Cheapest 1 million dollar life insurance quotes

You’re always looking for ways to protect your family from unforeseen circumstances. So you invest in IRAs and 401Ks, but have you thought about life insurance? It is the easiest way to provide for your dependents after death. Aside from having life insurance, it’s vital that you get enough coverage.

Not having enough life insurance is one of the worst mistakes that you can make. It would leave your family with leftover bills and no money to pay off those expenses. Before you purchase a life insurance plan, it’s vital that you calculate your life insurance needs.

Securing a 1 million dollar term life insurance policy is a lot easier and cheaper than you might think.

With online tools like our instant life insurance quoter, it’s easy to compare the top life insurance company’s rates side by side.

When purchasing a million dollars or more of term life insurance, you’re literally purchasing coverage for pennies on the dollar to protect your family.

We’ve found that most people are surprised at how inexpensive a $1,000,000 term life insurance policy really is.  And the reality is, more people are buying AT LEAST one million dollars of term life insurance than ever before.


Well, with cost of living and education rising along with inflation – for younger families, a $1,000,000 term life insurance policy is a starting point for a bread winner to adequately protect their loved ones.

1 Million Dollar Term Life Insurance Policy Cost

A questions we get all the time: “How much does a million dollar life insurance policy cost?”

You might think that a $1,000,000 term life insurance coverage may cost a lot; not so fast though. We encourage you to utilize our instant life insurance quote engine to compare 1 million dollar life insurance policies side by side.

Also, there’s no way to provide an average cost of a million dollar life insurance policy, so for a quick reference, lets look at some sample rates for $1,000,000 of coverage at a “preferred” health classification, non-smoker and monthly rates. Rates as a smoker on life insurance coverage will see an increase in these rates.

10 year term     15 year term     20 year term

30 year old male                    $28                    $37                   $49
30 year old female                 $23                    $31                   $37
35 year old male                    $29                    $37                   $53
35 year old female                 $25                    $34                   $45
40 year old male                    $41                    $53                   $71
40 year old female                 $34                    $44                   $60
45 year old male                    $66                    $89                   $117
45 year old female                 $55                    $71                   $93
50 year old male                    $101                  $144                 $182
50 year old female                 $81                    $101                 $132
55 year old male                    $163                  $237                 $289
55 year old female                 $122                  $152                 $205
60 year old male                    $259                  $365                 $504
60 year old female                 $186                  $248                 $352

Our experience has shown that some of the best rates for a 1 million dollar policy are from Banner Life, Protective Life, SBLI, Lincoln Financial, Prudential, Principal, Minnesota Life, Transamerica and American General.  Each of these top life insurance companies seem to be the best for different age bands and health risks. If you are searching for life insurance for diabetics we can help with that as well.

Qualifying Financially for a 1 Million Dollar Term Life Insurance Policy

It’s also becoming a very common amount of coverage to purchase amount 30 to 50 year old demographic – especially those with families.  Depending on your age, you can qualify for up to 25 times your annual income.  If you have special circumstances, you can qualify for even more than that factor.

This means that a person making $40,000 per year can qualify for $1,000,000 of term life insurance coverage just on his/her income alone.

You’re probably thinking, why would someone who makes $40,000 per year need that much life insurance?  Well, if you’re the primary bread winner and have young children, the need is absolutely there.

If you didn’t come home from work tomorrow, who would provide for your loved ones? Would they be able to stay in the same house and maintain their current lifestyle?  A $1,000,000 20 year term life life insurance policy could support your family until your children can provide for themselves.

The cost for a 20 year term at 1 million dollars is very affordable at a $40,000 annual income as well (assuming you’re in good health).

Your Health Will Determine Your Rates

So you can qualify financially for a million dollar life insurance policy, but it’s your health and lifestyle that will actually determine your rates.

If you have any health issues, even minor ones like controlled blood pressure or cholesterol, we highly recommend contacting us for an accurate quote.  While our instant quotes are 100% accurate and kept up date, they don’t factor in any health situation.

