How Much Does a Million Dollar Life Insurance Policy Cost?

Shawn Plummer

CEO, The Annuity Expert

Are you looking for a way to get a million-dollar life insurance policy on a budget? If so, you’re in luck! This guide will discuss tips that will help you get the coverage you need without breaking the bank. It is important to note that no one can guarantee how much coverage you will be able to obtain for a specific price. However, following these tips should help you reach your goal as possible. Let’s get started!

The Best Ways To Buy A $1,000,000 Life Insurance Policy

One of the best ways to get a million-dollar life insurance policy on a budget is to shop around for the best rates. It is essential to compare quotes from multiple insurers to find the best deal. Don’t be afraid to ask for discounts, either. Many insurers offer discounts like being a good customer or having a healthy lifestyle.

Another way to get a million-dollar life insurance policy on a budget is to buy it through an online brokerage. Online brokers typically have lower rates than traditional insurers, and they also offer more flexibility when it comes to coverage options. Compare the rates and policies from different online brokers to find the best deal.

Finally, don’t forget to ask your friends and family for referrals. Chances are, someone you know has purchased life insurance in the past. Ask them about their experience and find out which broker or insurer they used. You may be able to get a discount if you purchase a policy through the same company that your friend used.

Follow these tips, and you should be able to get the coverage that you need without breaking the bank. Remember, it is vital to shop around and compare rates to find the best deal. Good luck!

How Much Does a Million Dollar Life Insurance Policy Cost?

Let’s face it, becoming a millionaire is something most people only dream of, yet just because you aren’t rich doesn’t mean you shouldn’t consider buying a million-dollar life insurance policy.

In reality, million-dollar insurance is quite common and might be less expensive than you imagine. Check it out for yourself. Get a free quotation for $1 million of term coverage with our no-obligation quotation software. There is no need to submit any contact information to see real-time pricing estimates.

The three most frequent queries that come up when deciding whether a million-dollar policy is appropriate for you are:

  1. Is it possible to acquire a million-dollar life insurance policy?
  2. When do a million dollars of coverage make sense?
  3. Finally, what is the cost of a million-dollar life insurance policy?

Calculate: Life insurance needs calculator

Is it possible to obtain a million-dollar life insurance policy?

Unlike other forms of insurance, life insurance is designed to replace rather than increase money. Therefore, insurance providers need a financial basis for large policies to qualify since life insurance is meant to replace assets rather than increase them.

There are several things to consider when determining whether or not you qualify for $1 million in coverage. These include age, income, health, lifestyle, and the amount of time you’ve had your policy.

Although it is possible to do so, not everyone can afford a million dollars of life insurance. When you consider all of the financial responsibilities you would be leaving behind, purchasing a million-dollar policy does not appear to be out of the question.

The stress of making ends meet and possible delays in your retirement and financial goals. This protection includes the expense to replace your income, pay off your mortgage, send children to college, and handle any other outstanding debt.

How Much Does A Million Dollar Life Insurance Policy Cost

The following table will estimate the cost of a million-dollar term whole and universal life insurance policy.

Life Insurance TypeMonthly Cost
Term Life InsuranceFrom $14.62
Whole Life InsuranceFrom $348.25
Universal Life InsuranceFrom $182.00
Monthly cost based on a 20-year-old female, non-tobacco, in excellent shape.

How Much Does A 2 Million Dollar Life Insurance Policy Cost

Life Insurance TypeMonthly Cost
Term Life InsuranceFrom $26.66
Whole Life InsuranceFrom $691.25
Universal Life InsuranceFrom $353.00

How Much Does A 5 Million Dollar Life Insurance Policy Cost

Life Insurance TypeMonthly Cost
Term Life InsuranceFrom $61.28
Whole Life InsuranceFrom $1,720.25
Universal Life InsuranceFrom $864.00

How Much Does A 10 Million Dollar Life Insurance Policy Cost

Life Insurance TypeMonthly Cost
Term Life InsuranceFrom $116.12
Whole Life InsuranceFrom $3,435.25
Universal Life InsuranceFrom $1,716.00

Million Dollar Life Insurance Quotes

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Need Help Getting Life Insurance Coverage?

Million Dollar Life Insurance Policy

If you have a preexisting medical condition and want to buy life insurance, you will need help from an expert. This person can help ensure that you get coverage so that you don’t get declined.

Warning: Applying for life insurance without a medical exam can be risky. If you get declined coverage, it could be at least two years before you can get any life insurance.

Impaired Risk Life Insurance
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Have You Been Declined Life Insurance Coverage Before?

Frequently Asked Questions

How much does a 1 million dollar life insurance policy cost?

A $1 million life insurance policy can cost as little as $14.62 a month for a term life insurance policy, $348.25 a month for whole life insurance, and $182.00 a month for universal life insurance.

How much does a 2 million dollar life insurance policy cost?

A $2 million life insurance policy can cost as little as $26.66 a month for a term life insurance policy, $691.25 a month for whole life insurance, and $353.00 a month for universal life insurance.

How much does a 5 million dollar life insurance policy cost?

A $5 million life insurance policy can cost as little as $61.28 a month for a term life insurance policy, $1,720.25 a month for whole life insurance, and $864.00 a month for universal life insurance.

How much does a 10 million dollar life insurance policy cost?

A $10 million life insurance policy can cost as little as $116.12 a month for a term life insurance policy, $3,435.25 a month for whole life insurance, and $1,716.00 a month for universal life insurance.

Who offers the best million-dollar life insurance policy?

Because of their higher maximum coverage levels, affordable rates, and strong financial rating with A.M. Best, Banner Life, AIG, and Pacific Life offers the best million dollar life insurance policy.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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