families could quickly require an amount of protection of this size.
Of course, no one wants to think about their death. But, when you have a family depending on you, purchasing the correct amount of life insurance is crucial.
After figuring mortgage payments, automobile loans, living expenses, replacement of lost income, and any other expenses, a million dollar life insurance policy isn’t such an extreme amount of coverage.
Our million dollar life insurance guide will take an in-depth look at who needs such a policy, what it can provide, and how much it will cost to own.
Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.
Best Million Dollar Life Insurance Companies in 2020
| Best Million Dollar Companies | AM Best Rating | Plan Name | Type of Coverage | Eligible Ages | Coverage Amounts | Benefits | Additional Info |
|---|---|---|---|---|---|---|---|
| Lincoln Financial | A+ | Life Elements | Term Insurance | 18-80 | $100,000 - $1,000,000+ | Low Term Rates | Learn More |
| Sagicor | A- | Sage Term | No Exam Term Insurance | 18-45 | $25,000 - $1,000,000+ | Low No Exam Rates | Learn More |
| ANICO | A | Signature GUL | Guaranteed Universal Life | 18-70 | $100,000 - $1,000,000+ | Low GUL Rates | Learn More |
| MassMutual | A++ | Whole Life Legacy | Whole Life Insurance | 17-90 | $100,000 - $1,000,000+ | Low Whole Life Rates | Learn More |
| Transamerica | A+ | Trendsetter Super | Term Insurance | 18-80 | $25,000 - $1,000,000+ | Low Rates for Men | Learn More |
| Protective | A+ | Classic Choice Term | Term Insurance | 18-80 | $100,000 - $1,000,000+ | Low Rates for Women | Learn More |
| Health IQ | NA | NA | Term Life Insurance | 18-80 | $100,000 - $1,000,000+ | Low Rates for Athletes | Learn More |
| Policygenius | NA | NA | Various | 18-80 | $100,000 - $1,000,000+ | Low Rates for Millennials | Learn More |
| Pacific Life | A+ | Promise Term | Term Insurance | 18-80 | $100,000 - $1,000,000+ | Low Rates for Seniors | Learn More |
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What Is a Million Dollar Life Insurance Policy?
A million dollar life insurance policy is a contract between an insured and the life insurance company that is providing the coverage.
All life insurance policies generally work the same. If the insured were to pass away, the life insurance company would pay out the total value of the policy. The payout or policy value is commonly referred to as the death benefit.
For example, if the death benefit of the life insurance policy is one million dollars, that is what would be paid to the insured’s named beneficiary.
Your beneficiary can be whomever you choose as long as there is an insurable interest. In most cases, it is often a spouse and, in some cases, a child. (For more information, read our What Is Insurable Interest in Life Insurance?“).
When the life insurance company pays out a death benefit claim, your beneficiary will have the choice of how they would like it paid to them.
The standard payment is generally paid in one lump sum payment or scheduled installments if the insurance company offers that option. Either way, the money received is not taxable.
There is no legal stipulation regarding how the beneficiary can or should use the death benefit proceeds. This means your beneficiary can use the money for everything from unexpected expenses, to planned college tuition.
For the life insurance contract to work, you will need to qualify for coverage by going through an underwriting process. If approved, the life insurance company will issue a contract that outlines the entire details of the life insurance coverage.
If the life insurance contract is accepted by the insured, coverage will immediately begin once you have signed any final forms and have paid your first premium payment.
Who Needs a Million Dollar Life Insurance Policy?
The first step in life insurance planning begins with determining how much life insurance coverage you will need. Figuring out how much is enough is not the easiest process to do on your own. It’s not as easy as picking any random number.
However, it does not have to be difficult when you have the right knowledge and tools.
Do you need a million dollar life insurance policy?
One of the easiest methods, often recommended and used by many financial experts, is the simple rule of thumb method. The rule of thumb method utilizes your annual income multiplied by a number of years, usually no less than 10 years.
The purpose behind the method is to provide a death benefit that can replace your annual income for a specific amount of years. Also, if the funds from the death benefit are invested wisely, it could potentially provide an additional source of income to your surviving spouse through earned interest.
Does that mean you need to have an annual income of $100,000 to need a million dollars in coverage?
No, absolutely not.
The rule of thumb method can be a great starting point in determining if a million dollar life insurance policy will be enough coverage for your family. Keep in mind though that this method only focuses primarily on replacing your annual income.
Other factors, such as funeral expenses, education, and miscellaneous debts will want to be factored into the overall amount. While it may sound like a lot, you will want to keep in mind other potential expenses.
Below is an example of how to plan using the rule of thumb method.
- #1. How much money do I currently bring in each year?
- #2. How many years do I want to replace income?
- #3. How much will my family need to cover funeral expenses?
- #4. Do I want to make sure my children have help with college expenses?
- #5. How much debt needs to be covered, including mortgage, credit cards, and auto loans?
By answering these basic questions, you’ll come up with a figure that may surprise you. Here is a typical cost breakdown based on the five questions listed above.
| Example Using The Rule of Thumb Method | |
|---|---|
| Annual Income (Before Taxes) | $75,000 |
| Number of Years Income Needed | x10 |
| Funeral Expenses | $10,000 |
| College Funds | $100,000 per child |
| Miscellaneous Debts | $180,000 mortgage balance $5,000 credit card balance $25,000 auto loan |
| TOTAL AMOUNT OF LIFE INSURANCE NEEDED = $1,070,000 | |
When you add up your income, multiplied by ten times, plus funeral expenses, college funds, and other miscellaneous debts to cover, the total life insurance needed comes out to $1,070,000.
