How much does a $1 million life insurance policy cost?

Answered by 4 licensed agents

It depends. Life insurance isn’t a commodity where the cheapest policy automatically wins.

Your age, health, medications, tobacco use, and the type of coverage—term, whole life, universal life, etc.—all affect the price. A $1 million policy could cost $100 a month or $1,000+.

The right policy requires a few details first.

Answered by Leslie Kaz on August 13, 2026

Agent Licensed in CA

Answered by Leslie Kaz Life Insurance Agent
For a healthy 30-year-old applicant, a $1 million term life insurance policy averages between $25 to $60 per month, while a permanent whole life insurance policy can range from $700 to over $1,300 per month.

Answered by Mark Maliwauki on August 13, 2026

Agent Licensed in ID

Answered by Mark Maliwauki Life Insurance Agent
Hi! The cost of a $1 million life insurance policy can vary quite a bit depending on your age, health, tobacco use, and how long you'd like the coverage to last. I work with multiple life insurance carriers and would be happy to compare options for you. If you can provide your age and a little information about your health, I can give you a more accurate estimate.

Answered by Alyson Collins on August 13, 2026

Agent Licensed in TX, AR, FL & KS, LA, NM & OK

Answered by Alyson Collins Life Insurance Agent
It depends on the type of life insurance, your age and health, and company. Life insurance is not a car, quotes are individually based.

Answered by Eizel Mere on August 13, 2026

Agent Licensed in FL

Answered by Eizel Mere Life Insurance Agent

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