Your age, health, policy term length and coverage type determine your $10 million policy cost. Term life insurance offers the most affordable option for temporary high-value needs. Permanent policies like whole life or universal life cost several times more but provide lifetime coverage with cash value accumulation.
$10 Million Life Insurance Policy: Costs & Options
A $10 million life insurance policy provides financial protection for high-net-worth individuals, business owners and families with substantial assets or income. A 10-year term policy costs $522 for women and $652 for men.
Find estimated life insurance rates for $10M coverage below.
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Updated: February 2, 2026
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Key Takeaways
Policies with longer term lengths cost more. A 20-year $10 million term life insurance costs $730 for women and $917 for men.
High earners with $500,000+ annual income and business owners often need this coverage level for estate planning and business protection.
You'll complete enhanced underwriting, including medical exams, financial documentation and 4–6 weeks of review before approval.
How Much is a 10 Million Dollar Life Insurance Policy?
$10 Million Term Life Insurance Rates
25 | $330 (Female) $401 (Male) | $469 (Female) $566 (Male) |
40 | $522 (Female) $652 (Male) | $730 (Female) $917 (Male) |
50 | $1,136 (Female) $1,538 (Male) | $1,577 (Female) $2,136 (Male) |
60 | $2,944 (Female) $4,202 (Male) | $3,988 (Female) $5,680 (Male) |
70 | $8,306 (Female) $11,554 (Male) | N/A |
All rates above are based on term life insurance estimates for nonsmokers with average health based on MoneyGeek's analysis of industry data. Rates are estimates only and not guaranteed quotes. Your actual costs depend on your profile, health and insurer. Contact insurers directly for personalized quotes.
$10 Million Life Insurance Policy Options
You can structure a $10 million policy as term life, whole life or universal life insurance. Each type has different purposes and cost structures.
Term Life Insurance
Term life insurance covers you for a specific period (typically 10, 20 or 30 years). It offers the most affordable option for $10 million coverage because you're only paying for death benefit protection without cash value accumulation.
The policy ends when the term expires unless you renew at higher rates or convert to permanent coverage. Most term policies include conversion options that let you change to permanent coverage. You can convert term to whole life or universal life without a medical exam before a specified age.
Whole Life Insurance
Whole life insurance offers lifetime coverage with premiums that never increase. You build cash value that grows tax-deferred at rates the insurance company sets. After the cash value grows large enough, you can borrow against it or use it to pay future premiums.
Dividend-paying whole life policies pay annual dividends. You can take these as cash, use them to reduce premiums or leave them to compound and increase your death benefit. These dividends aren't guaranteed.
Universal Life Insurance
Universal life insurance combines permanent coverage with flexible premiums and adjustable death benefits. You can adjust your premium payments within limits based on your financial situation. The policy's cash value earns interest at rates the insurer sets.
CHOOSING BETWEEN TERM AND PERMANENT
Many high-net-worth people buy both term and permanent coverage for comprehensive protection. You might buy $7 million in term for income replacement needs and $3 million in whole life insurance for permanent estate tax coverage.
Work with financial advisors who specialize in high-value insurance when structuring $10 million in coverage. Tax implications, estate planning goals and business succession needs determine which policy types work best for you.
Who Needs a $10 Million Life Insurance Policy?
Determining if you need $10 million in life insurance coverage can feel overwhelming, but the decision becomes clearer when you understand your specific situation. You likely need this level of coverage if you earn $500,000+ annually, own business interests, or face potential estate tax liability.
Income Replacement for High Earners
High-income professionals often need $10 million in coverage to replace years of earnings. You typically need this coverage level if you earn $500,000 or more annually. The death benefit maintains your family's standard of living and covers future financial obligations like college tuition and mortgage payments.
Estate Planning and Tax Mitigation
The federal estate tax threshold for 2026 is $15 million. Estates above this amount are subject to tax rates up to 40%.
A $10 million life insurance policy can cover these estate taxes. Your beneficiaries use the death benefit to pay tax bills without selling family businesses, real estate or investment portfolios. This preserves your full estate for your heirs rather than surrendering 40% to taxes.
Estate tax thresholds are subject to change based on federal legislation. Some states impose additional estate taxes with lower thresholds. Consult a tax professional for current rates and state-specific requirements.
Business Protection Purposes
Business owners use $10 million policies to protect company value and ensure smooth transitions. Key person insurance covers key employees whose death would affect company operations and revenue. The death benefit covers recruiting costs, training expenses and lost business during the transition period.
Buy-sell agreements funded by life insurance let surviving partners buy a deceased owner's stake at predetermined values. Stock redemption funding serves similar purposes for corporate shareholders.
Charitable Donations
Charitable giving plans often incorporate large life insurance policies. You name a charity as the beneficiary for a legacy gift and get current tax deductions on premium payments.