That number doesn’t consider the rising cost of living, inflation, or any other unexpected expenses you may encounter along the way.
The number also doesn’t factor in retirement savings, money in checking and savings accounts, or current life insurance policies. All of these are viewed as positive values and should be subtracted from the total amount of life insurance needed.
If you are the primary breadwinner and your spouse isn’t working, you’ll also want to factor in need for childcare when they begin working to replace your income after the years of coverage are used up.
As you can see, money doesn’t go as far as you might think, and a million dollar life insurance policy is not out of the realm of possibility.
A million dollars can be rather conservative depending on the needs of your family and how many years you want to make sure they are covered.
If you have unique circumstances, such as a child with special needs, parents you care for full-time, or other considerations, you’ll easily want to add several hundred thousand more onto your million dollar policy.
A second method of calculating life insurance needs is with a life insurance calculator. A calculator will get you to the closest number you should expect for life insurance needs.
Whereas the rule of thumb method primarily focuses on replacing lost income, a life insurance calculator will focus on additional needs providing complete life insurance needs planning.
Largest Life Insurance Policy Ever Sold: $201,000,000
Interesting Fact
According to the Guinness World Records, in 2014, the record for the largest life insurance policy ever purchased was valued at $201 million dollars. The policy was purchased by an unnamed but well-known billionaire from the Silicon Valley area of California. Due to the size of the policy, it required over two dozen companies to pitch in to cover the overall risk.
Who Is Eligible for a Million Dollar Life Insurance Policy?
The first question you are likely asking yourself is whether or not you are eligible for a million dollar policy.
An important qualification factor, outside of your own health, will be whether or not your request for life insurance coverage meets financial justification.
The younger you are, the more likely you are to qualify for the policy you are seeking. Younger people often have higher coverage needs creating greater financial obligations.
Generally, as you get older, life insurance needs will tend to diminish. Seniors who are well into retirement often only require smaller amounts of coverage to protect against final expenses or funeral costs.
These types of life insurance plans are referred to as final expense insurance or burial insurance.
Most insurers will allow coverage up to 20-35x your annual income if you are between the ages of 18-60. Applicants above the age of 60 can typically receive up to 10x their annual income.
Can a stay at home mother or father receive coverage?
If your annual income plays a large part in the overall amount of life insurance you should have, how would you determine the need for a stay at home parent?
Families should, without a doubt, consider purchasing life insurance for a stay at home parent. However, qualifying for a million dollars might be a little difficult in meeting financial justifications guidelines.
When determining an appropriate amount of coverage for a stay at home parent, think about the daily roles your spouse or partner takes on.
Write them all down. Once you have a list, determine which ones would require money to replace should they suddenly pass away.
- Would you need money to hire a full-time nanny?
- Would your child or children require funds for education?
- How about money for burial costs?
As you can see, there is a great need for a stay at home parents to have life insurance coverage.
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Types of Million Dollar Life Insurance Coverage Options
The type of life insurance policy you purchase goes a long way in determining the premiums you will pay. Here is a breakdown of the most common types of life insurance.
It should be noted that each one of these options allows for up to a million dollars or more in coverage.
Term Life Insurance
If you’re looking for the most affordable million dollar life insurance policy, you’ll definitely find it with a term life insurance policy.
What makes term insurance affordable is that it is not permanent coverage. Term insurance works by providing protection for a specific amount of years. Depending on your age, you will have the option to choose one of several different contract lengths.
Contract lengths are often available in 10, 15, 20, 25 and 30-year durations. If you’re between the ages of 20-45, you may even be able to qualify for a 40-year term policy. Regardless of the contract length you choose, the rates will remain the same price until the contract has ended.
In general, most families will find that term life insurance is going to be the least expensive and the best type of policy to purchase.
It is highly capable of covering all your life insurance needs making it the #1 purchased type of life insurance.
Whole Life Insurance
Whole life insurance is a popular form of permanent life insurance coverage. It’s one of the oldest types of life insurance.
When you purchase a whole life insurance policy, it not only provides a lifetime of protection, but it also builds guaranteed cash value growth over time.
These two factors alone may sound great, but a million dollar whole life insurance policy is not going to be the best life insurance option for most families.
The cost to have a policy of this size is going to be very expensive, especially compared to the other insurance options.
Whole life insurance can provide many benefits, and with proper planning, it can be a useful tool in providing an extra source of income for later in life.
However, due to its expensive cost, a million dollar policy whole life insurance policy may be best suitable for high-income earners. It’s just not cost-efficient for most families.
Guaranteed Universal Life Insurance
Were you interested in permanent life insurance but not the price? Guaranteed universal life insurance is an option worth considering.
The life insurance coverage offers the similarities of both whole life insurance and term life insurance.
One of the main reasons why whole life insurance is so expensive is because of the cash value account. Whole life insurance requires a portion of the premium to go towards the cost of the insurance and a second portion into the cash value account to help it grow.
With guaranteed universal life insurance, there is very little to no cash value accumulation at all. Because of this, it doesn’t require an extra premium to accumulate cash growth. Instead, guaranteed universal life focuses primarily on death benefit only, similar to term life insurance.
A million dollar guaranteed universal life insurance policy will cost more than a term life insurance policy, often 2-3x more. The reason being is because it is permanent, whereas the term insurance will eventually expire.
However, it will be significantly less than a whole life insurance policy but without the cash value growth potential. If you’re ok with this, then we recommend taking a look into a million dollar guaranteed universal life insurance policy.
Application Process for a Million Dollar Life Insurance Policy
Applying for a million dollar life insurance policy, as with any life insurance, starts with an application followed by underwriting. In most cases, this is a painless process that can be done online or by paper application.
