A million-dollar life insurance policy can be more affordable than you’d think, but it depends on the type of policy you’re looking for, as well as your age, gender, and health. A 30-year-old could pay anywhere from $25 to $72 per month depending on the term you choose and your gender:
10-year term: $25 per month for women; $32 per month for men
20-year term: $37 per month for women; $49 per month for men
30-year term: $57 per month for women; $72 per month for men
Average cost of a $1 million life insurance policy with a 10-year term
One of the cheapest ways to buy a million dollars’ worth of life insurance coverage is to look at a 10-year term life policy. A 30-year-old woman could pay less than $25 per month for a million dollars in coverage, while a 30-year-old man could pay less than $32 per month for the same policy.
Age | Gender | $1 million, 10-year term |
20 | Female | $23.91 |
Male | $33.76 | |
30 | Female | $24.85 |
Male | $31.59 | |
40 | Female | $37.81 |
Male | $46.80 | |
50 | Female | $89.17 |
Male | $111.38 | |
60 | Female | $190.74 |
Male | $259.24 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining 10-year $1 million life insurance policies. Life insurance averages are based on a composite of policies offered by Policygenius from Legal & General America, Brighthouse Financial, Corebridge Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 10/01/2024.
Learn more about term life insurance rates
Average cost of a $1 million life insurance policy with a 20-year term
If you know you need your coverage to last longer than just 10 years, you could consider a 20-year term for a million-dollar policy. The longer your term length, the higher your premiums will be — although many 20-year term life policies are still affordable. A 30-year-old woman could pay less than $37 per month for a million-dollar, 20-year term life policy, while a 30-year-old man could pay less than $49 per month.
Age | Gender | $1 million, 20-year term |
20 | Female | $33.63 |
Male | $47.51 | |
30 | Female | $36.90 |
Male | $48.89 | |
40 | Female | $60.65 |
Male | $75.24 | |
50 | Female | $139.50 |
Male | $188.29 | |
60 | Female | $354.51 |
Male | $499.98 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining 20-year $1 million life insurance policies. Life insurance averages are based on a composite of policies offered by Policygenius from Legal & General America, Brighthouse Financial, Corebridge Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 10/01/2024
Average cost of a $1 million life insurance policy with a 30-year term
If you’re early in your career, have a 30-year mortgage, or otherwise want your coverage to last for several decades, you could consider a million-dollar, 30-year term life policy. A 30-year-old female could pay about $57 per month, while a 30-year-old male could pay about $72 per month for million-dollar coverage lasting 30 years.
Age | Gender | $1 million, 30-year term |
20 | Female | $49.32 |
Male | $66.57 | |
30 | Female | $57.04 |
Male | $71.88 | |
40 | Female | $97.32 |
Male | $122.41 | |
50 | Female | $232.24 |
Male | $315.50 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining 30-year $1 million life insurance policies. Life insurance averages are based on a composite of policies offered by Policygenius from Legal & General America, Brighthouse Financial, Corebridge Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 10/01/2024.
How much does a million-dollar permanent life insurance policy cost?
If you’re looking for life insurance coverage that won’t expire, here’s how much you can expect to pay for two different types of permanent life insurance with $1 million dollars in coverage.
Guaranteed universal life insurance (GUL) is one of the cheapest types of permanent coverage. GUL comes with fixed premiums and a fixed death benefit, but minimal cash value accumulation, so this type of policy isn’t used as a savings vehicle.
Whole life insurance also comes with fixed premiums and a cash value account, which gains interest at a set low rate over time. The cash value can be used as a forced savings tool. You can also withdraw from your cash value tax-free.
For instance, a 30 year old woman would pay $309 per month for a million-dollar GUL policy, compared to $801 per month for whole life. A 30-year-old man would pay $353 and $920, respectively.
Compare rates for a million-dollar GUL vs. whole life insurance policy
Age | Gender | $1 million GUL | $1 million whole life |
20 | Female | $213 | $545 |
Male | $252 | $639 | |
30 | Female | $309 | $801 |
Male | $353 | $920 | |
40 | Female | $512 | $1,161 |
Male | $554 | $1,372 | |
50 | Female | $809 | $1,826 |
Male | $874 | $2,117 | |
60 | Female | $1,332 | $3,065 |
Male | $1,463 | $3,556 |
Methodology: Sample monthly rates are calculated for non-smokers in a Preferred Plus health classification, obtaining a $1 million guaranteed universal life insurance policy paid up at age 121 offered by Policygenius through Pacific Life, a $1 million whole life insurance policy paid up at age 100 offered by Policygenius through MassMutual. Rates may vary by insurer, coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 10/01/2024.
What factors influence the cost of a $1 million life insurance policy?
Life insurance companies determine how much you’ll pay for your policy based on your application and health history. Below are a few of the main factors they consider:
Your age. The younger you are, the less you’ll have to pay for life insurance because we all become riskier to insure as we age. The average cost of life insurance increases by 4.5% to 9% every year you delay buying a policy.
Your gender. On average, women pay 24% less for life insurance than men. Men have a shorter life expectancy than women, so insurers consider them riskier to insure. [1]
Your health. Generally, the fewer health conditions you have, the lower the chances that you die while the policy is active. This means that the healthier you are, the lower your rates will be.
Lifestyle activities. Lifestyle activities that increase your risk of dying can raise your rates — whether that’s smoking or skydiving.
