Million Dollar Life Insurance Quotes & Information + Video

Explore Everything You Need to Know About Purchasing Million Dollar Life Insurance in [2024] + YouTube Video

If you want to find out how to buy a million dollar life insurance policy, this article will answer all your questions. Many individuals today are looking to purchase a life insurance policy with a million dollar face amount or higher.

We work with over 40 of the most competitive life insurance companies that offer the best rates for high face amount policies.

With our extensive network, we can help you find the lowest rates for million dollar or even multi million dollar life insurance policies. Purchasing a new policy with a high face amount has never been easier.

Our streamlined process eliminates the hassle and confusion that often comes with insurance shopping. We have done all the hard work for you by hand-choosing the top life insurance providers and guaranteeing you the best options available. 

Applying for a million dollar life insurance policy is a snap. Keep reading, the best is yet to come. 

 

Can Medical Conditions Affect My Rates?

Your current health is the most important underwriting factor that will affect your rates.

If you have any serious medical conditions, make sure to let your agent know so he can give you an accurate prediction of your rates before you begin to apply.

When applying for a million dollar life insurance policy, having a medical condition would simply work the same as the more common lower face amount policies.

Underwriters will consider the added risk your health issues will add to your overall risk factor.

If your medical condition is severe, you could pay a higher premium for the additional risk the insurer is taking.

Using our quote engine is a great idea but your agent (hopefully us) will have to prepare a custom quote for you based on your health history if you have considerable health concerns.

If you fall into the high-risk life insurance category, a company that is liberal in its approach to your specific health condition will be very important. A simple medical assessment should be performed by your agent before you apply.

 

How Much is a Million Dollar Life Insurance Policy in 2024? + YouTube Video

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Our website quoting system will display million dollar life insurance quotes with a face amount of up to ten million dollars.

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Who Needs a Multi Million Dollar Life Insurance Policy?

Many people today need multi million dollar life insurance due to high inflation and the cost of living. However, insurance rates have steadily decreased because people live longer than ever before.

As a result, it is now cheaper than ever to buy a multi-million dollar term life insurance policy with a very affordable premium. As a result of modern medicine and proper eating habits, the risk factor of people having fatal heart attacks and strokes has been greatly reduced.

People giving up smoking and eating fattening foods have a lot to do with this increase in lifespan. If the risk factor goes down, the life insurance premiums will also go down.

 

Five Commonly Asked Questions:

1. How Much Does a $1,000,000 Life Insurance Policy Cost Per Month?

We will be using a healthy 30 year old male with a preferred non-tobacco health classification for this pricing example. The example policy will be a 10 year term policy with Lincoln Financial and a face amount of one million dollars.

The annual premium will be $299.82 per year. The premium could even be lower if our 30 year old male can be approved in the preferred best health class which many people can when they are young and healthy.

2. How Much Does a Two Million Dollar Life Insurance Policy Cost?

Our same example of a 30 year old male would now be generating a premium of $509.64 for two million dollars in coverage. The trend today is showing more people are choosing $2,000,000 life insurance policies than ever before due to the rising high inflation we are living with.

3. How Much Does a $5,000,000 Dollar Life Insurance Policy Cost?

Using the same example applicant, a $5,000,000 10-year term policy with Lincoln Financial for a 30-year-old male with a preferred non-tobacco rate classification would only be $1,139.10. That would break down to less than $100.00 per month for $5,000,000 in coverage.

Why so cheap, you’re thinking? Life insurance companies set their rates based on statistics, and the statistics indicate that a 30-year-old male will outlive a 10 year term policy when purchased at age 30.

4. How Much Does a 10 Million Dollar Life Insurance Policy Cost?

A $10,000,000 policy can also be very affordable if you need this face amount to be adequately covered. A $10,000,000 life insurance policy would cover our 30-year-old male with a premium of only $2188.20 per year. So, again, the statistics prove you should buy your life insurance when you are as young as possible. 

The biggest mistake you can make is procrastinating when you are planning to apply for life insurance. You will always pay more as new business quoting rates go up with every year of age. I always recommend people apply as soon as possible and lock in their rates for the full term of their new policy.

5. Which Companies Offer the Best Multi Million Dollar Life Insurance Quotes?

Here is just a sample list of five companies that commonly have some of the lowest rates. Just keep in mind that rates and companies will vary depending on the specific information of the prospective applicant.

1. Lincoln Financial TermAccel  
2. American General Select-A-Term 
3. Transamerica Trendsetter Super
4. Protective Life Classic Choice
5. SBLI Premium Term

 

Do I Really Need a One Million Dollar Life Insurance Policy?

I often hear people ask if they need a multi–million dollar policy. The answer to these questions is strictly up to the individual. They are the only ones who can sit down and carefully examine their monthly expenses, income, and budget.