Depending on the insurance company, you may be required to take a medical exam while a few companies may allow you to skip the medical exam altogether.
If your application does require you to take a medical exam, it will be provided free of charge. The medical exam process typically takes thirty to forty minutes of your time and can be completed at your home and around your schedule.
The exam will consist of several medical questions pertaining to your health, height and weight, lifestyle, family’s health. It will also require a small blood and urinalysis sample. In some cases, an EKG may be required.
Applying for life insurance is a very personal process. Since there is a significant amount of money involved, the insurance company will require you to answer a lot of personal questions about your health and lifestyle.
The underwriter will also utilize additional sources of information to help with underwriting. These sources generally include a look into your Medical Information Bureau (MIB), Prescription History, Motor Vehicle Report (MVR), and in some cases, your medical records.
When applying for higher coverage greater than $1,000,000, you could be asked to provide additional financial information. This information may include:
- Credit Report
- Financial Questionnaire
- Third-party financials provided by a CPA
- Tax Transcripts
Financial information such as the above is not commonly asked for when the coverage is less than $3,000,000, or the applicant is under age 65.
Again, if you’re asked to supply this information, it’s because the life insurance company is on the line for a large amount of coverage. They need to make sure the coverage being requested meets financial justification.
Can You Apply for a Million Dollars Without an Exam?
No medical exam life insurance is the new popular trend in the world of life insurance. The option to apply for coverage without an exam can speed up the entire applying process from weeks to as fast as a couple of days.
If you’re interested in a million dollar no exam life insurance policy, you won’t have a hard time finding an option. However, you will need to meet a few guidelines to qualify.
Million dollar no exam policies are generally limited to applicants who can meet the following criteria:
- Between the ages of 18-65
- In relatively good health
- Do not smoke
- Have seen a doctor with the last 18 months for a checkup
If you can meet all three of the above requirements, you will have an excellent chance of finding a no medical exam policy that can offer a million dollars in death benefit protection.
Life Insurance Companies that offer a Million Dollars with No Medical Exam
The below table is a list of all highly rated life insurance companies that offer a million dollar term life insurance with no medical exam required.
| Companies | AM Best Rating | Plan Name | Ages | Maximum Amount | Rates |
|---|---|---|---|---|---|
| Accordia Life | A | Global Atlantic Term | 18-50 | $1,000,000 | Get Quote |
| ANICO | A | Signature Term | 18-50 | $1,000,000 | Get Quote |
| Banner Life | A+ | OPTerm | 20-50 | $1,000,000 | Get Quote |
| Fidelity Life | A- | Rapid Decision Life Term | 18-65 | $1,000,000 | Get Quote |
| Haven Life | NR | InstaTerm | 18-59 | $1,000,000 | Get Quote |
| John Hancock | A+ | Protection Term | 18-60 | $3,000,000 | Get Quote |
| Lincoln Financial | A+ | TermAccel | 18-60 | $1,000,000 | Get Quote |
| MassMutual | A++ | Direct Term | 18-64 | $1,000,000 | Get Quote |
| Minnesota Life | A+ | Advantage Elite Term | 18-54 | $2,000,000 | Get Quote |
| Mutual of Omaha | A+ | Term Life Answers | 18-55 | $2,000,000 | Get Quote |
| National Life Group | A | EZ Underwriting Term | 18-60 | $2,000,000 | Get Quote |
| Nationwide | A+ | Your Life Term | 18-49 | $2,000,000 | Get Quote |
| North American | A+ | ADDvantage Term | 18-50 | $1,000,000 | Get Quote |
| Pacific Life | A+ | PL Promise Term | 50-69 | $1,000,000 | Get Quote |
| Principal Life | A+ | Term Insurance | 18-60 | $2,500,000 | Get Quote |
| Protective | A+ | Custom Choice UL | 18-45 | $1,000,000 | Get Quote |
| Prudential | A+ | Term Essential | 18-60 | $3,000,000 | Get Quote |
| Sagicor | A- | Sage Term | 18-65 | $1,000,000 | Get Quote |
| Transamerica | A | Trendsetter Term | 0-75 | $2,000,000 | Get Quote |
Read more:
- Mutual of Omaha Life Insurance Review
- Direct Term Life Insurance: What It Is And How It Works
- Life Insurance 101: Direct Term Life Insurance
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How are Rates for a Million Dollar Life Insurance Policy Determined?
All life insurance rates are based on your overall risk to the life insurance company. Once you have gone through underwriting and have been approved for coverage, you will be given a risk health classification.
Here is a quick guide that outlines the four main health classes:
- Preferred Plus: No health issues – Best rates
- Preferred: Controlled minor health issues – Great rates
- Standard Plus: Minor health issues – Good rates
- Standard: Controlled health issues – Average rates
Below are some of the most significant factors that play a large role in your risk health classification and general overall rates:
Age: Younger applicants will always pay a lower premium. They are less of a risk in coming down will a health condition and potentially paying out an early claim.
Gender: It is proven women live longer than men. Therefore, women can always expect to pay less for their coverage than men.
Tobacco: Nicotine users will always experience steeper rates than non-tobacco users. If you have time before you apply for a policy, strongly consider kicking your smoking habit.
If you have at least one year of smoke-free, you will be given a more favorable non-tobacco health status, and your premium will decrease drastically.
Hobbies: Risky hobbies such as skydiving, paragliding, drag racing, and even deep-sea diving create a high level of risk to the insurance company. If you participate in risky activities, insurance companies may not insure you, or they might require you to pay a steep price for your premiums.
Occupation: Just like your hobbies, the riskier your job, the more you might be required to pay for your life insurance plan.
