How much is a million-dollar term life insurance policy?

What is a million-dollar life insurance policy?

It refers to the face value of the policy or the amount of the death benefit. Should you pass while the policy is in force, a million dollars will be paid out to your loved ones, usually tax-free.

What determines the cost of a million-dollar term life policy?

The cost depends on factors including your age, sex, health, and the time frame you select for the term life insurance policy. Generally, life insurance costs less when you're younger, assuming you have fewer health concerns. So the earlier you buy a term life policy, the lower your premiums may be.

Get a better idea of what a million-dollar policy might cost by comparing term life insurance rates from different companies.

Average cost of a million-dollar term life insurance policy

See the average costs of million-dollar term life policies by age:^†

When should you consider a million-dollar life policy?

A million-dollar life insurance policy makes sense for someone whose loved ones may need a million dollars in support after the insured has passed away.

It may also be appropriate for you if you are:

• Beginning a family or adding to your growing family
• Earning a high income and want to protect your loved ones should something unforeseen happen to you and you'll want to replace your earnings
• In the process of paying off a mortgage or other debts
• Preparing an estate plan and want to preserve your wealth for beneficiaries
• Planning for end-of-life expenses
• A business owner/partner or key executive who wants to plan for their business' survival and/or continuity should they die (often referred to as "key person insurance"). The death benefit would go to the business rather than individual beneficiaries.

Steps for getting a million-dollar life insurance policy

To determine if a million-dollar life insurance policy matches how much life insurance you need, consider:

1. How much money your loved ones need on an annual basis (include loans and other debt, future expenses, and long-term needs)
2. Multiply that by the number of years you'd like to support them after you're gone
3. Factor in unexpected expenses, such as major home or car repairs

You can also use our life insurance calculator to quickly estimate if a million-dollar life insurance policy makes sense for you.

After these steps, you may find that a million-dollar life insurance policy provides a healthy financial cushion for your beneficiaries.

How to get a million-dollar life insurance policy with Progressive

You can get a million-dollar term life policy quote online. You'll need to answer a few questions and then choose your coverage amount and other policy details. Or call 1-866-912-2477 to speak with a licensed Progressive Life by eFinancial representative who can help you get the right policy. You may also want to explore other kinds of life insurance policies with a rep.