$1,000,000 Term Life Insurance Policy Rates
$1,000,000 Whole Life Insurance Policy Rates
| Age | Female | Male |
|---|---|---|
| 20 | $480 | $551 |
| 25 | $571 | $653 |
| 30 | $678 | $779 |
| 35 | $815 | $946 |
| 40 | $985 | $1,160 |
| 45 | $1,242 | $1,431 |
| 50 | $1,531 | $1,783 |
| 55 | $2,006 | $2,298 |
| 60 | $2,613 | $2,994 |
| 65 | $3,416 | $3,909 |
| 70 | $4,705 | $5,382 |
| 75 | $6,857 | $7,727 |
| 80 | $9,180 | $10,147 |
| 85 | $11,477 | $12,896 |
| Monthly rates are calculated at a preferred non-tobacco rating, rounded to the nearest dollar, and are valid as of 03/09/2026. | ||
$1,000,000 Universal Life Insurance Policy Rates
| Age | Female | Male |
|---|---|---|
| 20 | $215 | $255 |
| 25 | $216 | $258 |
| 30 | $247 | $308 |
| 35 | $334 | $414 |
| 40 | $427 | $519 |
| 45 | $520 | $655 |
| 50 | $619 | $781 |
| 55 | $718 | $905 |
| 60 | $954 | $1,230 |
| 65 | $1,191 | $1,555 |
| 70 | $1,903 | $2,741 |
| 75 | $2,662 | $3,901 |
| 80 | $3,937 | $5,896 |
| 85 | $6,058 | $8,697 |
| Monthly rates are calculated at a non-tobacco preferred rating, rounded to the nearest dollar, and are valid as of 03/09/2026. | ||
How Does Each Type Of Policy Work, And Which One Is Right?
Many people don’t realize that “life insurance” is just a general term and that there are, in fact, many different types that all work differently. Below is a breakdown of the three main types of life insurance and how they work:
Whole life
Whole life insurance is a form of permanent coverage with a guarantee that both the premium and death benefit will never change. Furthermore, the policy will accumulate equity in an interest-bearing tax-deferred account called “cash value”.
With each payment, a portion is directed to the cash value account. The premiums and interest will cause this account to grow. As funds accrue, the policyholder is entitled to withdraw them at any time and spend them as they wish.
Term life
Term life insurance is a form of temporary coverage. Contractually, the policy will end either A) after a defined number of years, such as 10, 15, 20, or 30, or B) upon reaching a certain age, such as 75, 80, or 90. When a term life policy ends, you’re no longer insured, and in most cases (unless you had a return of premium riderReturn of Premium Rider
A rider that will refund all premiums paid at the end of the policy term. It's uncommon for insurers to offer these riders, and they will significantly increase the policy's cost.), the insurer will keep the premiums you’ve paid over the years.
Universal life
Universal life insurance is a form of permanent coverage that usually allows the policyholder to adjust the premiums. Universal policies can, and often do, build much more cash value than whole life policies. Keep in mind that universal life policies lack the guarantees that whole life policies have, which is one primary reason why they’re less expensive.
Be mindful that if not appropriately managed, UL policies can become problematic later in life. For example, if you don’t pay enough in premiums or withdraw too much cash value, the insurer may request large bulk payments to keep the policy in good standing.
What is the right type of policy?
To determine which type of policy to buy, you should first ask yourself why you need coverage. Or in other words, ask yourself- what would the money be spent on if you died?
The answer to that question will very clearly identify your needs.
As a rule of thumb, buy permanent coverage for permanent needs and purchase term coverage for temporary needs.
Here are some common examples:
- Income replacement: If you’re a breadwinner of your household and have underage dependents who financially rely on you, then you desperately need life insurance. Consider, though, that this scenario is temporary because at some point your dependents will become adults, leave the home, and no longer be financially dependent on you. This temporary scenario warrants a term life policy. It would not make sense to spend the additional money buying a permanent policy to cover this temporary need.
- Mortgage or other debts payoff: If you want to ensure that your mortgage or other financial debts are paid off if you die, then you’d seek out a term policy. Financial debts are temporary, which is why you don’t need a permanent policy to cover them.
- Estate planning: High-net-worth families use life insurance to offset death taxes. This is a permanent need that warrants a permanent policy. Buying term, while certainly cheaper, would be ill-advised since it’s likely that it will expire before death and thus leave you without a financial tool to offset the death taxes.