Read more: Life Insurance by Occupation: How Your Job Affects Your Life Insurance Policy
Family History: Does your family have a history of certain health diseases or cancer? Many do not realize that if a family member has passed away due to a health-related illness before age 60, it will affect your rates.
Drug Use: Have you had problems with substance or alcohol abuse in the past? Life insurance companies like to see at least 3-5 years of treatment before they will consider coverage. If you use marijuana, then don’t worry. There are several marijuana-friendly life insurance companies that will consider you for a million dollar policy at excellent rates. (For more information, read our “Guide to Affordable Life Insurance with Marijuana Use“)
Medical Exams: As discussed, many providers offer million dollar life insurance policies without a medical exam. However, some of the companies may not be the best price compared to a company requiring an exam.
Type of Coverage: The type of life insurance coverage you choose has a tremendous impact on your rates for coverage. A million dollar term life insurance policy will cost 5-10x less than a million dollar permanent life insurance policy.
Health: If you’re in excellent health, you should have no problem getting good coverage at a great rate. However, if you are dealing with poor health conditions, you will pay a higher premium than someone not having any medical conditions.
This means that even those with pre-existing medical conditions will still be eligible for various life insurance policies. With well-controlled hypertension, asthma, or cholesterol, you may still potentially qualify you for a Preferred health classification.
Even with diabetes type 2, you should be able to obtain a Standard health classification as long as it has been well-controlled with diet or oral medications. Depending on your age and other health factors, you may even qualify for Standard Plus or Preferred with a few companies.
A personal history of heart conditions, cancers, and other factors will not necessarily make you ineligible, but it can have an impact on your premiums. If you have a health condition, it’s vital that you ask for help with your life insurance needs.
Some companies view health conditions differently than other companies. Choosing the wrong company can lead to paying higher premiums than needed.
An experienced life insurance agent will have the expert knowledge in knowing which insurance company can offer favorable rates depending on the medical condition.
$1,000,000 Life Insurance Rates
The sample million dollar rates shown below are for both males and females who would qualify for the health classification of Preferred Plus Non-Smoker. These are actual rates from life insurance companies offered with Top Quote Life insurance.
Keep in mind that Preferred Plus is the absolute best health classification available. Not all applicants who apply for coverage will qualify for the classification.
The life insurance rates should be used as purely an example of what the lowest cost would be for applying for a million dollar life insurance policy.
It should also be noted that life insurance companies are constantly changing their rates to stay competitive.
It’s always best to either contact us or use our online quote comparison tool, which is updated anytime there is a change in rates with a life insurance company.
Working with an experienced life insurance agent can also help you determine which health class you will qualify as well what company will be best for you based on your own unique needs.
Average Cost for Million Dollar 10 Year Term Life Insurance Policy
The below table represents actual monthly life insurance rates for a 10 year term life insurance policy with a death benefit options of $1,000,000, $2,000,000, $3,000,000, $4,000,000 and $5,000,000. The qualifying health classification used for the sample is at the preferred plus health class. The age cutoff for a 10 year term life insurance policy is age 80.
Male
| AGE | $1,000,000 | $2,000,000 | $3,000,000 | $4,000,000 | $5,000,000 |
|---|---|---|---|---|---|
| 30 | $18.92 | $33.16 | $45.81 | $58.45 | $71.09 |
| 35 | $18.92 | $35.26 | $51.60 | $66.41 | $81.05 |
| 40 | $23.22 | $43.86 | $64.50 | $85.14 | $105.78 |
| 45 | $44.66 | $82.66 | $120.96 | $159.26 | $197.56 |
| 50 | $68.26 | $129.86 | $191.76 | $253.66 | $315.56 |
| 55 | $124.70 | $230.46 | $368.94 | $491.06 | $613.18 |
| 60 | $209.10 | $413.51 | $617.93 | $822.35 | $1,026.76 |
| 65 | $365.50 | $726.31 | $1,087.13 | $1,447.95 | $1,808.76 |
| 70 | $597.95 | $1,191.23 | $1,784.50 | $2,377.78 | $2,971.05 |
| 75 | $1,213.80 | $2,422.91 | $3,632.03 | $4,841.15 | $6,050.26 |
| 80 | $2,885.66 | $5,766.23 | $6,812.73 | $9,081.75 | $11,350.76 |
Female
| AGE | $1,000,000 | $2,000,000 | $3,000,000 | $4,000,000 | $5,000,000 |
|---|---|---|---|---|---|
| 30 | $14.62 | $26.16 | $35.31 | $44.45 | $53.59 |
| 35 | $15.48 | $28.38 | $41.28 | $54.18 | $67.08 |
| 40 | $21.50 | $40.42 | $59.34 | $77.36 | $95.12 |
| 45 | $38.70 | $74.82 | $110.94 | $146.25 | $181.39 |
| 50 | $58.48 | $113.36 | $167.70 | $222.04 | $276.38 |
| 55 | $92.02 | $180.71 | $268.73 | $356.75 | $444.77 |
| 60 | $137.14 | $247.66 | $402.05 | $534.50 | $666.96 |
| 65 | $222.98 | $441.27 | $659.57 | $877.87 | $1,056.06 |
| 70 | $365.91 | $727.15 | $1,088.38 | $1,449.61 | $1,810.84 |
| 75 | $773.06 | $1,541.45 | $2,309.83 | $3,078.21 | $3,846.59 |
| 80 | $2,065.41 | $4,125.73 | $5,534.36 | $7,377.25 | $9,220.14 |
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Average Cost for Million Dollar 15 Year Term Life Insurance Policy
The below table represents actual monthly life insurance rates for a 15 year term life insurance policy with a death benefit options of $1,000,000, $2,000,000, $3,000,000, $4,000,000 and $5,000,000. The qualifying health classification used for the sample is at the preferred plus health class. The age cutoff for a 15 year term life insurance policy is age 78.
