A $2 million 10-year term policy costs around $134/month for men and $110/month for women. Lincoln Financial has the cheapest average monthly rate at $88.
Find out if you're overpaying for life insurance below.
Updated: November 6, 2025
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A $2 million life policy offers substantial coverage for high earners, families with significant debt, or those with multiple financial obligations, such as large mortgages and college expenses.
Rates vary based on age, health, smoking status and term length. A 10-year term life insurance policy costs an average of $431 for men and $352 for women who smoke, while the cost for people in poor health averages $162 for men and $133 for women.
Lincoln Financial and Protective Insurance offer competitive rates for term life insurance policies, with monthly rates for 10-year term policies averaging $88 and $99, respectively.
Finding $2 million life insurance with no medical exam can be challenging, but Pacific Life and Ethos offer policies at reasonable prices.
The average cost of a $2 million life insurance policy is higher than that of smaller coverage amounts because insurers assume a greater financial risk. Premiums reflect the large payout life insurance beneficiaries would receive.
Rates vary depending on the buyer's profile. Insurers consider term length, age, gender, tobacco use and health. Shorter terms have lower premiums, but coverage ends when the term expires. Life insurance costs also differ by insurer.
A $2 million term life insurance policy costs about $134 per month for healthy 40-year-old men and $110 per month for women. This average is based on a 10-year term plan. Choosing a longer term will result in higher premiums. A 20-year term policy costs an average of $190 per month for men and $156 per month for women.
Average monthly and annual costs by term length:
| 10 years | $110 | $1,322 |
| 15 years | $132 | $1,588 |
| 20 years | $156 | $1,875 |
| 25 years | $251 | $3,019 |
| 30 years | $271 | $3,256 |
| 35 years | $469 | $5,633 |
| 40 years | $711 | $8,549 |
Rates above are based on average quotes for 40-year-old nonsmokers with average health.
One of the biggest factors insurers consider when pricing life insurance is age, so buying a policy at a younger age means lower premiums.
Gender also affects your rates. Women typically pay less than men for identical coverage because of longer life expectancy. The difference becomes more pronounced with age and higher coverage amounts, like $2 million policies.
| 10 years | $134 | $1,612 |
| 15 years | $161 | $1,935 |
| 20 years | $190 | $2,277 |
| 25 years | $316 | $3,793 |
| 30 years | $331 | $3,972 |
| 35 years | $599 | $7,192 |
| 40 years | $910 | $10,934 |
Life insurance premiums increase with age due to actuarial risk assessment. Rates shown reflect industry-standard age-based pricing models for term policies.
Some states prohibit gender-based pricing, requiring insurers to charge identical rates regardless of gender. Check your state's regulations or consult with a licensed insurance professional for guidance specific to your location.
Smokers pay higher life insurance premiums due to tobacco-related health risks. Smoking increases your risk of heart disease, cancer, stroke and respiratory illnesses, shortening life expectancy. Insurers price this elevated risk into premiums.
A healthy 40-year-old male nonsmoker pays $134 per month for a 10-year $2 million policy. A smoker pays $431 per month for the same coverage, which is about 3.2 times more.
For $2 million in coverage, insurers face substantially higher payout risk when insuring tobacco users, which translates directly to your monthly premium.
| 10 years | $431 | $5,176 |
| 15 years | $519 | $6,230 |
| 20 years | $604 | $7,259 |
| 25 years | $1,058 | $12,702 |
| 30 years | $1,073 | $12,893 |
| 35 years | $2,088 | $25,061 |
| 40 years | $3,217 | $38,669 |
Health conditions impact your life insurance rates because they increase mortality risk. Insurers evaluate your medical history, current health status and family health background during underwriting to determine your risk class.
Diabetes, high blood pressure, heart disease or a history of cancer place you in a higher risk category, even if you don't smoke. These conditions increase the likelihood of premature death, which means insurers face a greater risk of paying out the death benefit sooner than expected.
| 10 years | $162 | $1,946 |
| 15 years | $194 | $2,336 |
| 20 years | $229 | $2,749 |
| 25 years | $381 | $4,580 |
| 30 years | $399 | $4,796 |
| 35 years | $724 | $8,683 |
| 40 years | $1,098 | $13,200 |
Lincoln Financial offers the most affordable $2 million 10-year policy, averaging $88 per month. Protective Insurance follows with an average of $99 per month. Rates vary by term length.
Use comparison tools to find the best life insurance rates and coverage.
| Lincoln Financial | $88 | $1,052 |
| Protective Insurance | $99 | $1,190 |
| North American | $100 | $1,200 |
| Midland National | $100 | $1,200 |
| Securian | $113 | $1,351 |
| Transamerica | $113 | $1,359 |
| Principal National | $115 | $1,377 |
| CoreBridge | $116 | $1,379 |
| Legal & General | $117 | $1,404 |
| Guardian Life | $119 | $1,429 |
| SBLI | $121 | $1,461 |
| Pacific Life | $121 | $1,463 |
| Foresters Financial | $123 | $1,463 |
| AAA | $122 | $1,470 |
| Cincinnati Life | $123 | $1,492 |
| Nationwide | $124 | $1,497 |
| Columbus Life | $128 | $1,523 |
| Equitable Life | $130 | $1,559 |
| Mutual of Omaha | $131 | $1,576 |
| Assurity | $137 | $1,646 |
| Life Insurance Co of The South West | $139 | $1,669 |
| National Life Group | $139 | $1,669 |
| Prudential | $144 | $1,734 |
| Ameritas | $145 | $1,735 |
| John Hancock | $157 | $1,898 |
| Ethos | $427 | $5,119 |
The rates above are based on average quotes for 40-year-old male nonsmokers with average health.
