In this article, we’ll provide an overview of the cost of a $1,000,000 Life Insurance Policy —whether it’s Term Life, Whole Life, or No Medical Exam— and provide sample rates, from ages 20 to 80: healthy or on medication, male or female.
10, 15, 20 and 30 Year Term Quotes for $1,000,000 Policies
Term life policies are policies that guarantee level payments and death benefit for a period shorter than your entire life, typically for 10 to 30 years.
Term is an affordable life insurance option for young people (below the age of 60) who are health conscious.
Life insurance companies realize that the longer someone has life insurance coverage without any pre-existing conditions, the less risky it is to insure them long-term.
10 Year term policies are the least expensive.
The older we get, or if there are pre-existing health conditions on our medical history, then usually priced much higher and would resemble more like that of a life insurance rate for someone who is riskier to life insurance companies.
Due to life expectancy being longer, life insurance rates can be higher as you get older. Rates will depend on the health of the life insured person, their sex , smoking status etc. In general, life expectancies are increasing so life insurance premiums have been going up in the last few years. Life insurance cost comparisons over time show that rates have risen broadly since 2000 but there has also been substantial variability across different types of life policies and across different genders. Life insurance cost comparisons between males and females suggests that women tend to pay less than men do for life insurance coverage overall because they tend to live longer lives.
$1,000,000 10 YEAR TERM LIFE INSURANCE POLICY
| $1 Million 10 Year Term | Male | Female |
|---|---|---|
| Age 30 | $18.92 | $14.62 |
| Age 40 | $23.22 | $21.50 |
| Age 50 | $68.96 | $57.80 |
| Age 60 | $194.86 | $132.86 |
| Age 70 | $555.06 | $366.33 |
* It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $1,000,000 10 Year Term Life Insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, Age 65, and Age 75.
$1,000,000 15 YEAR TERM LIFE INSURANCE POLICY
| $1 Million 15 Year Term | Male | Female |
|---|---|---|
| Age 30 | $21.50 | $18.92 |
| Age 40 | $34.40 | $32.18 |
| Age 50 | $96.36 | $74.37 |
| Age 60 | $253.86 | $181.89 |
| Age 70 | $855.16 | $559.17 |
* It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $1,000,000 15 Year Term Life Insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, Age 65, and Age 75.
$1,000,000 20 YEAR TERM LIFE INSURANCE POLICY
| $1 Million 20 Year Term | Male | Female |
|---|---|---|
| Age 30 | $31.45 | $25.06 |
| Age 40 | $47.44 | $41.13 |
| Age 50 | $125.56 | $96.90 |
| Age 60 | $354.16 | $268.36 |
| Age 70 | $1,519.45 | $1,129.87 |
*Updated for 2022: Rates above are monthly and for illustrative purposes only. Not an offer for insurance. Please note rates vary substantially depending on state of residence, unique medical history, height and weight, driving history, as well as other factors. It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $1,000,000 30 Year Term Life Insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, Age 65, and Age 75. We know all the ins and outs to get you the cheapest rates for a $1,000,000 Term Life Insurance Policy. Get a quote from us today to ensure you’re getting the lowest rates.
$1,000,000 Whole Life and Universal Life Quotes – TO AGES 90, 95, and 100
The demand for guaranteed life insurance quotes has been steadily on the rise as baby boomers have become more concerned about their level of guaranteed coverage as they age.
A lot of universal guaranteed life insurance companies have been issuing guaranteed life insurance quotes to those who are approaching 90 years old, 95 years old and even 100 years old.
Those who are seeking guaranteed life insurance quotes at these ages can expect guaranteed best rates that convert into guaranteed cash value over a specific amount of time.
If you had asked someone five decades ago if it would be possible to obtain guaranteed whole life insurance quotes at such advanced ages, you would probably receive some serious side-glances from your peers or family members.
In fact, some states still do not allow guaranteed life insurance quotes to be issued beyond age 70.
$1,000,000 LIFE INSURANCE POLICY UNIVERSAL GUARANTEED TO AGE 95
| $1 Million Guaranteed Age 95 | Male | Female |
|---|---|---|
| Age 30 | $3,511.48 | $2,678.76 |
| Age 40 | $4,807.34 | $3,644.10 |
| Age 50 | $6,702.12 | $5,367.66 |
| Age 60 | $11,624.84 | $9,175.26 |
| Age 70 | $23,142.50 | $18,371.32 |
*It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $1,000,000 Guaranteed to age 95 life insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, Age 65, and Age 75.
$1,000,000 LIFE INSURANCE POLICY UNIVERSAL GUARANTEED TO AGE 100
| $1 Million Guaranteed Age 100 | Male | Female |
|---|---|---|
| Age 30 | $3,729.50 | $3,155.89 |
| Age 40 | $5,550.80 | $4,481.14 |
| Age 50 | $7,921.68 | $6,702.10 |
| Age 60 | $13,702.66 | $13,702.66 |
| Age 70 | $27,013.48 | $22,684.84 |
*Updated for 2022: Rates above are monthly and for illustrative purposes only. Not an offer for insurance. Please note rates vary substantially depending on state of residence, unique medical history, height and weight, driving history, as well as other factors. It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $1,000,000 Universal Guaranteed to age 100 life insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, Age 65, and Age 75. We know all the ins and outs to get you the cheapest rates for a $1,000,000 Term Life Insurance Policy. Get a quote from us today to ensure you’re getting the lowest rates.