Male
| AGE | $1,000,000 | $2,000,000 | $3,000,000 | $4,000,000 | $5,000,000 |
|---|---|---|---|---|---|
| 30 | $21.50 | $40.42 | $58.52 | $75.51 | $92.42 |
| 35 | $24.94 | $44.58 | $62.93 | $81.29 | $99.64 |
| 40 | $34.40 | $65.56 | $95.48 | $125.40 | $155.32 |
| 45 | $66.30 | $127.91 | $189.53 | $251.15 | $312.76 |
| 50 | $103.33 | $201.51 | $299.68 | $397.85 | $496.03 |
| 55 | $164.45 | $324.23 | $484.00 | $643.78 | $803.55 |
| 60 | $279.65 | $554.61 | $829.58 | $1,104.55 | $1,379.51 |
| 65 | $486.61 | $968.55 | $1,450.48 | $1,932.41 | $2,414.34 |
| 70 | $931.69 | $1,858.22 | $2,784.76 | $3,711.29 | $4,637.82 |
| 75 | $2,338.34 | $4,674.10 | $6,979.20 | $9,303.70 | $11,628.21 |
Female
| AGE | $1,000,000 | $2,000,000 | $3,000,000 | $4,000,000 | $5,000,000 |
|---|---|---|---|---|---|
| 30 | $18.92 | $32.94 | $45.48 | $58.01 | $70.55 |
| 35 | $21.50 | $40.42 | $59.34 | $77.44 | $94.83 |
| 40 | $33.37 | $60.44 | $87.51 | $114.58 | $141.65 |
| 45 | $49.88 | $97.18 | $144.48 | $190.75 | $236.47 |
| 50 | $75.18 | $145.68 | $216.18 | $286.68 | $357.17 |
| 55 | $110.06 | $215.45 | $320.83 | $426.21 | $531.59 |
| 60 | $181.46 | $358.25 | $535.03 | $711.81 | $888.59 |
| 65 | $303.68 | $602.69 | $901.69 | $1,200.70 | $1,499.70 |
| 70 | $561.88 | $1,080.87 | $1,618.01 | $2,230.36 | $2,786.52 |
| 75 | $1,396.85 | $2,788.59 | $4,180.34 | $5,572.09 | $6,963.83 |
Average Cost for Million Dollar 20 Year Term Life Insurance Policy
The below table represents actual monthly life insurance rates for a 20 year term life insurance policy with a death benefit options of $1,000,000, $2,000,000, $3,000,000, $4,000,000 and $5,000,000. The qualifying health classification used for the sample is at the preferred plus health class. The age cutoff for a 20 year term life insurance policy is age 70.
Male
| AGE | $1,000,000 | $2,000,000 | $3,000,000 | $4,000,000 | $5,000,000 |
|---|---|---|---|---|---|
| 30 | $31.45 | $57.44 | $82.23 | $107.01 | $131.80 |
| 35 | $34.40 | $64.27 | $92.47 | $120.66 | $148.86 |
| 40 | $48.80 | $91.29 | $133.79 | $176.29 | $218.79 |
| 45 | $87.49 | $170.29 | $253.10 | $335.91 | $418.71 |
| 50 | $135.88 | $268.86 | $400.95 | $533.04 | $665.13 |
| 55 | $221.63 | $438.59 | $655.54 | $872.50 | $1,089.45 |
| 60 | $387.60 | $770.51 | $1,153.43 | $1,536.35 | $1,919.26 |
| 65 | $742.87 | $1,481.06 | $2,219.25 | $2,957.44 | $3,695.63 |
| 70 | $1,537.27 | $3,069.38 | $4,601.49 | $6,133.60 | $7,665.71 |
Female
| AGE | $1,000,000 | $2,000,000 | $3,000,000 | $4,000,000 | $5,000,000 |
|---|---|---|---|---|---|
| 30 | $25.38 | $44.47 | $62.77 | $81.06 | $99.36 |
| 35 | $28.38 | $54.18 | $79.08 | $102.81 | $126.55 |
| 40 | $42.14 | $78.32 | $114.33 | $150.34 | $186.35 |
| 45 | $67.15 | $129.61 | $192.08 | $254.55 | $317.01 |
| 50 | $98.04 | $193.50 | $288.32 | $382.86 | $477.41 |
| 55 | $158.79 | $312.91 | $467.02 | $621.13 | $775.25 |
| 60 | $262.98 | $521.28 | $779.57 | $1,037.87 | $1,296.17 |
| 65 | $483.61 | $962.54 | $1,441.48 | $1,920.41 | $2,399.34 |
| 70 | $1,129.87 | $2,251.87 | $3,373.87 | $4,495.87 | $5,617.87 |
Average Cost for Million Dollar 30 Year Term Life Insurance Policy
The below table represents actual monthly life insurance rates for a 30 year term life insurance policy with a death benefit options of $1,000,000, $2,000,000, $3,000,000, $4,000,000 and $5,000,000. The qualifying health classification used for the sample is at the preferred plus health class. The age cutoff for a 30 year term life insurance policy is age 58.