- Permanent adult dependents: For a variety of reasons (usually due to a disability of some sort), many families have adult dependents who will forever rely on them for financial support. If you have dependents in this category and need a life insurance payout to help support your surviving dependents’ way of life, a permanent policy is justified due to the permanency of this scenario.
What Factors Determine The Final Cost Of A Million Dollar Life Insurance Policy?
a href=”https://choicemutual.com/life-insurance-cost/”>Life insurance rates vary greatly based on dozens of factors. For a $1,000,000 policy, the following variables will generally determine how much you pay:
- Gender: Because men have a lower life expectancy than women, they will pay approximately 30% more for life insurance products.
- Age: The older you are, the higher your life insurance rates will be.
- Amount of coverage: More coverage will result in higher premiums.
- Type of policy: Term life policies are the least expensive, followed by universal life, and whole life is the most costly.
- Health history: Your health history is a major predictor of your life expectancy. Therefore, it’s a significant factor that affects life insurance premiums. Many common health issues, such as high blood pressure, are usually not a negative factor. However, high-risk issues such as cancer or heart disease will have a major impact on your price.
- Family history: A one million dollar life policy will definitely include questions about whether or not your immediate family (parents, grandparents, and siblings) have ever had diabetes, kidney disease, dementia, cancer, or heart disease. The answers to these questions won’t lead to a decline, but they could result in higher premiums.
- Lifestyle: If you engage in high-risk activities such as sky diving, mountain climbing, or racing, expect higher rates due to the increased risk of dying. Also, certain professions, such as being a police officer, can result in higher premiums due to the higher-than-normal risk of death.
- Alcohol or drug use: First, any illegal drug use (except marijuana) will cause an outright decline. If you use non-prescription marijuana, you can still qualify, but your eligibility and rate will vary by company. Some will decline you, but some will just charge you a tobacco rate. For alcohol, any current abuse will cause a decline. If you have abuse in your history (assuming it’s not recent), it will significantly affect the cost. Expect to pay much more. If you consume moderate amounts of alcohol, that will not cause higher rates. However, if you regularly drink too much, you will definitely face higher premiums.
- Type of underwriting: Policies without a medical exam will cost more since the insurer does not know the full scope of your medical history. They won’t have current blood work, weight, or a blood pressure reading. They also won’t have your formal medical records. These unknowns increase their risk, warranting a higher price. Fully underwritten policies, on the other hand, do require a medical exam, and the insurer obtains all your actual medical records. They will know everything about your health. That means they take on much less risk, which lowers the price.
- Driving record: If you have a poor driving record, such as DUIs, reckless driving, or too many speeding tickets, you may face declines or higher rates. It depends on the offenses, when they occurred, and how many there were.
- Criminal history: First, any current probation or parole will result in an automatic decline. If you were convicted of a felony in the past, it can lead to higher rates, but this depends on the offense and when it happened. Misdemeanors are much less of a concern to insurers.
If you truly want a one million dollar life insurance policy and have some health or lifestyle issues in your past, it’s highly advised that you speak with an experienced agent. They can give you an accurate understanding of what you’ll qualify for and the approximate cost.
How To Qualify For A One Million Dollar Life Insurance Policy
To qualify for a one-million-dollar policy, you’re going to have to answer a series of detailed health, lifestyle, and financial questions. Beyond that, there are two options: Accelerated underwriting (no medical exam) and fully underwritten.
Accelerated underwriting (no exam)
No medical exam is required. Instead, the insurer will use accelerated underwriting protocols to underwrite the policy based on your answers to the questions. In addition, they will obtain health and background information about you from various electronic databases, including MIB, Milliman, LexisNexis, and your driving record.
Depending on what they discover in your history, they may request a follow-up verbal interview with an underwriter. They may also request an attending physician’s statementAttending Physician's Statement
A detailed report from an applicant's medical provider that clarifies the nature of some specific medical issues. The letter will typically include the diagnosis, treatment, and prognosis of said conditions. An APS is requested only for no-exam life insurance applications when the insurer identifies an ambiguous condition that requires clarification from a physician, so that the insurer can properly assess the risk. In the absence of the APS, the identified ambiguous information is generally considered too high a risk and thus warrants a decline. If the applicant still wants the insurance policy, the APS is an absolute requirement (when requested). (APS), a letter from your doctor that clarifies a health impairment the insurer is unable to resolve based on the data they received.
Accelerated policies may be approved the same day or may take a few days. How long it takes depends on the complexity of your life history.
