How Much Does a Million Dollar Term Life Insurance Policy Cost?


“One million dollars…..baawaahahahahah!”

 

One million dollars…

I can’t help but chuckle when I think of Dr. Evil saying that in the classic series Austin Powers.

For many people, one million dollars sounds like a lot of money – and it is!

But a common misconception is that one million dollars of term life insurance is very expense.

That couldn’t be further from the truth.

To demonstrate, I attained quotes from the top insurance carriers using my new handy dandy free life insurance quoter.

Yes, I realize you could have entered the info yourself and found it on your own. I thought I would be a nice guy and find out for you. :)

About The Term Life Quotes

As you’ll notice, each table has a wide array of information.  Knowing that everybody is in a different situation, I wanted to make sure that I offered quotes for almost situation.  I’ve included quotes for 30 year term, 20 year term, and 10 year term.   If you’re a tobacco user, I’ve also included some quotes on life insurance for smokers.

30 Year Term Life Quote One Million Dollars

For those that think that a million dollar term policy is expensive, you’ll quickly notice that for a 25 year old male in good health only costs $645 per year with a 35 year old costing $795.   On a monthly basis that’s almost next to nothing!

SEXAGE30YR TERM POLICYCOMPANY 1COMPANY 2COMPANY 3
MALE25$1,000,000 FACE AMOUNTBANNER LIFE
$645
NORTH AMERICAN CO.
$645
TRANSAMERICA
$650
MALE35$1,000,000 FACE AMOUNTBANNER LIFE
$795
GENWORTH FINANCIAL
$804
ING
$808
MALE45$1,000,000 FACE AMOUNTBANNER LIFE
$1,885
GENWORTH FINANCIAL
$1891
AMERICAN GENERAL
$1,894
FEMALE25$1,000,000 FACE AMOUNTAMERICAN GENERAL
$514
NORTH AMERICA CO.
$515
SBLI
$520
FEMALE35$1,000,000 FACE AMOUNTSBLI
$640
AMERICAN GENERAL
$694
GENWORTH FINANCIAL
$695
FEMALE45$1,000,000 FACE AMOUNTSBLI
$1,450
BANNER LIFE
$1,455
AMERICAN GENERAL
$1,456

20 Year Term Life Quote One Million Dollars

SEXAGE20YR TERM POLICYCOMPANY 1COMPANY 2COMPANY 3
MALE25$1,000,000 FACE AMOUNTAMERICAN GENERAL
$414
BANNER LIFE
$425
SBLI
$440
MALE35$1,000,000 FACE AMOUNTSBLI
$450
BANNER LIFE
$455
NOTH AMERICA CO.
$485
MALE45$1,000,000 FACE AMOUNTBANNER LIFE
$1,155
SBLI
$1,160
GENWORTH FINANCIAL
$1,173
FEMALE25$1,000,000 FACE AMOUNTAMERICAN GENERAL
$354
SBLI
$360
BANNER LIFE
$365
FEMALE35$1,000,000 FACE AMOUNTSBLI
$390
AMERICAN GENERAL
$404
BANNER LIFE
$405
FEMALE45$1,000,000 FACE AMOUNTSBLI
$880
BANNER LIFE
$895
TRANSAMERICA
$930

10 Year Term Life Quote One Million Dollars

SEXAGE10YR TERM POLICYCOMPANY 1COMPANY 2COMPANY 3
MALE25$1,000,000 FACE AMOUNTSBLI
$260
BANNER LIFE
$285
MINNESOTA LIFE
$290
MALE35$1,000,000 FACE AMOUNTSBLI
$270
BANNER LIFE
$295
MINNESOTA LIFE
$300
MALE45$1,000,000 FACE AMOUNTBANNER LIFE
$585
TRANSAMERICA
$630
GENWORTH FINANCIAL
$637
FEMALE25$1,000,000 FACE AMOUNTSBLI
$230
BANNER LIFE
$245
ING
$248
FEMALE35$1,000,000 FACE AMOUNTSBLI
$240
BANNER LIFE
$255
ING
$258
FEMALE45$1,000,000 FACE AMOUNTSBLI
$520
BANNER LIFE
$525
ING
$528

Smoker Term Life Quote One Million Dollars

For all you smokers out there – beware!  The cost of of your life insurance balloons and you’ll see here.  If you’re considering kicking the habit, now is as good time as any.

SEXAGE30 YR TERM POLICYCOMPANY 1COMPANY 2COMPANY 3
MALE
35$1,000,000 FACE AMOUNTNorth American Co.
$3595
SBLI
$3630
MetLife
$3639
FEMALE35$1,000,000 FACE AMOUNTNorth American Co.
$2555
Transamerica
$2720
Prudential
$2765

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