Male
30-Year Term Million Dollar Rates for Males – Preferred Plus| Age | $1,000,000 | $2,000,000 | $3,000,000 | $4,000,000 | $5,000,000 |
|---|---|---|---|---|---|
| 30 | $31.45 | $57.44 | $82.23 | $107.01 | $131.80 |
| 35 | $34.40 | $64.27 | $92.47 | $120.66 | $148.86 |
| 40 | $48.80 | $90.66 | $132.96 | $176.29 | $218.79 |
| 45 | $87.49 | $170.29 | $253.10 | $587.75 | $733.51 |
| 50 | $244.80 | $484.91 | $725.03 | $965.15 | $1,205.26 |
| 55 | $457.14 | $909.11 | $1,361.09 | $1,813.07 | $2,265.05 |
Female
30-Year Term Million Dollar Rates for Females – Preferred Plus| Age | $1,000,000 | $2,000,000 | $3,000,000 | $4,000,000 | $5,000,000 |
|---|---|---|---|---|---|
| 30 | $44.16 | $83.64 | $123.13 | $162.61 | $201.58 |
| 35 | $53.20 | $101.24 | $149.28 | $196.79 | $244.02 |
| 40 | $75.38 | $146.09 | $216.79 | $287.49 | $358.19 |
| 45 | $115.60 | $226.51 | $337.43 | $448.35 | $559.26 |
| 50 | $179.35 | $354.01 | $528.68 | $703.35 | $878.01 |
| 55 | $329.99 | $655.30 | $980.62 | $1,305.93 | $1,631.24 |
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Average Cost for Million Dollar Guaranteed Universal Life Insurance Policy
The below table represents actual monthly life insurance rates for a guaranteed universal life insurance policy with a death benefit of $1,000,000. The qualifying health classification used for the sample is at the preferred plus health class. The age cutoff for guaranteed universal life insurance is age 85.
Male
| AGE | $1,000,000 |
|---|---|
| 30 | $294.09 |
| 35 | $366.10 |
| 40 | $466.62 |
| 45 | $587.55 |
| 50 | $736.00 |
| 55 | $948.00 |
| 60 | $1,282.00 |
| 65 | $1,724.00 |
| 70 | $2,341.00 |
| 75 | $3,354.00 |
| 80 | $5,465.00 |
Female
| AGE | $1,000,000 |
|---|---|
| 30 | $246.02 |
| 35 | $312.35 |
| 40 | $402.69 |
| 45 | $491.00 |
| 50 | $632.00 |
| 55 | $816.00 |
| 60 | $1,079.00 |
| 65 | $1,428.00 |
| 70 | $2,012.00 |
| 75 | $2,846.00 |
| 80 | $4,491.00 |
Average Cost for Million Dollar Whole Life Insurance Policy
The below table represents actual monthly life insurance rates for a whole life insurance policy with a death benefit of $1,000,000. The qualifying health classification used for the sample is at the preferred plus health class. The age cutoff for whole life insurance is age 85.
Male
| AGE | $1,000,000 |
|---|---|
| 30 | $789.09 |
| 35 | $954.39 |
| 40 | $1,170.15 |
| 45 | $1,443.33 |
| 50 | $1,790.46 |
| 55 | $2,246.34 |
| 60 | $2,928.42 |
| 65 | $3,784.50 |
| 70 | $4,945.95 |
| 75 | $6,636.33 |
| 80 | $9,407.31 |
Female
| AGE | $1,000,000 |
|---|---|
| 30 | $700.35 |
| 35 | $851.73 |
| 40 | $1,040.52 |
| 45 | $1,278.90 |
| 50 | $1,586.88 |
| 55 | $1,950.54 |
| 60 | $2,488.20 |
| 65 | $3,177.24 |
| 70 | $4,169.91 |
| 75 | $5,574.09 |
| 80 | $7,983.99 |
Best Million Dollar
Term Life Insurance Policy
Lincoln Financial – Life Elements Term
Lincoln Financial Life Elements receives our top overall pick when it comes to choosing the best million dollar term life insurance policy.
The insurance company has a long history within the insurance industry that dates back to 1905 and currently holds an A+ rating from AM Best.
When life insurance coverage needs are at a million dollars or higher, there is a good chance Lincoln’s Life Elements is at the top of the list for the best price.
Coverage Details:
- Policy Name: Life Elements
- Type of Coverage: Term Life Insurance
- Issue Ages: 18-80
- Term Periods: 10, 15, 20 & 30 Years
- Renewability: Up to age 95
- Conversion Option: Can be converted into permanent life insurance if done before the end of the level term period, or age 70 whichever comes first.
- Available Policy Riders: Accelerated Benefits Rider, Children’s Level Term Insurance Rider, Waiver of Premium
BONUS FEATURE:
Lincoln Financial offers a second term life insurance product called TermAccel. With Lincoln TermAccel, you may be eligible to skip the medical exam should you meet the program underwriting guidelines.
The application is completed by telephone, and approval could be determined in as little as two days. However, TermAccel is limited to a specific age group of 18-60, and the maximum amount of coverage is capped at $1,000,000. If you do not qualify for the accelerated underwriting program, you could be required to take an exam.
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Best Million Dollar
No Medical Exam Life Insurance Policy
Sagicor – Sage Term
Looking for a million dollar life insurance policy with no medical exam being required? If so, we want to recommend Sagicor Sage Term Life Insurance.
It’s not uncommon for life insurance companies to offer the option to apply for life insurance while not having to take an exam. However, in many cases the best health class will be at standard rates, or the death benefit will be limited to $250,000 or $500,000.
While there are few companies now offering up to $1,000,000 in no medical exam life insurance, Sagicor is the company that we nominate as the best choice.
Sage Term offers a quick application process with the potential to be approved for coverage within the same day of applying. If you’re between the ages of 18-45, you can easily apply for a million dollars with no medical exams or medical records.