Fully underwritten
First, a medical exam is required. You must meet with a nurse who will take your blood pressure and note your current height and weight. Also, they will gather a blood and urine sample. Please note that the insurer pays for this service, and they can come to your home, or you can meet them somewhere.
The insurance company will contact all your physicians and ask them to fax copies of your medical records. Once the insurer has gathered all this information, they can determine if you are approved and the rate classRate Class
Risk categories assigned by underwriters that denote levels of risk. The best rating is usually "preferred plus," followed by "preferred," then "standard," and various "substandard" ratings. The better the rating, the lower the price. The rate class you're assigned is a function of the totality of your health and lifestyle history. that you’ll qualify for. In total, the process generally takes 4-6 weeks before fully underwritten applications are approved.
When a medical exam should be expected
If you’re in good health and don’t have a complicated driving, criminal, and prescription history, a no-exam option is likely possible. However, if any of the following conditions apply to you (current or past), expect a medical exam requirement. This list is not exhaustive. Rather, it just encompasses the majority of reasons when a medical exam is required:
- Lung issues
- Recent foreign travel to regions that are declared high risk
- Risky occupations
- Major mental health impairments
- Diabetes that is not mild and anything but well-controlled
- Most cancers
- Heart disease
- Alcohol or drug abuse in your past
- More than moderate alcohol consumption
- Autoimmune disorders
- Recent hospitalizations or instances of disability
- DUI’s
If any of the above conditions apply to you, it’s best to first speak with a licensed agent who can diagnose your situation and give you honest expectations.
Seniors over 60 will have to complete additional forms
If you’re a senior aged 60 or more, expect insurers to require you to complete additional documentation that addresses two primary concerns:
- That you’re not buying the policy where a third party will have a vested interest in the policy and is enticing you to do so via money or some other valuable consideration.
- You’ll be paying the premiums, and a third party who has no insurable interestInsurable Interest
Insurable interest is when the beneficiary(s) of a life insurance policy would suffer a financial hardship should the insured die. Those who typically have insurable interest include family members or business partners, as they would suffer a financial windfall upon the insured's death. Other categories of persons (non-family or non-business partner) may have insurable interest but must provide proof to substantiate it. is not connected to the policy in any way.
They will also likely ask you to explain why you need such a large amount of coverage at this stage in your life.
Is A $1 Million Dollar Life Policy Enough Coverage?
While $1 million in life insurance sounds like a lot of coverage (and it is), it may not be enough. Here’s what you need to know when determining how much life insurance you need:
- For income replacement needs, consider the 10x rule. You should have at least ten times your annual income. The average household income in the USA is $83,730. Based on that average income, a $1 million policy would be enough to provide 10x your annual income.
- Consider the DIME formula, which consists of Debt, Income, Mortgage, and Education expenses. This formula has you consider your income replacement needs, debts (mortgage and other types), and your children’s future college expenses.
- Don’t forget about final expenses. Funeral expenses are a major financial burden, so be sure to include them in your total needs analysis.
If $1,000,000 is enough to cover all these needs, great. However, if not, buy more coverage if you can afford it.
- Nationally licensed life insurance agent with over 16 years of experience.
- Personal annual production that puts him in the top .001% out of all life insurance agents in the nation.
Anthony Martin is a nationally licensed insurance expert with over 16 years of experience and has personally served over 10,000 clients with their life insurance needs. He frequently authors entrepreneurial and life insurance content for Forbes, Inc.com, Newsweek, Kiplinger, and Entreprenuer.com. Anthony has been consulted as an expert life insurance source for dozens of high-profile websites such as Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia, Insurance.com, Yahoo Finance, and many more.
- Nationally licensed life insurance agent with over 20 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 20 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 15 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 15 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
- Nationally licensed life insurance agent with over 20 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 20 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 15 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 15 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
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death taxes. https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax
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lower life expectancy. https://mort.soa.org/
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accelerated underwriting protocols. https://content.naic.org/sites/default/files/committee_related_documents/SI_AUW_LATFPresentation_12.8.2016.pdf
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MIB. https://www.mib.com/facts_about_mib.html
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Milliman. https://www.milliman.com/en/Our-Story
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LexisNexis. https://www.lexisnexis.com/en-us/gateway.page
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household income in the USA. https://www.census.gov/library/publications/2025/demo/p60-286.html
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DIME formula. https://www.johnhancock.com/ideas-insights/how-much-life-insurance-do-you-need.html