The most important part of your life insurance buying endeavor is how much you will need for a face amount. Take your time and think about it carefully. We want to ensure your life insurance portfolio is not over- or under-insured. The next step is to analyze your budget to make sure you can comfortably afford your premium.

 

Examples of Life Insurance Premiums Ranging from 1 – 20 Million Dollars

For example, we will be using a 30-year-old male with a preferred non-tobacco rate class for 20 years. We are using Banner Life for this illustration.

$1,000,000 – $489.99
$2,000,000 – $919.98
$3,000,000 – $1349.97
$4,000,000 – $1,779.96
$5,000,000 – $2,209.95
$10,000,000 – $4,359.90
$15,000,000 – $6,509.85
$20,000,000 – $8,659.80

 

How Do Health Classifications Influence Life Insurance Rates?

Health classifications will have a major impact on your premiums. Here are examples of $1,000,000 life insurance policies displayed with varied health classifications.

Preferred Plus Non-Tobacco – $401.44
Preferred Non-Tobacco – $489.99
Standard Plus Non-Tobacco – $653.89
Standard Non-Tobacco – $743.83
Preferred Smoker – $1,509.89
Standard Smoker – $2039.88

*The Standard Smoker class costs over 400% more than the Preferred Plus Non-Tobacco class. The bottom line is don’t smoke!

 

Does Tobacco Use Affect Premiums?

If there ever was a surefire way to increase life insurance rates, it was smoking cigarettes with no close second. If you are looking for the best life insurance rates, whatever you do, don’t smoke!

Using tobacco products of any kind is very costly when buying life insurance.

Smoking cigarettes will destroy your health and inflate your premiums to the point where most people are not able to afford it.

It is common to see smoker rates increase premiums by 250% or more depending on the carrier.

Some companies are more liberal with smoking, but your rates will still be much higher. Check out our smoking-related blog post if you smoke for more details concerning smokers’ life insurance rates.

What Type of Life Insurance Policy Should I Consider?

You have a choice of three main types of life insurance to consider:

Term Life Insurance:

America’s most popular and cost-effective life insurance product is definitely term life insurance with no close second. The plan is designed as temporary life insurance with available term periods from ten to forty years.

It can also be converted to permanent insurance at a specific point during the policy period. Virtually all million-dollar life insurance policies sold today are term policies designed to reduce costs.

Permanent Life Insurance:

Permanent life insurance products stay in force for the rest of your life as long as you maintain the premiums. The most affordable and cost-effective product is known as universal life insurance.

Unfortunately, whole life is not cost-effective in today’s market, and many companies have dropped it from their product lines.

No Physical Exam Life Insurance:

These products are also referred to as “no medical exam” life insurance policies,” which means no medical exam is required if you are reasonably healthy. Non-Med policies cost more because companies do not collect all the information they would typically review if you had taken a medical exam. 

What Companies Have the Best Million Dollar Life Insurance Rates?

In reality, no one life insurance company has the best rates for everyone. Rates will depend on many variables, such as your age and health, among others.

In addition, all insurance companies underwrite applications differently than others. Therefore, choosing the most applicable company is extremely important.

An insurer that might be the best for one person or may not be the best company for another person? Selecting the correct carrier is especially true if you have medical conditions, hazardous sports, or a high-risk occupation.

We use over 40 of the most competitive life insurance companies to shop the market for the lowest rates and cover all our bases. You can use our online quote engine to see which companies will offer the lowest rates for you. 

 

How to Compare Million-Dollar Life Insurance Quotes

The most common question we are asked is, how much is a million dollar life insurance policy a month? Comparing million dollar life insurance quotes is simple with our instant rate comparison tool built into our website.

You can run quotes from $1,000,000 up to $10,000,000. You will quickly find out which company has the lowest rates specifically for you.

Contact us to determine which company will be your best choice so you receive the lowest rates. 

 

How Do I Apply for a Million Dollar Life Insurance Policy?

Applying for a million dollar life insurance policy has never been as easy as it is right now. The quickest and easiest way is to apply by phone.

You can still apply online or through a paper application, but the telephone application process is the only way to go.

All you have to do is listen to the gal asking the questions and then answer them.

You can easily explain all your answers in detail, so there is no room for a communication breakdown.

It is also impossible to miss completing a question on the application like it was on the paper applications from years ago.

 

Our Final Thoughts

If you have any questions concerning million dollar life insurance policies, don’t hesitate to contact us. There is never any cost or obligation for our help, and you are welcome to contact us seven days a week.

We can show you how to identify the best rates and have total confidence when you decide to apply.

Purchasing a million dollar life insurance policy should always be a simple process, especially when you have an independent agent helping you every step of the way.

All the best,
Jack Venturi

Contact us 7 days a week at 815-390-7545 and get answers to all your questions at no cost or obligation.