Who needs a million-dollar life insurance policy?
A million-dollar life insurance policy makes sense for someone whose loved ones will need a million dollars in support after the insured has passed away.
To determine if a million-dollar life insurance policy matches how much life insurance you need, consider how much money your loved ones need on an annual basis (remember to include loans and other debt, future expenses, and long-term needs), and multiply that by the number of years you'd like to support them after you're gone. When you factor in unexpected expenses, you might find that a million-dollar life insurance policy provides a healthy financial cushion for your beneficiaries.
Pro tip:
If your beneficiaries don't want to manage a lump sum payout of a million dollars, consider a policy that allows for the payout to be made in installments over time as a life insurance annuity, with the remaining amount earning interest until the balance has been fully paid.
How much does a million-dollar life insurance policy cost?
With Progressive life insurance through eFinancial, a million-dollar term life policy starts at $65 per month based on actual sales for purchasers of all ages.* The cost of a million-dollar life insurance policy ultimately depends on factors like your age, sex, and health, and the type of life insurance you get. Generally, life insurance costs less when you're younger, assuming you have fewer health concerns.
Get a better idea of what a million-dollar policy might cost you by comparing term life insurance rates from different companies.
Average cost of a million-dollar life insurance policy
See the average costs of million-dollar term life policies by age:†
Age | Term length | Average monthly rate |
---|---|---|
30 | Term length 10 years | Average monthly rate $35.23 |
30 | Term length 15 years | Average monthly rate $43.07 |
30 | Term length 30 years | Average monthly rate $86.57 |
40 | Term length 10 years | Average monthly rate $47.41 |
40 | Term length 15 years | Average monthly rate $61.33 |
40 | Term length 30 years | Average monthly rate $137.89 |
50 | Term length 10 years | Average monthly rate $112.67 |
50 | Term length 15 years | Average monthly rate $160.51 |
50 | Term length 30 years | Average monthly rate $367.58 |
How can I get a million-dollar life insurance policy?
You can get a million-dollar life insurance policy quote online. You'll answer questions and then choose your coverage amount and other policy details. You can also call 1-866-912-2477 to speak with a licensed representative who can help get the right policy for you.