How much does a million-dollar life insurance policy cost?

Its Never Been Easier to Get $1,000,000

How Much is a Million Dollar Life Insurance Policy?

Take a look at this example: Monthly rates – best health class, $1,000,000 – 20 year term

AgeFemaleMale
35$29$33
40$41$49
45$67$80
50$97$130
55$159$218
60$269$382
65$486$739
70$1098$1519

A million dollars is a lot of money, but if you have a young family and need to replace your income for 10-20 years if you die, your life insurance needs may be a million or more.

Recognizing that more and more families need at least $1,000,000, many life insurance companies now offer accelerated underwriting programs to make buying easier.

Accelerated underwriting allows you to complete the underwriting process in days, and if you qualify, you may not need to complete a paramedical exam.

We have one company willing to underwrite up to $7.5 million using accelerated underwriting!

How Much is a 2 Million Dollar Life Insurance Policy?

Take a look at this example: Monthly rates – best health class, $2,000,000 – 20 year term

AgeFemaleMale
35$51$60
40$74$90
45$124$151
50$185$253
55$309$427
60$524$755
65$965$1470
70$2190$3031

We have more than ten life insurance companies that will provide accelerated underwriting for $2,000,000 of life insurance.

How Much Does a $5 Million Life Insurance Policy Cost?

Take a look at this example: Monthly rates – best health class, $5,000,000 – 20 year term

AgeFemaleMale
35$117$139
40$177$218
45$301$397
50$457$619
55$760$1056
60$1298$1875
65$2404$3663
70$5466$7364

If you need five million of life insurance, while we have accelerated underwriting programs, the most competitive life insurance companies in terms of price may require full underwriting.

How Much Does a $10 Million Life Insurance Policy Cost?

Take a look at this example: Monthly rates – best health class, $10,000,000 – 20 year term

AgeFemaleMale
35$226$271
40$348$429
45$594$785
50$907$1231
55$1512$2103
60$2588$3742
65$4803$7319
70$10926$15120

Buy When You’re Young

Get life insurance while you’re young and healthy. Life insurance gets more expensive as you age, and if you develop a high-risk medical condition, you may not be able to buy the coverage you need.

You’ll probably have multiple needs for life insurance, from replacing your income to paying for a mortgage, children’s education, etc.

Sometimes it makes sense to look at multiple policies with varying term lengths to match your needs and potentially lower your cost.

Buy term life insurance. Universal and whole life insurance policies sound great, but the premium becomes too expensive for most people.

We’ve found over the years that young families with universal or whole-life insurance tend to be underinsured.

Final Words

Chances are that you need more life insurance than you think, but the good news is that life insurance tends to be less expensive than most people estimate.

Research has shown that with proper knowledge, consumers will purchase the correct amount of coverage.

Take a few minutes to get your free no pressure, no obligation life insurance quote today.

By Michael Horbal – updated on – 10/23/2022

Request Your No Pressure, No Obligation Quote Today!

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