Divorce
Divorce settlements sometimes require one spouse to keep coverage naming the ex-spouse or children as beneficiaries. This guarantees ongoing support even if the paying spouse dies before fulfilling all obligations.
How to Get a 10 Million Dollar Life Insurance Policy?
Getting a $10 million life insurance policy requires enhanced underwriting and financial justification. Start the process 2–3 months before you need coverage to allow time for medical exams and underwriting review.
- 1Determine Coverage Needs
Calculate your financial obligations, including mortgage balance, children's education costs and years of income replacement your family needs. Work with a financial advisor to determine if you need coverage for estate planning, income replacement or business protection.
- 2Get Quotes from Multiple Insurers
Compare premiums, company financial strength ratings and coverage features. Insurers assess risk differently, so one company might offer better rates for your health profile while another offers lower rates based on your occupation or lifestyle.
- 3Complete Detailed Application
You'll provide financial information. Insurers check if you can afford the premiums and have enough income or assets to justify $10 million in coverage.
List all health conditions, medications and treatments. Incomplete or inaccurate information delays approval or causes claim denials later.
- 4Undergo Medical Examination
Insurers schedule a medical exam at your convenience. The exam includes height, weight, blood pressure, blood tests and urine samples. For $10 million coverage, you'll likely complete an EKG to check heart health. Schedule your exam when you're healthy and well-rested to get the best test results.
- 5Underwriting Review
The underwriting process takes 4–6 weeks for $10 million policies. The insurance company reviews your health records, medical exam results and financial documentation. Underwriters set your risk classification and final premium.
- 6Review and Accept Policy Terms
Check that all coverage details match what you discussed with your agent. Review the death benefit amount, premium cost, policy term length and beneficiary designations.
Sign the policy documents and pay your first premium to start coverage. Many policies include a 30-day free look period where you can cancel for a full refund if you change your mind.
AVERAGE COST BY COVERAGE AMOUNT
Your family’s needs determine the right coverage amount. We analyzed rates for different coverage amounts.
- $100,000 Life Insurance
- $250,000 Life Insurance
- $500,000 Life Insurance
- $1 Million Life Insurance
- $2 Million Life Insurance
- $3 Million Life Insurance
- $5 Million Life Insurance
Use our life insurance calculator to estimate the right coverage for your situation.
$10 Million Life Insurance Policy: Bottom Line
A $10 million life insurance policy addresses financial needs for high-net-worth people and business owners. Term coverage offers the most affordable option, while permanent policies cost more but provide lifetime coverage with cash value benefits.
Consult a financial advisor to find out your coverage needs. Get quotes from multiple insurance companies to compare costs and features.
$10 Million Life Insurance: FAQ
How long does it take to get approved for a $10 million life insurance policy?
Approval takes 4–6 weeks for most applicants with straightforward health and financial profiles. Complicated medical histories or business ownership structures extend the timeline. The insurance company needs time to verify your financial information, review medical exam results and possibly request additional documentation from your physicians.
What happens if my income changes after buying a $10 million policy?
Your coverage remains in force regardless of any changes in income after approval. Insurers only verify income during the application process to make sure you can afford premiums. You can keep the policy even if you retire early or change careers to lower-paying work.
Do I need $10 million in annual income to qualify for a $10 million policy?
No, you don't need $10 million in annual income. Insurers typically look for $500,000 to $1 million in annual income or substantial assets and net worth. The general guideline suggests coverage shouldn't exceed 20-30 times your annual income, meaning $500,000 annual income supports $10-15 million in coverage. Your total assets and business interests also factor into qualification.
Our Methodology
Most insurers don't publicly list rates for $10 million life insurance policies, so we developed a specialized approach based on MoneyGeek's proprietary analysis of market data.
We gathered term life insurance quotes from major insurers for different coverage amounts. Our sample profiles include nonsmoking males and females at ages 25, 40, 50, 60 and 70. We analyzed both 10-year and 20-year term lengths to see how coverage duration affects pricing at different life stages.
For $10 million coverage estimates, we analyzed rate patterns across multiple coverage levels to identify how insurers price higher amounts. We applied observed pricing relationships to estimate $10 million costs while accounting for typical volume discounts at this coverage level.
Sample Profile Details
Our 40-year-old baseline profile includes:
- Nonsmoker status
- Average health rating
- Male: 5'9" tall, 160 pounds
- Female: 5'4" tall, 120 pounds
All rates in this analysis are estimates, not direct quotes from insurers. Actual $10 million rates depend on your health, lifestyle, occupation and other underwriting factors.
Get personalized quotes from multiple insurers specializing in high-value coverage. Your final rate depends on your complete health and financial profile, not general market estimates.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in 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.
sources
- Internal Revenue Service. "Estate Tax." Accessed February 1, 2026.