You’ve come to the right place if you’re in the market for a million-dollar life insurance policy.
While a million dollars might sound like a lot, many successful people need this level of coverage to protect their family’s future.
To make things easier, we’ve put together some valuable tips and insights to help you secure the right policy and move forward with confidence.
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Reasons for Million Dollar Life Insurance
Reasons for Million Dollar Life InsuranceMost people hear “million-dollar life insurance” and assume it’s only for the ultra-wealthy.
In reality, as Bankrate points out, there are plenty of everyday situations where this level of coverage makes sense.
Here are some of the main reasons our clients choose a million-dollar policy:
- Protecting Family Finances: This coverage can help your family manage day-to-day expenses, pay off the mortgage, and cover future education costs if you’re not there to provide for them.
- Paying Off Debts: Large policies can clear big debts—like a mortgage, student loans, or credit cards—so loved ones aren’t left with a financial burden.
- Replacing Lost Income: If you’re the primary earner, a million-dollar policy can replace your income for years, helping your family maintain their lifestyle.
- Business Protection: Business owners often use these policies to protect key partners or fund buy-sell agreements, ensuring the business remains stable if a critical employee leaves.
- Leaving a Legacy: Some clients want to leave a meaningful gift to children, grandchildren, or a favorite cause.
Million Dollar Term Life Insurance
Million Dollar Term Life Insurance We typically recommend term life insurance for those seeking substantial coverage at a reasonable cost. Term policies offer fixed premiums and a guaranteed death benefit for a set period, typically anywhere from 10 to 40 years.
Choosing a longer term will cost a bit more, but it can provide lasting peace of mind. It’s important to weigh the length of coverage you need against what premium you’re comfortable paying.
For young adults—especially those just starting to earn higher incomes—a million-dollar term policy is a smart, affordable way to protect a growing family. You get significant coverage during the years your loved ones need it most.
Middle-aged clients often use term life insurance to cover their peak earning years or major obligations, such as a mortgage, through retirement.
Although the cost of term life insurance for seniors increases, it can be a temporary solution until pension income becomes available or retirement plan assets accumulate.
How Much is a $1,000,000 Life Insurance Policy?
How Much is a $1,000,000 Life Insurance Policy?If you’re curious about the cost of a million-dollar term life insurance policy, we’ve got the answers you need.
MoneyGeek reports that a $1 million policy costs an average of $53 per month for a 10-year term and $83 for a 20-year term. Of course, your actual rate depends on factors like your age, gender, and health.
Our agency specializes in term life insurance, and we’re happy to share real numbers that might surprise you—in a good way.
Many people are pleased to learn that a million-dollar policy is much more affordable than they’d expect, especially if you’re under 50 and in good health.
For example, a healthy 45-year-old woman could get a $1 million policy for just $38 per month for a 10-year term, while a man of the same age would pay around $46.
As you get older, premiums rise. By age 60, women typically pay about $136 per month for a 10-year term, while men see rates closer to $203.
The biggest increases come after age 70. A 70-year-old woman might pay roughly $367 per month for a 10-year policy, while men of the same age could be looking at $591 per month.
We’re excited to share our chart showing average monthly premiums for term life insurance policies, with death benefits ranging from $1 to $4 million!
