How Much does a Million Dollar Life Insurance Policy Cost?

A $1,000,000 life insurance policy may seem like a large policy, but many people may need that much coverage to support their family’s needs.

Our agency often works with successful executives, doctors, and small business owners who require a substantial amount of life insurance.

Many wealthy people seeking between a 1 and a 10 million dollar life insurance policy, commonly need coverage to either protect their income or to cover a large loan. Many large life insurance polices are purchased on the recommendation of our client’s CPA or attorney.

Do I Need a One Million Dollar Life Insurance Policy?

When you add up all of your current debts, your family’s regular living expenses and future financial obligations such as college tuition, you might just find that you actually need a $1,000,00 life insurance policy.

Once realize the actual need own a million dollar life insurance policy, you may also be pleasantly surprised by the affordability of the payments.

EXAMPLE:  Do you Need a One Million Dollar Life Insurance Policy?

Here is a typical scenario for a wealthy family:

  • $200,000 primary wage earner
  • non-working spouse
  • children
  • mortgage
  1. Your first calculation should be based on the death benefit required to generate an enough income to provide for your surviving spouse and children.
  2. Then, figure the additional amount needed to pay off any outstanding mortgage balance.
  3. Now, your will simple need to get an estimate for mortgage life insurance rates, along with an additional death benefit to cover your income.

A million dollar life insurance policy covers both needs:

  • $200,000 Income (x 3 years) = $600,000 Life Insurance
  • $400,000 Mortgage Balance =  $400,000 Mortgage Life Insurance
  • $1,000,000 Life Insurance

Million Dollar Life Insurance Policy Cost

So, you think a million dollar life insurance policy would be good plan for you. Naturally, you will want to compare quotes in order to get the best million dollar life insurance rates. Since, term life insurance quotes can vary from one company to another, it really pays to evaluate many companies.

Affordable Life USA  makes finding the insurance companies that have the best rates for people easy. It will only take you a few minutes to perform a quick search of bet

How much does a 1 to a 10 million dollar life insurance policy cost?

To compare million dollar life insurance policy rates by your exact age press “Get Quote” below:

million dollar life insurance quoteFor sample million dollar life insurance rates, please take a look at our handy life insurance rate chart below:

$1,000,000 Term Life Insurance Rates

10 Year
1 Million2 Million3 Million4 Million
Age 45   5471,0941,6412,188
Age 50   8701,7402,6103,480
Age 551,4962,9924,4885,984
Age 602,4364,8727,3089,744
Age 654,3259,05013,57518,100
Age 707,08914,17821,26728,356
20 Year
1 Million2 Million3 Million4 Million
Age 451,1062,2123,3184,424
Age 501,6883,3765,0646,752
Age 552,7445,4888,23210,976
Age 604,7309,46014,19018,920
Age 658,92517,85026,77535,700
Age 7016,22032,44048,66064,880

* Million Dollar Life Insurance Policy Cost for Male, Non-smoking, Preferred Plus

Getting Approved for a $1,000,000 Life Insurance Policy

If you are looking into securing a 1 million dollar life insurance policy, it is very important to work with an agent who is familiar and comfortable handling large cases.

We have developed a disciplined and streamlined process to help you get approved for a million dollar life insurance policy.

Life insurance companies apply more stringent underwriting to applicant’s seeking life insurance with larger death benefits.

Some insurance companies have special criteria for  a million dollar plan, while others may not have a problem with 10 million dollar life insurance policy. This depends on a lot of factors including the insurance company’s financial strength and market segment.

Many carriers may not have the capacity or desire to underwrite a large face amount. Some companies also need support from reinsurance companies before they can make an initial commitment to coverage.

Death benefits above certain thresholds can violate the company’s jumbo limit, taking underwriting control away from the carrier and sending your application into the reinsurance market.

Not to mention, many agents do not routinely sell huge policies and have not developed either the knowledge or the carrier relationships needed to secure the best premium for a wealthy family.

A majority of these agents will simply run a spreadsheet of the cheapest 1 million dollar life insurance policies from multiple carriers, and go directly to filling out a formal application. An immediate red flag should be raised, if your agent develops your application for life insurance in this manner.

Furthermore, many agents are not familiar with correct steps and also do not have internal systems in place to facilitate offers for wealthy families.

Our advisers often take many intricate steps to navigate the marketplace on your behalf to find you the most competitive offer. This is how we do it:

First, we ask you a few questions:

  • How much total new insurance coverage do you need?
  • Do you need term or permanent life insurance?
  • Why do you need the amount of coverage?
    1. Personal -protect personal income, protect a personal mortgage balance.
    2. Business - secure a business loan, or provide Key Person coverage for a company
  • How much life insurance do you currently have in force now? (this will factor in to how much additional coverage you can obtain)
  • How is your overall health? (you will need to submit to an insurance examination and provide your medical records)
  • How are my current finances? (Approval for between 1 - 10 million dollar life insurance policy will require financial underwriting, which can include verification of income and net worth)
  • Do you participate in a dangerous avocation, aviation, foreign travel, or other high risks?

With these pertinent details available to us, it is now time to begin the application vetting process. We will always shop any coverage which could result in a 1 to 10 million dollar life insurance policy. This detailed application process utilizes  many insurance companies in the market via our “Concierge Shopping Service”.