Coverage Details:
- Policy Name: Sage Term
- Type of Coverage: Term Life Insurance
- Issue Ages: 18-45
- Term Periods: 10, 15 & 20 Years
- Renewability: Up to age 95
- Conversion Option: Can be converted into permanent life insurance anytime prior to the end of the level term period or by age 70, whichever occurs first.
- Available Policy Riders: Accelerated Benefit Insurance Rider, Accidental Death Benefit Rider, Children’s Term Insurance Rider & Waiver of Premium Rider
Other No Medical Exam Options
Although we recommend Sagicor’s Sage Term as our top choice for no medical exam coverage, they will only benefit applicants up to age 45 who require $1,000,000 of coverage.
If you are over the age of 45 we have plenty of (A) rated companies who will potentially offer up to a million dollars of coverage. Our recommended choice for seniors ages 50-69 will be Pacific Life which can be viewed in our senior section below.
Best Million Dollar
Guaranteed Universal Life Insurance Policy
ANICO – Signature Guaranteed UL
Need an affordable million dollar permanent life insurance policy? If so, take a look into ANICO’s Signature Guaranteed Universal Life Insurance policy.
Signature Guaranteed UL is a top leader when it comes to million dollar permanent life insurance rates. In fact, when compared to other companies that offer the same coverage, 89% of the time ANICO will be in the top three for the lowest rates.
The insurance coverage provides a fixed premium that is guaranteed to remain the same price up to age 121. Affordable million dollar rates are not the only benefits offered by ANICO.
Signature Guarantee UL offers a unique cashout rider at no additional cost. If your life insurance needs change later in life, ANICO provides the ability to surrender your coverage for up to a full return of all premiums paid into the life insurance coverage.
Coverage Details:
- Policy Name: Signature Guaranteed Universal Life
- Type of Coverage: Guaranteed Universal Life Insurance
- Issue Ages: 18-80
- Contract Lengths: Up to age 121
- Available Policy Riders: Accelerated Benefit Riders, Disability Waiver of Stipulated Premium Rider & Children’s Level Term Rider
Living Benefits At No Additional Cost
One of the biggest features of purchasing a Signature Guaranteed UL policy is the living benefits that are included with the coverage at no additional costs.
The Accelerated Benefit Riders allow you to access your policy’s death benefit in advance should you need funds due to a qualifying chronic, critical or terminal illness. The benefit allows you to accelerate 100% of the death benefit up to a maximum of 2 million dollars.
Best Million Dollar
Whole Life Insurance Policy
MassMutual – Whole Life Legacy
Need a solid recommendation for a whole life insurance company that can offer a million dollars in coverage?
There are several great whole life insurance companies choose from, all capable of providing a million dollars in coverage. Companies such as Guardian, New York Life, Northwestern Mutual, and PennMutual are all excellent choices to choose from.
However, there is one company that we want to shine the spotlight on, and that’s MassMutual and their Legacy Whole Life Insurance coverage.
As with any whole life insurance policy, premiums are fixed throughout the life of the contract. Over time, cash value growth is guaranteed to grow each year.
There features to like about MassMutual and the whole life insurance coverage the company offers. There are several available policy riders to choose from, multiple limited pay options, and the potential to receive dividends.
Although dividends are not guaranteed, MassMutual has an excellent track record of paying out a dividend to its customers every year since 1869.
Coverage Details:
- Policy Name: Whole Life Legacy 100
- Type of Coverage: Whole Life Insurance
- Issue Ages: 17-90
- Contract Lengths: Up to age 100
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Best Million Dollar
Term Life Insurance Policy for Men
Transamerica – Trendsetter Super
Transamerica has recently updated their term life insurance rates on the popular Trendsetter Super term insurance.
When comparing rates, especially for males at the preferred health classes, we are noticing Transamerica is making an appearance at the top in many cases.
If you’re a male and are looking for a simple term insurance option, then Transamerica Trendsetter may be worth taking a look at. It is also one of the few term insurance options to offer a 30-year term contract past the age of 55.
Coverage Details:
- Policy Name: Trendsetter Super
- Type of Coverage: Term Life Insurance
- Issue Ages: 18-80
- Term Periods: 10, 15, 20, 25 & 30 Years
- Renewability: Up to age 105
- Conversion Option: Can be converted into permanent life insurance anytime prior to the end of the level term period or by age 70, whichever occurs first. If originally approved at preferred plus health class, its age up to age 75.
- Available Policy Riders: Accidental Death Benefit Rider, Children’s Insurance Rider, Disability Waiver of Premium, Terminal Illness Rider
2nd Available Coverage Option
Transamerica offers a second term life insurance option called Trendsetter Living Benefit. The difference between the two term insurance options is that Trendsetter Living Benefits offers free living benefit riders for chronic, critical, and terminal illness, whereas Trendsetter Super does not.
Trendsetter Living Benefits also has a maximum death benefit amount of $2,000,000. Overall the insurance option can offer several excellent benefits but beware it tends to be on the more expensive side when compared to ANICO’s Signature Term, which provides the same living benefit features.
Best Million Dollar
Term Life Insurance Policy for Women
Protective – Classic Choice Term
We recently did an article on the importance of life insurance for women. In our review, we discuss some of the shocking data revolving around the topic of women and the need for life insurance coverage. (For more information, read our “Shocking Life Insurance Statistics Heading Into“).
A piece of data that stands out is that just 56% of women own a life insurance policy. Pair that statistic with the fact that 4 in 10 moms are the primary breadwinners for their family and have a significant financial problem should mom pass away without any life insurance.
In no way is it uncommon for any woman, single, married, working or a stay at home mom to need a million dollars in life insurance.
To help you choose a company, we would like to recommend Protective Classic Choice Term as our top choice for the best million dollar term life insurance policy for women.