Million Dollar Term Insurance Rates for Women
| 10 | $1mm | $2mm | $3mm | $4mm |
| 45 | $38 | $69 | $98 | $129 |
| 50 | $57 | $167 | $157 | $208 |
| 55 | $90 | $177 | $258 | $342 |
| 60 | $136 | $265 | $386 | $509 |
| 65 | $224 | $441 | $659 | $876 |
| 70 | $367 | $726 | $1,089 | $1,448 |
| 20 | $1mm | $2mm | $3mm | $4mm |
| 45 | $66 | $126 | $186 | $244 |
| 50 | $97 | $185 | $276 | $365 |
| 55 | $158 | $309 | $460 | $609 |
| 60 | $261 | $522 | $781 | $1,039 |
| 65 | $487 | $966 | $1,447 | $1,917 |
| 70 | $1,098 | $2,196 | $3,283 | $4,376 |
Million Dollar Term Insurance Rates for Men
| 10 | $1mm | $2mm | $3mm | $4mm |
| 45 | $46 | $91 | $137 | $182 |
| 50 | $73 | $145 | $218 | $290 |
| 55 | $125 | $249 | $374 | $499 |
| 60 | $203 | $406 | $609 | $812 |
| 65 | $360 | $754 | $1,131 | $1,508 |
| 70 | $591 | $1,182 | $1,772 | $2,363 |
| 20 | $1mm | $2mm | $3mm | $4mm |
| 45 | $92 | $184 | $277 | $369 |
| 50 | $141 | $281 | $422 | $563 |
| 55 | $229 | $457 | $686 | $915 |
| 60 | $394 | $788 | $1,183 | $1,577 |
| 65 | $744 | $1,488 | $2,231 | $2,975 |
| 70 | $1,352 | $2,703 | $4,055 | $5,407 |
Save Money by Laddering Term Insurance Policies
If you’ve worked hard to build a successful life, your financial responsibilities have probably grown right along with your achievements.
Maybe you’re now looking at $5 million in life insurance coverage to protect your family, your home, or your business.
That number might sound high—but for many high earners and entrepreneurs, it’s what’s needed to keep loved ones secure.
There’s a smart way to get the coverage you need without overspending that we frequently recommend to our clients.
Instead of purchasing a single large policy, you could utilize a more cost-effective laddering strategy.
- You could buy a cheaper 2 million insurance policy for 10 years to cover a mortgage.
- Then, buy another 3 million life insurance policy for 20 years to protect your income until retirement.
The key is to align each policy’s expiration date with your expected needs as they evolve across life stages.
This way, you have peak coverage when it is most necessary and pay less during periods when your insurance requirements decrease.
Shopping around is key. Our calculator lets you compare premiums from top insurers in just a few minutes, so you can make sure you’re getting the best value for your money.
Million Dollar Permanent Life Insurance
Million Dollar Permanent Life Insurance If you’re looking for coverage that lasts your entire lifetime, permanent coverage is the way to go.
We specialize in two main types of permanent coverage: universal life and whole life insurance. Let’s break down what each means for you and your family.
Universal Life: UL policies offer rock-solid premium and death benefit guarantees while building a tax-deferred cash value that fluctuates over time.
Whole Life: This permanent coverage provides ironclad guarantees on cash values, premiums, and death benefits. Plus, you might see some extra money through dividends if you buy a policy from a mutual insurance company.
For nearly forty years, we’ve helped successful clients secure the right permanent coverage. We often recommend universal life insurance for its flexibility and long-term value.
Permanent policies aren’t just about lifelong protection—they’re also key for tax-efficient wealth transfer, estate planning, and business succession.
Buying a $1,000,000 Life Insurance Policy
Buying a $1,000,000 Life Insurance PolicyLet’s talk about getting you the right life insurance. Whether you’re seeking $1 million in coverage or much more, we aim to make the process as simple as possible.
We start by discussing the coverage amount you’re considering, whether you prefer term or permanent insurance.
Next, we will assess your overall health by reviewing your medical history, current medications, and lifestyle factors.
Based on this evaluation, we will determine whether a medical exam is necessary or whether a no-exam policy would be more suitable for your circumstances.
Million Life Insurance Policy with No Exam
Million Life Insurance Policy with No ExamMany insurers are now providing substantial coverage without a physical exam, making the process faster and more efficient than ever.
For instance, Lincoln Financial offers competitive rates for coverage up to $1 million without medical exams.
Similarly, Pacific Life offers no-exam policies with limits up to $2 million for healthy applicants under 60, while those aged 61 to 69 can access up to $1 million in coverage.
Instead of an exam, your application is reviewed through digital health records, prescription history, and a few health and lifestyle questions.
As these policies become more widely available, we’re continually monitoring new insurance companies to help our clients find the protection they need with less hassle.
Million Dollar Life Insurance with an Exam
In many cases, a medical examination is required when buying coverage of $1 million or more.
