The average cost of a $1 million life insurance policy is $70 per month for men and $59 for women, for a 10-year term. Protective Insurance offers the cheapest average rate at $41 per month.
Find the cheapest life insurance rates for $1M coverage below.
Updated: November 24, 2025
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The average rate for $1,000,000 term life coverage varies by term, with a 20-year policy costing $99 per month for men and $84 for women. A 30-year plan costs an average of $173 per month for men and $146 per month for women.
Rates for $1 million life insurance policies vary between insurance companies. Protective Insurance offers the lowest rates for this coverage.
The $1 million payout can cover funeral expenses, pay off debts and help maintain your beneficiaries’ lifestyle. This lump sum is generally tax-free for beneficiaries, though certain situations may have tax implications.
A $1 million life insurance policy costs more than smaller policies because insurers take on greater financial risk if you die. The average cost of a million-dollar policy ranges from $59 to $472 per month, depending on term length. Permanent policies cost more.
Your rate depends on your age, health, lifestyle and other risk factors. Below are average costs for $1 million life insurance policies across different profiles and companies.
Term length is how long your life insurance policy stays active, usually 10 to 30 years. Some companies also offer 40-year term policies. Term life insurance with $1 million in coverage and a 10-year term length costs an average of $62 per month for men and $59 per month for women. Longer terms cost more because insurers face higher risk over time. A 30-year term policy costs an average of $173 per month for men and $146 per month for women.
| 10 years | $59 | $707 |
| 15 years | $68 | $814 |
| 20 years | $84 | $1,013 |
| 25 years | $132 | $1,585 |
| 30 years | $146 | $1,754 |
| 35 years | $243 | $2,923 |
| 40 years | $369 | $4,442 |
The costs above are based on quotes for a 40-year-old male policyholder who doesn't smoke and has an average health rating.
Many term policies have "auto-renewal" features when the term expires — you don't need to go through the underwriting process again, but the rate may change. — Mark Friedlander, Director, Corporate Communications, Insurance Information Institute.
Locking in a rate while younger saves money on $1 million term life policies. As you age, the cost of life insurance increases. A 10-year policy costs an average of $45 per month for a 30-year-old man but $166 for a 50-year-old man. Â
See how monthly premiums change across different ages from 18 to 70 years old in the table below.
| 10 years | $44 | $535 |
| 15 years | $52 | $623 |
| 20 years | $63 | $757 |
| 25 years | $115 | $1,392 |
| 30 years | $110 | $1,321 |
| 35 years | $257 | $3,072 |
| 40 years | $471 | $5,648 |
Smoking increases the cost of $1 million life insurance because of the health risks. A 10-year term policy costs a 40-year-old smoker an average of $227 per month. That's $157 more than nonsmokers pay.
Smokers can still find affordable coverage rates for $1 million by buying at a younger age and staying healthy. The table below shows average monthly costs for smokers with $1 million term life insurance.
| 10 years | $113 | $1,361 |
| 15 years | $133 | $1,612 |
| 20 years | $160 | $1,940 |
| 25 years | $303 | $3,640 |
| 30 years | $283 | $3,417 |
| 35 years | $692 | $8,328 |
| 40 years | $1,268 | $15,216 |
The cost of $1 million in term life insurance reflects the increased likelihood of health-related claims for those in poor health. Below are the average monthly costs for a $1 million life insurance policy for people with health concerns.
| 10 years | $42 | $509 |
| 15 years | $49 | $594 |
| 20 years | $60 | $724 |
| 25 years | $104 | $1,254 |
| 30 years | $104 | $1,252 |
| 35 years | $237 | $2,851 |
| 40 years | $419 | $5,026 |
Permanent life insurance costs much more than term life insurance for the same $1 million coverage. Permanent policies like whole and universal life often cost up to 15 times more than term policies. The exact difference depends on your age, health and policy details.
Permanent life insurance costs more because it lasts your entire life and builds a cash value component you can borrow against. In contrast, term life insurance covers you for a specific period, like 10, 20 or 30 years. Because most people outlive their term, insurers face lower risk and charge less.
| Female | $1,209 | $14,513 |
| Male | $1,335 | $16,017 |
The costs above are based on average quotes for our sample profiles. Actual premiums will vary depending on your profile, including your lifestyle and health.
| Female | $508 | $6,098 |
| Male | $588 | $7,056 |
The costs above are based on average quotes for our sample profiles. Actual premiums will vary depending on your profile, including your lifestyle and health.
The right choice between term and permanent life insurance depends on your needs and financial goals. Term life insurance works well if you want affordable coverage for a specific period, like until you pay off your mortgage or your kids become financially independent. Permanent life insurance makes sense if you want lifelong coverage and the ability to build cash value.
You can buy $1 million life insurance from traditional companies and online brokers. Multiple platforms let you compare rates and terms to find the right policy for your budget.
