A million dollars is a lot. But when it comes to life insurance, a seven-figure policy may be more affordable than you think. Here’s what you need to know.
What Affects the Cost?
No two policies are priced the same. Your premium depends on several personal factors, including:
- Age and overall health
- Tobacco use
- The type of policy you choose
- The length of coverage (for term policies)
Generally speaking, the younger and healthier you are when you apply, the lower your rate will be.
Term vs. Whole Life: A Big Difference in Price
The most important cost factor is the type of policy.
Term life insurance covers you for a set period, typically 10, 20, or 30 years. It’s straightforward and usually the most budget-friendly option. A healthy 35-year-old could pay anywhere from $30 to $60 per month for a $1 million, 20-year term policy.
Whole life insurance covers you for your entire life and builds cash value over time. That added permanence comes at a price. The same 35-year-old could expect to pay several hundred dollars per month for equivalent whole life coverage.
Average Monthly Cost: $1 Million Term Life Insurance Policy
(20-Year Term) Healthy nonsmokers:
| Age | Male | Female |
| 30 | $67 | $54 |
| 40 | $109 | $86 |
| 50 | $262 | $194 |
| 60 | $771 | $545 |
| 70 | $2,586 | $1,802 |
Average Monthly Cost: $1 Million Whole Life Insurance Policy
Healthy nonsmokers:
| Age | Male | Female |
| 30 | $815 | $783 |
| 40 | $1,115 | $1,065 |
| 50 | $1,665 | $1,283 |
Rates shown are average monthly estimates for healthy nonsmokers and will vary based on age, health, insurer, and policy terms. Source: MoneyGeek, 2026
Do You Actually Need a Million Dollar Policy?
That depends on your situation. A common rule of thumb is to carry coverage equal to 10 to 12 times your annual income, but your ideal amount also factors in your debts, dependents, and long-term financial goals.
At Everyday Life Insurance, we don’t believe in selling you more coverage than you actually need. Our job is to help you find the right amount of protection from the nation’s top insurers, so your family is covered without stretching your budget further than necessary.
Try Our Online Life Insurance Calculator
A $1,000,000 life insurance policy is within reach for many adults, especially if you lock in a term policy while you’re young. The best way to know what you’d pay is to get a personalized quote based on your age, health, and coverage goals.
What’s the best and fastest way to find the right life insurance plan for you? Through our expert-created life insurance calculator.Whether you have never had a life insurance policy or are reevaluating your options, we encourage you to try our online calculator. It’s free, totally anonymous, and doesn’t even require an email address. See what offers are available to you today.