Classic Choice Term was designed to be an all-around affordable term life insurance policy. If you’re concerned about providing replacement income, money for the mortgage payments, or taking care of student debts should you suddenly pass away, Classic Choice Term can help take care of those needs.
- Policy Name: Classic Choice Term
- Type of Coverage: Term Life Insurance
- Issue Ages: 18-80
- Term Periods: 10, 15, 20, 25 & 30 Years
- Renewability: Up to age 105
- Conversion Option: Can be converted into permanent life insurance within a specified amount of time, which depends on the term length chosen.
- Available Policy Riders: Accidental Death Benefit Rider, Children’s Term Insurance Rider, Income Provider Options, Terminal Illness Accelerated Death Benefit Rider & Waiver of Premium Rider
Consider a 40 Year Term Length
It is a proven fact that women live longer than men. Because of that, we want women to know about a 40 year term life insurance coverage currently offered by Banner Life Insurance Company.
A 40 year term option is the longest term length currently available on a term insurance policy. It is available to both men and women but you must be between the ages of 20-45. If you’re 45 and purchase a 40 year term policy, it will cover you to age 85.
Best Million Dollar
Term Life Insurance Policy
for Health-Conscious People
Health IQ
Would you consider yourself a health-conscious individual? Do you regularly participate in activities like marathons, triathlons, weight lifting, yoga or HIIT classes?
If this is you and you need a million dollar life insurance policy, you will want to view your options with Health IQ.
Health IQ is not a life insurance company but rather a life insurance agency. The insurance agency has been able to partner up with a few life insurance companies that can offer their customers a small discount on their life insurance premiums if they can meet the guidelines of living a healthy and active lifestyle.
If this is you and your life insurance needs require a million dollar or more in life insurance, take a look at the Health IQ life insurance program.
Read more: Health IQ Life Insurance Company Review
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Best Million Dollar
Term Life Insurance Policy for Millennials
Policygenius
A study conducted by LIMRA reported that 6 in 10 millennials do not know how much or what type of life insurance coverage they would need to purchase. Within the same study, it was also reported that 4 in 10 millennials significantly overestimate the actual cost of life insurance.
Policygenius is doing everything they can to help bridge the gap between millennials and purchasing life insurance.
If you are a millennial, there is a good chance that your life insurance needs are high. In most cases, your life insurance coverage may easily require you to need a million dollar life insurance policy.
Policygenius can help with that.
The online website is filled with expert knowledge and tools such as the life insurance calculator to help make the entire shopping process as easy as it can get.
Top Quote Life Insurance + Policygenius
Top Quote Life Insurance has teamed up with PolicyGenius to provide our customers with the most excellent experience you can get when buying life insurance online.
With the use of PolicyGenius quoting software, simply compare rates and apply for coverage online through the Top Quote Life Insurance and PolicyGenius.
Best Million Dollar
Term Life Insurance Policy for Seniors
Pacific Life – Promise Term
If you’re a senior and require a million dollar life insurance policy, make Pacific Life’s Promise Term at the top of your list.
Promise term offers a unique niche that no other life insurance company is offering and that is no medical exam underwriting if you are specifically between the ages of 50-69.
To qualify for no medical exam underwriting, you must have had a complete physical by your primary care physician with full blood work within that last 18 months.
Not having to take a medical exam to apply for coverage in your senior years is just one benefit to Pacific Life’s Promise Term. Rates for a million dollars for seniors with Pacific Life com in strong.
The company is very competitive and often within the top four spots when compared to other competitors. Keep in mind, Pacific Life will be offering their coverage without an exam as long as you meet their guidelines for the underwriting program.
Be sure to check out our full list of senior life insurance options.
Coverage Details:
- Policy Name: PL Promise Term
- Type of Coverage: Term Life Insurance
- Issue Ages: 18-80
- Term Periods: 10, 15, 20, 25 & 30 Years
- Renewability: Up to age 95
- Conversion Option: Can be converted into permanent life insurance anytime prior to the end of the level term period or by attained age 70, whichever occurs first.
- Available Policy Riders: Accelerated Death Benefit Rider, Children’s Level Term Insurance Rider & Waiver of Premium Rider
Available in Permanent Coverage
Pacific Life also offers its senior no medical exam underwriting process on their permanent life insurance coverage called Promise GUL. Keep in mind, guaranteed universal life insurance is an affordable alternative to whole life insurance. Premiums are much lower but there is no cash value growth.
How to Purchase a Million Dollar Life Insurance Policy
Since life insurance is a safety mechanism for your family and loved ones during the most unfortunate times, it is one of the most important purchases of your life. It is a major responsibility to select the right coverage for your needs.
The internet has made reviewing life insurance providers much more accessible. All providers receive a rating from independent agencies that assess their financial strength and claims-paying ability.
These ratings are accessible online through agencies such as AM Best, Moody’s, Standard & Poor’s, J.D. Power Ratings, or the Better Business Bureau. Each detail how their rating system works and provides a grade or ranking for a variety of providers.
With modern technology, purchasing life insurance is quicker and easier than ever before.
You start by calculating your needs and receiving a quote. When receiving your quote from a life insurance agency such as Top Quote Life Insurance, you will be able to compare quotes from multiple brands all at once.
When you select the policy that is right for you, you can apply online or with the help of one of our licensed agents.
Don’t Short Yourself on Life Insurance Coverage
You don’t need to be a millionaire to purchase a million dollar term life insurance policy.
Top Quote Life Insurance makes the application simple. When you find the life insurance company that offers you the best rate based on your chosen health classification, simply click the “apply” to get started with the application process.
If you need help, please feel free to contact us to get started.
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...
Farmers CSR for 4 Years
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.