What are the benefits of a million-dollar life insurance policy?

Choosing to add a million-dollar life insurance policy can mean greater financial stability for your loved ones after you pass away. Because of the larger death benefit, more funds may remain after they pay for immediate costs, such as final expenses and outstanding debt. For example, your loved ones might even be able to use a million-dollar life insurance death benefit for their longer-term living expenses and college tuition.

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How much does a million-dollar life insurance policy cost?

With Progressive life insurance through eFinancial, a million-dollar term life policy starts at $69 per month.*

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. So the earlier you buy a life insurance policy, the lower your premiums may be.

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 term life insurance policy

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

AgeTerm lengthAverage monthly rate
30Term length10 yearsAverage monthly rate$35.23
30Term length15 yearsAverage monthly rate$43.07
30Term length30 yearsAverage monthly rate$86.57
40Term length10 yearsAverage monthly rate$47.41
40Term length15 yearsAverage monthly rate$61.33
40Term length30 yearsAverage monthly rate$137.89
50Term length10 yearsAverage monthly rate$112.67
50Term length15 yearsAverage monthly rate$160.51
50Term length30 yearsAverage monthly rate$367.58

Is a million-dollar life insurance policy right for me?

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.

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

How is a million-dollar life insurance policy paid out?

A million-dollar life insurance policy is paid out to your beneficiaries upon your death. If you have more than one primary beneficiary, then you may divide up your death benefit so that each beneficiary receives a certain percentage of the benefit.

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 can I get a million-dollar life insurance policy?

You can get a million-dollar term 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 Progressive Life by eFinancial representative who can help get the right policy for you.

Get a free life insurance quote online in minutes

Learn more about life insurance policies.

Please note: The above is meant as general information to help you understand the different aspects of insurance. Read our editorial standards for Answers content. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Descriptions of all coverages and other features are necessarily brief; in order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy and/or speak to an insurance representative. Coverages and other features vary between insurers, vary by state, and are not available in all states. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. References to average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation. We are not responsible for the content of any third-party sites linked from this page.