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How much does a million dollar life insurance policy cost?

The cost of a million-dollar life insurance policy can vary significantly depending on several factors, including the type of policy, your age, gender, health, smoking status, and the insurance company you choose. Below, I’ll provide some rough estimates to give you an idea of the potential costs:

  1. Term Life Insurance: Term life insurance provides coverage for a specified term, such as 10, 20, or 30 years. It is typically more affordable than permanent life insurance. Here are approximate monthly premium ranges for a healthy, non-smoking individual:

    • 30-Year-Old: $20 to $50 per month
    • 40-Year-Old: $30 to $80 per month
    • 50-Year-Old: $70 to $200+ per month

    These are just rough estimates and can vary based on your specific circumstances.

  2. Permanent Life Insurance: Permanent life insurance, such as whole life or universal life, provides coverage for your entire lifetime and includes a cash value component. Premiums for permanent policies are generally higher than those for term policies. For a million-dollar policy:

    • 30-Year-Old: $300 to $1,000+ per month
    • 40-Year-Old: $500 to $1,500+ per month
    • 50-Year-Old: $1,200 to $3,000+ per month

    The wide range in premiums reflects the various options and features available with permanent life insurance, as well as the insurer’s underwriting criteria.

  3. Health and Lifestyle: Your health and lifestyle factors can significantly impact the cost of your life insurance policy. If you have pre-existing medical conditions, engage in risky activities, or smoke, your premiums may be higher.

  4. Medical Underwriting: Insurance companies assess your health and may require a medical exam or review of your medical records to determine your risk. The healthier you are, the lower your premiums are likely to be.

  5. Gender: Historically, women have paid lower life insurance premiums than men because they tend to have longer life expectancies. However, this gap has been narrowing in recent years.

  6. Riders and Additional Coverage: If you choose to add riders or additional coverage to your policy, such as a disability rider or a critical illness rider, your premiums will increase.

  7. Payment Frequency: Premiums can be paid annually, semi-annually, quarterly, or monthly. Paying annually is usually the least expensive option.

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