How Much Does a $1,000,000 Policy Cost with No Medical Exam?
If you qualify, you can get life insurance without taking a Medical Exam. No-Exam policies are best suited for “younger” (under 50) Life Insurance shoppers, who are in excellent health. You will have to complete an application that includes some Health and Lifestyle questions. Approval times vary! Depending on where you apply, it could be anywhere from “instant approval” to several days.
But, keep in mind, one of the absolute BEST WAYS to reduce the cost of your Life Insurance is to take a medical exam. It’s no big deal.
Contrary to popular belief —primarily due to TV Advertising— most Life Insurance Companies require a medical exam. But you actually CAN get a million dollar policy without a medical exam from some companies.
Hands down, the best way to get low rates on life insurance is to take a medical exam.
This lets the life insurance company get a “current snapshot” of your health— reducing their RISK, reducing your PRICE.
Taking a medical exam is NOT a big deal. It takes about 30 minutes, it’s free; and it is done in the convenience of your own home.
That said, take a look at the sample rates for $1,000,000 15 Year Term Life policy with No Medical Exam (below). Monthly rates shown vary substantially depending on your state of residence, unique medical history, height and weight, driving history; as well as other factors.
$1,000,000 15 YEAR NO MEDICAL EXAM TERM LIFE INSURANCE POLICY
| $1 Million 15 Year Term No Exam | Male | Female |
|---|---|---|
| Age 30 | $26.10 | $23.10 |
| Age 40 | $39.70 | $32.18 |
| Age 50 | $125.93 | $89.77 |
| Age 60 | $329.22 | $213.80 |
*Updated for 2022: Rates above are monthly and for illustrative purposes only. Not an offer for insurance. Please note rates vary substantially depending on state of residence, unique medical history, height and weight, driving history, as well as other factors. It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $1,000,000 No Medical Exam life insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, and Age 65. We know all the ins and outs to get you the cheapest rates for a $1,000,000 Term Life Insurance Policy. Get a quote from us today to ensure you’re getting the lowest rates.
Comparing Companies That Offer $1 Million Policies
$1 MILLION 10 Year Term Life Insurance – Haven VS Ladder VS Bestow VS Ethos VS Fabric VS Sagicor
| Male | Age 30 | Age 40 | Age 50 | Age 60 |
|---|---|---|---|---|
| Haven | $23.45 | $31.20 | $85.47 | $245.67 |
| Ladder | $32 | $40 | $103 | $290 |
| Bestow | $43.33 | $59.16 | $109.16 | N/A |
| Ethos | $41 | $58 | $131 | N/A |
| Fabric | $30.54 | $44.20 | $100.99 | $278.66 |
| Sagicor | $21.68 | $30.20 | $96.30 | $310.48 |
Comparing $500,000 to $1,000,000 of Coverage
You may be suprised to learn that $1 million dollars of life insurance costs less than $500,000 of life insurance.
Say what?
Okay, your “out-of-pocket” expense may be higher, but the cost per thousand of coverage goes down!
In other words, you get more coverage for your dollar. If you’re looking at $1 million of life insurance, you’re actually paying some of the lowest rates you can find per thousand. But be sure to get quotes for $500,000 and $2 million to compare.
WE WANT TO HEAR YOUR THOUGHTS! ADD TO THIS ARTICLE
Frequently Asked Questions About $1 Million Policies
WHAT’S THE AVERAGE PRICE FOR $1,000,000 OF LIFE INSURANCE?
It is impossible to determine the average price of a life insurance policy because so many factors determine a life insurance premium. Type of life insurance, age, tobacco, preexisting conditions, male/female, are just some examples that affect the average cost of life insurance.
But just as an example, you can see in the charts above that a 40-year-old will pay between $32-$40 per month for a million dollars of 15-year-term coverage, if they’re in good health and they don’t smoke.
CAN I GET $1,000,000 OF GUARANTEED ISSUE LIFE INSURANCE?
There are two types of “guaranteed life insurance” that people refer to. If you’re looking for a guaranteed issue policy, meaning regardless of your health, you’ll likely qualify, then $50,000 is typically the max.
The other type of guaranteed life insurance is life insurance that will remain guaranteed as long as premiums are maintained. If the premiums stop, then coverage may end.
You can definitely get $1,000,000 of this sort of coverage.
Guaranteed life insurance is perfect for those who need guaranteed protection for a specific period of time, such as during their retirement years or to pay estate taxes upon death.
The guaranteed features of guaranteed issue policies help protect consumers from losing coverage should they become sick or have some pre existing condition prior to receiving their new policy effective date.
HOW MUCH IS A 1 MILLION LIFE INSURANCE POLICY FOR SENIORS?
You could be declined life insurance because of age or medical conditions.
Older life insurance applicants can face underwriting difficulties because life insurers are concerned about the long term financial risk, and they generally want this risk removed if possible.
To do this, life insurance companies commonly attempt to exclude coverage for any diseases or health problems that could worsen in the future.
Life Insurance applicants over age 50 may also be required to submit additional information (such as blood pressure readings, electrocardiograms (also known as EKGs), physical exams, urine samples, information about family medical history).. Some life insurance applications by people with certain preexisting health conditions may not be accepted. Check with us to get the best rates: 888-681-4952
The Bottom Line?
Let’s discuss your interest in —and eligibility for— $1,000,000 Life Insurance Coverage. We can help you determine the best fit for you— based on your goals, your individual circumstances, and your budget.
Leave feedback about this