One Million Dollar Life Insurance policy

One Million Dollar Life Insurance /12 steps:

  1. Your  information is initially evaluated and matched to companies offering the best insurance product(s) for the required death benefit.
  2. It may also be necessary to look at several insurance carriers to place the total risk because an individual carrier’s retention limits, may still fall short of the total amount of coverage you need.
  3. We will need you to complete an insurance examination which will be utilized with many insurance companies.
  4. We will also order the required medical summary from your doctor (APS) to be used with all the viable life insurance companies.
  5. Large 1 to 10 million dollar life insurance polices are subject to financial underwriting, and we can determine whether the amount of life insurance can be justified based on your financial information.
  6. Our in-house underwriters summarize, and analyze all medical and financial information and determine which companies to submit to for “tentative offers”.
  7. Your medical and financial profile is presented as a “trial application” to multiple life insurance companies to determine which life insurance carrier would be willing to offer coverage at the most competitive rate class.
  8. This concierge service allows us makes preliminary premium comparisons more accurate based on “tentative offers” although you will not know the ultimate premium until the carrier makes a formal offer of coverage.
  9. Now, a formal application will be submitted to the carrier which offered the best initial rates to you during our shopping process.
  10. An inspection report is used to verify the information provided on the formal application is correct.
  11. Congrats! Your policy has been approved and mailed to us to verify accuracy
  12.  We fly or drive to your office to deliver a policy with the best pricing available in the marketplace.

Our strategy outlines to our clients and there advisers the time horizon and the details required to purchase a large life insurance policy. Our history in the large case market validates that larger life insurance policies can be complex and require a defined strategy.

Types Life Insurance Policies

What types of policies are available to cover my needs for life insurance? The most popular and affordable type of policy used to protect your income and pay off the mortgage is term life insurance.

However, there are two common types of life insurance policies to provide coverage for your family or business.

  • Term Life Insurance
  • Permanent Life Insurance

Term Life Insurance

A term life insurance policy offers guaranteed death benefits and level premiums for an initial period such as 10, 15, 20, or even 30 years.

Term life insurance is an great choice for people looking to obtain a low cost $1,000,000 life insurance policy.

Term coverage can be tailored in duration to address your exact future needs.

A 10 year term life insurance policy may be ideal for someone looking at protecting their income to until they retire.

While, a 20-year term or 30 year term life insurance plan may be better suited for younger people needing to protect  their income and a long term mortgage.

Permanent Life Insurance

Universal Life Insurance is a type of permanent policy where the excess of premium payments above the current cost of insurance are credited to the cash value of the policy.

Universal life insurance can be designed for cash accumulation with tax deferred growth along with lifetime coverage.

Universal life insurance  can also be structured with no cash value with guaranteed coverage to age 120. (this policy design is often called Hybrid Universal Life)

Whole life is another form of permanent life insurance coverage. Whole Life provides a fixed premiums and death benefit for the lifetime of the insured.

Whole life insurance policies also accumulate guaranteed tax-deferred cash values. These cash values are available upon surrender, or by taking withdrawals or loans against an active policy.

A $1,00o,000 whole life insurance policy is often used by wealthy people looking to create an estate for their family.


FeatureTerm lifeWhole lifeUniversal lifeIndexed Universal LifeVariable Universal Life
Choices in policy duration  ✓ ✓ ✓
Builds cash value 
Premiums can be flexible  
Death benefit can be flexible  
Inexpensive life insurance
Cash value has investments    
 Lifetime coverage  ✓ ✓ ✓ ✓

Best Life Insurance Companies

Since, many companies sell life insurance, it is impossible for you to know which carriers can offer you a low cost $1.00 000 life insurance policy.

We have streamlined the process of shopping for life insurance and monitor a network of over 186 of America’s top life insurance companies.

Here is a list of our companies which offer affordable life insurance and also offer the highest ratings from the Better Business Bureau, AM Best, and J.D. Power.

AM Best
JD Power
AXA EquitableA+A+752
Banner LifeA+A+N/A
Guardian LifeA+A++760
John HancockA+A+739
Lincoln FinancialA+A+744
Mass MutualA+A++780
Mutual of OmahaA+A+766
Pacific LifeA+A+N/A
Principal FinancialA+A+774

How much does $1,00,000 life insurance policy cost?

Affordable Life USA  makes finding the insurance companies that have the best rates for people simple and easy! We would be happy to assist you in your search to obtain a million dollar life insurance policy.

You can obtain both term and permanent life insurance with our life insurance premium calculator.

Press “Get Quote”  to find the $1,000,000 life insurance policy cost for your age:

million dolar life insuranceIf you eventually choose to work with us, we promise to work diligently with you from start to finish to find you the best overall plan for your needs and budget.

Please do not hesitate call us with any questions 1-877-249-1358.

Introducing Eric Van Haaften:

Eric Van Haaften

Affordable Life USA is a nationally licensed and independently operated life insurance agency. The agency was started by Eric Van Haaften, over 25 years ago, from our home office located in Grand Rapids, Michigan. Please feel free to email him at:, or call us at 1-877-249-1358.