Protective Insurance offers the cheapest 10-year $1 million term policy at $41 per month. It also has the lowest average cost for all term lengths. The table below compares the average monthly premiums for $1 million term policies from different companies.
| Protective Insurance | $41 | $491 |
| Lincoln Financial | $46 | $548 |
| AAA | $50 | $601 |
| North American | $52 | $624 |
| Midland National | $52 | $624 |
| Gerber Life (Fabric) | $52 | $626 |
| TransAmerica | $57 | $687 |
| Principal National | $59 | $712 |
| CoreBridge | $60 | $714 |
| Guardian Life | $60 | $714 |
| Securian | $60 | $715 |
| SBLI | $62 | $752 |
| Legal&General | $62 | $753 |
| Pacific Life | $62 | $753 |
| Foresters Financial | $63 | $753 |
| Cincinnati Life | $63 | $766 |
| Nationwide | $64 | $771 |
| Columbus Life | $65 | $778 |
| Mutual of Omaha | $67 | $807 |
| Equitable Life | $68 | $814 |
| Assurity | $70 | $843 |
| John Hancock | $71 | $857 |
| Life Insurance Co of The South West | $71 | $858 |
| National Life Group | $71 | $858 |
| Prudential | $74 | $896 |
| Fidelity Life | $78 | $932 |
The costs above are based on quotes for a 40-year-old male policyholder who doesn't smoke and has an average health rating.
Lincoln Financial, Gerber, Pacific Life, Assurity, Nationwide and Ethos offer $1 million no-exam life insurance coverage. Compare average costs for different term lengths below.
| Lincoln Financial | $46 | $548 |
| Gerber Life (Fabric) | $52 | $626 |
| Pacific Life | $62 | $753 |
| Nationwide | $64 | $771 |
| Assurity | $70 | $843 |
The costs above are based on quotes for a 40-year-old male policyholder who doesn't smoke and has an average health rating.
$1 million life insurance costs depend on multiple factors that each company weighs differently. Compare quotes from several insurers to find your actual rate. Use our life insurance rate calculator below to see what you'll pay.
We’ll give you a suggested amount of cover to buy in just 3 easy steps. — it's free, no personal information required, no spam.
Rates updated:
Dec 02, 2025
If your financial obligations and income replacement needs add up to $1 million, you may need life insurance. Consider your mortgage, debts and how much income your family would need without you, then subtract your current savings and existing coverage.
For example, you might have a $300,000 mortgage, expect $200,000 in education costs and want $500,000 for income replacement. That totals $1 million, making a million-dollar policy the right fit.
Use our life insurance calculator to get an estimate.
Our analysis of major insurers shows how premiums scale with coverage amounts. Check the following pages to compare average costs for different coverage amounts.
A $1 million life insurance policy provides financial security for your loved ones, covering funeral costs, mortgage payments, education expenses and daily living costs. It helps them maintain their lifestyle and reach financial goals without you.
The average monthly cost for $1 million term life insurance policy is $70 per month for men and $59 for women, but rates start as low as $41.
These costs are based on quotes for our sample profiles. Compare quotes from multiple providers to find your actual rate.
A $1 million life insurance policy is both attainable and sensible for many people. Here are answers to common questions about this coverage amount.
A $1 million life insurance policy pays your beneficiaries $1 million when you die. This money can cover mortgage payments, education expenses and debts while replacing lost income for your family.
To get a million-dollar life insurance policy, compare quotes from reputable insurers for both term and permanent options. Evaluate your financial needs, review policy features and consult a financial advisor for personalized advice.
You can get a $1 million life insurance policy from most major insurers. Companies offer both term and whole life options depending on your financial goals and health.
The highest life insurance policy can reach hundreds of millions of dollars for wealthy people who need extensive financial protection for estate or business planning. These policies often require multiple insurers.
The most expensive life insurance policies offer the highest coverage amounts, often in the multi-million-dollar range. These policies carry high premiums because they provide extensive financial protection.
People with large assets or major financial responsibilities buy the costliest policies. Premiums depend on your age, health and policy term. A 30-year term policy with $1 million coverage costs more than shorter terms.
Shopping for $1 million in life insurance can feel overwhelming when you balance coverage needs with monthly budget constraints. We designed our research to answer the most pressing question: What will this actually cost someone like you?
We analyzed 248,399 life insurance quotes to determine realistic costs across different situations. Rather than providing generic industry averages, we focused on how your specific characteristics affect pricing for substantial coverage amounts.
Our Standard Profile
Coverage Analysis
All premiums reflect this standard profile unless we specifically note changes. We modified age, gender, height, weight, tobacco use, health rating and geographic location to show how costs shift based on your actual situation.
Our research included term life insurance with varying term lengths and coverage amounts to help you understand the full pricing spectrum. We also collected quotes for whole and universal policies. We identified trends in our dataset and used those patterns to calculate projections beyond our initial collection.
Why Trust Our Numbers?
Coverage costs and company information were updated in 2025, ensuring you see current market rates rather than outdated estimates. This matters because life insurance pricing changes frequently based on company performance, mortality tables and market conditions.
Real-World Application
This methodology gives you the foundation to estimate your actual premiums. While your final rate depends on your unique health profile and chosen insurer, our analysis provides realistic budgeting and comparison shopping expectations.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.