Since each company will view your health and lifestyle differently, there’s no way for any life insurance consumer to know who will provide the best health rating.  As life insurance agents representing these companies, we’re given field underwriting guidelines that let us know what rates you can qualify for.  On top of that, we keep our own database of approvals so we know which company provides the best rates in various situations.

As a rule of thumb when running instant quotes:

Preferred Plus:  No Health Issues or Medications
Preferred:  Controlled minor health issues (Cholesterol, Blood Pressure, Asthma etc)
Standard Plus: Minor health issues
Standard: Controlled health issues

As far as lifestyle goes (like private pilots, scuba divers, skydivers etc), it all depends on your experience and different risks associated with your lifestyle.  We have a page on our website for higher risks that explains our process.

Currently, if you’re in great health you can qualify for a $1,000,000 with no medical exam and receive a decision within 24 hours.  This is an A+ rated carrier that’s very well known.  Contact us for details if you’re in great health.

Best $1,000,000 Term Life Insurance Quotes

I know we’ve mentioned that using an instant quoter is the best way to compare million dollar term life insurance rates, and it’s true.  However, be aware that your specific health situation could be looked at differently by each insurance carrier.

At Rootfin, we know the key to getting the best rate is finding the company that views your situation more favorably than others.

We take the best life insurance quotes you’ll see in the instant quote results and go down the list to see if you can qualify for those rates.  We start at the best quotes and work our way down.

It could be Prudential, Banner, Protective, ING (now VOYA), MetLife, AIG, Minnesota Life, American National or whoever.  Doesn’t matter.  All we care about is that they’re a financially sound company.

We don’t favor any company (we represent over 60 top rated life insurance companies) and will truly present you with the best life insurance available on the market.

Just because your friend secured the best rates with a certain company, doesn’t mean that company is the best for you.  Just keep that in mind.

What If A Million Life Insurance Policy Is Too Expensive?

If you’re looking at our quotes on the next screen and our million dollar life insurance rates are too expensive,  we suggest you look into “laddering” your coverage to lower the cost.

Laddering means you buy multiple smaller policies with different maturity dates (10, 15, 20, 30 year term, GUL etc) that custom tailor your needs rather than one large policy.

Doing so could lower the cost of your policy.

For example:

Lets say a $1,000,000 20 year term life insurance policy is out of your comfort range, but you need at least $1,000,000 of coverage for total peace of mind.  Here’s where laddering can come into play:

Look into purchasing a $500,000 10 year term and a $500,000 20 year term as opposed to the single million dollar life insurance policy.  You’ll get the coverage you need for the next 10 years and during that time frame you can re-evaluate when your income increases or your situation changes.

This is a very common strategy that most life insurance agents fail to recommend.  So if the cost is too high for you when viewing quotes on our website, make sure you look into this laddering strategy.  We’ll be happy to recommend a laddering strategy for your situation if interested.

This is a great strategy for anyone that need a million dollars of coverage, but can’t afford the policy. Luckily, these plans tend to be much more affordable than most applicants think. There are dozens of different factors that the insurance company is going to look at when they are calculating what your premiums are going to be for the life insurance policy.

The insurance company is going to calculate how much of a risk you are, the higher the risk, the more that you’ll pay for life insurance. If you want to get lower insurance rates, you’ll need to improve your health and eliminate any risky lifestyle habits that you have. This can help you save thousands of dollars on your life insurance policy.

Bottom Line

What we hear the most from our clients is that they feel the plan they NEED will be too expensive, or they don’t realize just how much coverage that their family is going to need. Without enough coverage, they could be left with a massive amount of debts and final expenses.

We represent all the life insurance companies that have competitive million dollar life insurance rates.  You can compare these rates by completing our instant quote form.

Alternatively, if you have any questions or would like to see the best rates you can qualify for, please don’t hesitate to contact us.  This is what we do all day, every day.

About Jeff Root

is the owner of He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

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