A medical exam that evaluates vital health indicators such as blood pressure, cholesterol levels, and body weight may result in more favorable policy rates.
Furthermore, specific policies, such as whole or universal life, are often only available to those who complete these medical assessments.
Additionally, passing an exam can unlock higher coverage limits, as insurers may limit maximum coverage for those who opt out of the exam process.
Process for Securing Million-Dollar Coverage:
Our systematic approach ensures you get the coverage you need while keeping premiums as competitive as possible.
Our process involves a medical exam (when necessary), collection of medical records from your healthcare providers, and financial underwriting for larger policies.
Then, we conduct a thorough market analysis, comparing options from leading insurance carriers to find the most competitive rates.
We handle all the documentation, submit applications on your behalf, and coordinate every phase of the process.
Throughout underwriting, we maintain open communication to keep you updated so you’re never left in the dark.
After your policy is approved and thoroughly reviewed for accuracy, we deliver the most affordable and reliable coverage available in the marketplace. 
Million Dollar Life Insurance Calculator
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In today’s competitive life insurance marketplace, it is crucial to evaluate insurer’s reputations.
Our carefully curated list highlights insurers with exceptional ratings from esteemed organizations such as the Better Business Bureau, AM Best, and J.D. Power.
Notable companies like Banner, Corebridge, and Protective have built strong reputations by offering high-quality products at competitive prices and delivering exceptional customer service.
Many of these companies offer affordable premiums and are recognized by CNET’s prestigious ranking as one of the Top Life Insurance Companies in the United States.
| COMPANY | BBB | AM Best | JD Power |
|---|---|---|---|
| AIG | A+ | A | 718 |
| AXA Equitable | A+ | A+ | 752 |
| Banner Life | A+ | A+ | N/A |
| Brighthouse | A+ | A+ | N/A |
| Guardian Life | A+ | A++ | 760 |
| John Hancock | A+ | A+ | 739 |
| Lincoln Financial | A+ | A+ | 744 |
| Mass Mutual | A+ | A++ | 780 |
| Metlife | B- | A+ | 780 |
| Mutual of Omaha | A+ | A+ | 766 |
| Nationwide | A+ | A+ | 806 |
| Pacific Life | A+ | A+ | N/A |
| Principal Financial | A+ | A+ | 774 |
| Protective | A+ | A+ | 742 |
| Prudential | A | A+ | 770 |
| SBLI | A+ | A+ | N/A |
| Transamerica | A+ | A+ | 720 |
FAQs: Million Dollar Life Insurance
FAQs: Million Dollar Life Insurance Is a million-term insurance policy appropriate for my needs? Aim for coverage 7 to 10 times your annual income when determining if you need a million-dollar policy. Also, factor in any existing debts, such as mortgages, student loans, or business loans, that may affect your financial needs.
Can an average person obtain a million-dollar insurance policy? Eligibility for coverage depends on whether an individual can afford the premiums and satisfies the insurance company’s financial underwriting criteria.
Can I name a trust as the beneficiary of my policy? Yes, this is a common practice for those wanting control over the distribution of funds after their death. The trust receives the insurance proceeds and distributes them in accordance with your instructions in the trust documents.
How much is a million-dollar term policy for a 50-year-old man? A ten-year term policy would cost $870, whereas a sixty-year-old man would pay $1,688 per year for a twenty-year term policy.
What does million-dollar term life insurance cost a 60-year-old? For a 60-year-old, the annual premium for a $1 million term insurance policy differs by gender. Men pay $3,300 for a 10-year term and $6,700 for a 20-year term. Women’s premiums are lower at $2,300 and $3,800, respectively.
What does a $1 million policy cost a 70-year-old man? A 70-year-old man would face annual premiums of $7,089 for a ten-year term. Opting for a twenty-year term, the yearly cost jumps to $16,220.
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Affordable Life USA offers comprehensive life insurance solutions to families and business owners throughout the United States.
Our founder, Eric Van Haaften, developed his passion for quantitative analysis while earning his business degree from Ferris State University, which laid a strong foundation for his analytical approach to financial planning.
