How much does a million dollar life insurance policy cost?

Think a $1,000,000 life insurance policy is only for the wealthy? Think again. With today’s competitive rates and simplified underwriting, a million dollars of coverage can cost less than your daily coffee — especially if you’re young and healthy.

Whether you’re protecting your family, replacing income, or building generational wealth, here’s what you need to know about million-dollar coverage.

What Affects the Cost of a $1,000,000 Life Insurance Policy?

The price of a million-dollar policy depends on several key factors:

• Age — Younger = cheaper

• Health — Better health means lower rates

• Smoking status — Smokers pay significantly more

• Policy type — Term is cheaper than Whole Life

• Length of term — 10, 20, or 30 years impact the cost

• Gender — Women generally pay less

Let’s look at real-world examples.

Sample Monthly Rates for $1 Million Term Life Policy

These are just estimates. Your actual quote may be lower or higher depending on your unique profile — which is why comparing multiple carriers is key.

What About Whole Life or Permanent Coverage?

If you want lifetime coverage and cash value growth, Whole Life or Indexed Universal Life (IUL) may be better — but expect to pay significantly more. You’re not just buying a death benefit — you’re building a financial asset.

Sample:

• Male, 30 years old, Non-Smoker — $1,000,000 Whole Life could start around $650/month

It’s more expensive, but it builds tax-deferred wealth and never expires.

Why a Million-Dollar Policy Makes Sense

• Replaces income for 10–15 years

• Pays off mortgage and debt

• Covers education for children

• Leaves tax-free wealth to heirs

• Builds trust and financial security

Even if it sounds like too much — you may be surprised how affordable it actually is.

Get Your Million-Dollar Policy Quote — Instantly

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Many plans require no medical exam. Coverage starts from as low as $20/month.

👉 Start now. Protect your loved ones with real coverage that actually matters.