1. Larry Tew
    Larry Tew Financial, Raleigh, NC
    There are several factors that determine what one might pay for a one million dollar policy. The applicant's age is the first thing to consider. The next issue is the applicant's health, which determines the rate class that the insurance company offers.

    Then there is the type of insurance. Even term insurance, which only provides a death benefit with no living benefits will vary in cost depending on the level-premium timeframe chosen.
    Answered on April 3, 2013
  2. J Scott BurkePRO
    President, Newbury Inc., Evansville, Indiana
    A one million dollar life insurance policy can be purchased for $20 per month. But only if you are a perfectly healthy 21 year old non-smoker. And that rate will only be guaranteed for 10-years.

    Life insurance is sold at different prices to different people. No two people have the same health history, gender, smoking status, family history, etc. Plus you may only need your term life policy for 2--years and your twin brother may want his for his entire lifetime. That will greatly affect the price.
    Answered on April 6, 2013
  3. Jason GoldenzweigPRO
    Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Haymarket, Virginia
    I wouldn't be able to provide a figure for your without knowing more about what coverage structure you're looking for and your medical history. The cost (premium) for a $1,000,000 life insurance policy depends on a number of factors so it will be different for everyone. These factors include their age, gender, how long they want the coverage for (10, 15, 20, 25, or 30 year term insurance vs. permanent insurance), and their risk classification (determined by the medical history).

    The risk classification is the MOST critical factor in determining the cost (premium) of a life insurance policy. The risk class depends on a number of factors including whether you're male or female, your medical history, height/weight profile, any tobacco usage, and other factors.

    Please keep in mind - every carrier has their own set of underwriting guidelines, and each may offer a different risk class for a given medical profile - e.g. company A may offer preferred (featuring lower rates) and company B may only offer standard (featuring higher rates).

    I would suggest consulting with an independent life insurance broker who can work with you on a personal level and help determine which carrier will be able to offer you the desired coverage at the lowest possible cost. Online "instant quotes" only provide input based on teh factors entered in, but not necessarily what you will qualify for - this is why talking to an agent is critical for providing the most accurate information for you.

    I hope the information is helpful - please feel free to contact me for assistance with your coverage, including quotes and policy comparisons, and if you have any other questions. Thanks very much.
    Answered on October 3, 2014
  4. Peggy MacePRO
    President and Senior Agent, Outlook Life, Most of the U.S.
    To see what a million dollar life insurance policy might cost for you, you can visit a website that offers free, instant life insurance quotes. That way you can put in different term lengths and health factors to see what the cost for your million dollar life insurance policy would be for different products and with different risk factors. Contact the website personally to confirm your quote.
    Answered on November 10, 2014
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