No-exam life insurance policies offer quick approval, but usually limit coverage up to $500,000 or $1 million. Some insurers provide accelerated underwriting approval of up to $2 million, which can be obtained without traditional medical exams, although availability is limited.
Eligibility depends on your age and health profile. Insurers review prescription history, medical records and application data to assess risk. Younger, healthier applicants have better chances of approval at the $2 million level without exams.
MoneyGeek found that Pacific Life and Ethos offer $2 million no-medical-exam life insurance policies with different term lengths.
| Pacific Life | $121 | $1,463 |
| Ethos | $427 | $5,119 |
The rates above are based on average quotes for 40-year-old male nonsmokers.
Deciding on $2 million in life insurance coverage is a significant financial decision that deserves careful consideration. The right coverage amount depends on your family's needs and circumstances.
A common approach to determine how much life insurance you need is multiplying your annual income by 10-12 times. If you own an expensive home, provide for children or have high financial obligations, you may need more coverage.
A $2 million life insurance policy is typically right for:
High-income earners earning $200,000 or more annually should consider how $2 million aligns with income replacement needs. Following the 10-12x income rule, this coverage level ensures your family maintains their lifestyle if you die unexpectedly. Think about replacing your salary for 10-15 years, covering ongoing mortgage payments on higher-value properties and maintaining school or college funding for children.
Business owners need considerable coverage to protect both personal and professional interests. A $2 million policy can fund buy-sell agreements, cover business debt and provide family protection simultaneously. This coverage level is well-suited for owners with a business valuation of $500,000 or more, or those with significant business loans. Consider splitting coverage between personal protection and business needs or layering multiple policies.
High-net-worth families need coverage addressing estate taxes, wealth transfer and legacy planning. A $2 million policy can cover federal estate taxes (for estates exceeding exemption limits), equalize inheritance among children when business interests are involved or fund charitable bequests. Evaluate your total estate value, potential tax liabilities and wealth distribution goals.
Families planning to fund college education for multiple children at private universities need considerable coverage. A $2 million policy covers education expenses plus mortgage, living costs and retirement funding for a surviving spouse. Consider a 20-year term if your youngest child is currently young, ensuring coverage extends through their college graduation.
Real estate investors or families with multiple properties need coverage matching their debt obligations. A $2 million policy suits those with combined mortgages, home equity loans and investment property debt totaling $750,000 to $1.5 million, providing payoff funds plus additional family support.
Dual-income families where both spouses earn $100,000+ need coverage reflecting their combined lifestyle and obligations. A $2 million policy on the primary earner ensures the surviving spouse can maintain the household, cover childcare costs and avoid immediate career pressure during grieving. Consider comparable coverage on both spouses if incomes are similar, ensuring adequate protection regardless of who dies first.
Compare average costs for different coverage limits to see how premiums scale with coverage and determine which amount best fits your situation. You can start with MoneyGeek's rate pages for the following coverage amounts:
Alternatively, you can use our life insurance calculator to estimate the right coverage amount based on your specific needs.
A $2 million life insurance policy offers substantial financial protection, which can be beneficial for high earners and those with significant financial obligations. The average rates for a healthy 40-year-old nonsmoker starts at around $134 per month for men and $110 per month for women for a 10-year term policy.
When shopping for life insurance, compare personalized quotes for different term lengths from multiple insurers to find the policy that fits your life stage and budget.
We answer frequently asked questions to help you decide if a $2 million life insurance policy fits your needs.
Traditional underwriting typically takes four to six weeks. If you're eligible for accelerated underwriting, which doesn't require medical exams, approval may take just one to two weeks.
Underwriting is the process insurers use to evaluate your risk and determine rates.
Yes. Most term life insurance policies come with conversion rights, allowing you to switch to permanent coverage without new medical underwriting.
The largest life insurance policy available depends on your income, assets and financial obligations. Most insurers base eligibility on your financial profile, typically allowing coverage between 10 and 30 times your annual income. High-net-worth individuals may qualify for larger amounts, often over $10 million, while a few insurers offer $50 million or more in coverage for applicants with high net worth and verified financial need.
Shopping for $2 million in coverage feels overwhelming when you're trying to protect your family's financial future. We analyzed 248,399 life insurance quotes to show you what this coverage amount actually costs across different ages, health profiles and smoking status.
Sample Profile Details
Our standard profile represents a typical applicant seeking $2 million coverage:
We kept this profile consistent across all insurers to isolate how each company prices $2 million policies. Your actual rates will differ based on your age, gender, health status, tobacco use and geographic location.
Coverage Analysis
We focused on $2 million death benefit policies across varying term lengths to help you understand the full pricing spectrum. Our research included term life insurance with different durations.
Why Current Data Matters
Coverage costs reflect 2025 market rates. Life insurance pricing for high amounts, such as $2 million, changes frequently based on a company's performance, mortality tables, and market conditions. We update our analysis regularly, so you see what you'll actually pay today, not outdated numbers that could underestimate your real costs by hundreds of dollars annually.
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.
