$1 million in 10-year term life insurance averages $74/month for men and $60 for women. Penn Mutual is cheapest at $46 for women and $56 for men.
Find the cheapest life insurance rates for $1M coverage below.
Updated: April 21, 2026
Advertising & Editorial Disclosure
The average rate for $1,000,000 term life coverage varies by term, with a 20-year policy costing $109 per month for men and $86 for women. A 30-year plan costs an average of $198 per month for men and $154 per month for women.
Rates for $1 million life insurance policies vary between insurance companies. Penn Mutual offers the lowest rates for this coverage.
The $1 million payout can cover funeral costs, pay off debts and help your beneficiaries maintain their standard of living. In most cases, the lump sum is tax-free for beneficiaries; they receive the full amount without owing federal income tax on it.
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 $60 to $212 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 life insurance is a policy that is only good for a certain period, usually 10 to 30 years. Term life insurance with $1 million in coverage and a 10-year term length costs an average of $74 per month for men and $60 per month for women. Longer terms cost more because insurers take on higher risk over time. A 30-year term policy costs an average of $198 per month for men and $154 per month for women.
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 $51 per month for a 30-year-old man but $171 for a 50-year-old man. Â
See how monthly premiums change across different ages from 20 to 80 years old in the table:
| 10 | $39 | $470 |
| 15 | $45 | $542 |
| 20 | $51 | $610 |
| 25 | $52 | $627 |
| 30 | $81 | $976 |
| 35 | $78 | $935 |
| 40 | $89 | $1,062 |
Smoking increases the cost of $1 million life insurance because of the health risks. A 10-year term policy costs a 40-year-old male smoker an average of $250 per month. That's $176 more than nonsmokers pay.
Smokers pay less for $1 million in coverage when they buy young and stay healthy. The table shows average monthly costs for smokers with $1 million term life insurance:
| 10 | $107 | $1,281 |
| 15 | $126 | $1,510 |
| 20 | $133 | $1,596 |
| 25 | $136 | $1,635 |
| 30 | $216 | $2,593 |
| 35 | $239 | $2,865 |
| 40 | $271 | $3,254 |
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 | $44 | $528 |
| 15 | $51 | $607 |
| 20 | $55 | $660 |
| 25 | $56 | $675 |
| 30 | $92 | $1,109 |
| 35 | $83 | $997 |
| 40 | $94 | $1,133 |
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 carry lower risk and charge less.
| Female | $584 | $7,005 |
| Male | $640 | $7,676 |
| Female | $288 | $3,459 |
| Male | $338 | $4,052 |
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.
No-exam life insurance skips the medical appointment. Instead of a physical, insurers use health questionnaires and available records to decide whether to approve you. The trade-off is cost. Without exam results to assess your health precisely, insurers price in more uncertainty, so premiums run higher than comparable policies that require a full medical review.
| 10 | $43 | $515 |
| 15 | $51 | $612 |
| 20 | $57 | $686 |
| 25 | $60 | $714 |
| 30 | $94 | $1,130 |
| 35 | $80 | $960 |
| 40 | $91 | $1,091 |
The costs above are based on quotes for a 40-year-old policyholder who has an average health rating.
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.
Penn Mutual offers the cheapest 10-year $1 million term policy at $46 per month for women and $56 per month for men. Use the table below to compare the cheapest life insurance companies for $1 million coverage policies.
| Penn Mutual | $46 | $552 |
| Pacific Life | $46 | $554 |
| Banner Life | $46 | $554 |
| Prudential | $49 | $583 |
| Cincinnati Life | $49 | $593 |
| New York Life | $50 | $600 |
| Transamerica | $50 | $602 |
| Nationwide | $51 | $614 |
| Protective | $52 | $621 |
| Mutual of Omaha | $54 | $642 |
The costs above are based on quotes for a 40-year-old policyholder who doesn't smoke and has an average health rating.
Most $1 million term life insurance policies include a conversion option that lets you switch to whole life or universal life without a medical exam though conversion terms and availability vary by insurer and policy type. You'll pay higher premiums, with new rates depending on your age.
Conversion windows vary by insurer. Some allow conversion anytime during the term, while others have age limits (often 65 or 70) or require conversion within the first 10 to 15 years. Review your policy's conversion terms before purchasing.
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.
People's top pick
* MoneyGeek featured partner
A $1 million life insurance policy is both attainable and sensible for many people. We answer common questions about this kind of policy:
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.
Start by comparing quotes from multiple insurers for both term and permanent options. Decide how much coverage you need and for how long, review the policy features carefully, and consider talking to a financial advisor if your situation is complex.
Life insurance companies have different coverage limits. It depends on the insurer. Most major providers cap individual policies at $10 million or more, and some offer no published limit. For very high net worth individuals with estate or business planning needs, coverage can reach hundreds of millions of dollars, though policies at that level typically involve multiple insurers sharing the risk.
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.
Four riders make sense for most $1 million policies.
Each rider adds to your monthly premiums, so make sure the extra cost makes sense for the added financial protection. Rider availability and terms vary by insurer and state regulations.
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 hundreds of thousands of life insurance quotes from major insurers 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 ProfileÂ
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.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty (P&C) Insurance Producer in Connecticut, is MoneyGeek's resident insurance expert. He has analyzed the insurance market for almost a decade, first with LendingTree and now with MoneyGeek, conducting original research on hundreds of insurance companies and millions of insurance rates for insurance shoppers.Â
He writes about economics and insurance on MoneyGeek, breaking down complex topics so people can have confidence in their purchase. Like all MoneyGeek analysts, Mark collects and analyzes independent cost and consumer experience data on insurance companies to provide objective recommendations in our content that are independent of any of MoneyGeek's insurance company partnerships.Â
His insights — on products ranging from car, home and renters insurance to health and life insurance — have been featured in The Washington Post, The New York Times and NPR among others.Â
Mark holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He started his career working in financial risk management at State Street before transitioning to analysis of the personal insurance market. He's also a five-time Jeopardy champion!
