- Speak to a licensed sales agent!
- (800) 521-7873
How Much Is a Million Dollar Whole Life Insurance Policy?
How much is a million dollar whole life insurance policy? That depends – life insurance doesn’t have one-size-fits-all pricing. Your age, health, and lifestyle all factor into the price. We’ll give you a few sample rates below, as well as explain how life insurance companies decide how much your whole life coverage will cost.
How Much Is a Million Dollar Whole Life Insurance Policy?
What can you expect to pay for a million dollar whole life policy? Let’s find out! Here are a few sample rates:
- Man, best health class, age 30: about $70/month
- Man, best health class, age 40: about $110/month
- Man, best health class, age 50: about $175/month
- Woman, best health class, age 30: about $62/month
- Woman, best health class, age 40: about $95/month
- Woman, best health class, age 50: about $142/month
Keep in mind that these are just sample rates. Want to see what you'd really pay for a policy?
Contact us for a free million dollar whole life insurance policy quote! Call (800) 521-7873 or email us at info@lifequote.com today!
What Affects the Price of a Million Dollar Whole Life Insurance Policy?
Your rate is unique to you, reflecting your age, gender, health, and lifestyle. That’s why the sample rates above may or may not be close to what you’d pay if you applied for a million dollar whole life policy. The best way to see what your actual rate might be? Contact us for a free quote at (800) 521-7873 or email us at info@lifequote.com.
Here’s what the insurance companies use to set prices:
- Age. The younger you are, the less your policy will cost. Think of this in terms of risk: the insurance company is more likely to have to pay out for a senior citizen than they are for a 20-year old. So the more advanced your age, the greater the risk you present to the insurer in terms of a possible payout.
- Health class. Based on your height, weight, and the results of a medical exam (usually required for million dollar whole life insurance policies), the insurer will assign you a health class, often called a rate class. That class determines what they’ll charge for your coverage. If you’re in great health, you’ll be assigned the “best” or “preferred plus” class. As the scale decreases from stellar health to impaired health, the rates move from “preferred” to “standard” to what we call table ratings (T1, T2, T3, etc.). The higher your table rating, indicating the more health issues you have, the more you’ll pay. If you’re a smoker, your rates will also increase.
- Family health history. Do your parents or siblings have a history of serious illnesses such as cancer or heart disease? That will likely affect your cost of coverage.
- Job & hobbies. Do you have a dangerous job? Do you participate in dangerous hobbies? That will also affect your cost of coverage. Insurers consider some outdoor hobbies dangerous, including scuba diving, rock climbing, car racing, hang gliding, and more. Dangerous jobs include pilot, diver, firefighter, and racecar driver (to name just a few).
Because of all the factors we just went over, it’s impossible to provide an accurate rate without more precise information about you. That’s why agents need to talk to you to give you the most accurate quote possible. Online quoters can give you an estimate, but that may change greatly during the application process, while the insurer gathers information about you in order to assign you a rate.
What’s the best way to find out how much is a million dollar whole life insurance policy? Contact us for a free quote. Call (800) 521-7873 or email us at info@lifequote.com today!
The Benefits of Whole Life Insurance
If you’re shopping for whole life insurance, you probably already have an idea why you prefer this type of coverage. But let’s go over the full spectrum of benefits whole life has to offer, so you can be sure you’re making an educated decision:
- Coverage you can’t outlive. Whole life does just what it says it does: it covers you for your whole life. It doesn’t expire, like a term life policy. As long as you keep your policy active by making payments, it’s guaranteed to cover you until you pass away. The only exception? If your policy matures at a certain age and you’re still alive (age 100, for example), you’ll get the death benefit instead of your loved ones.
- Guaranteed death benefit. Because whole life never expires, your policy is guaranteed to pay out. There’s no feeling of paying something for nothing, which some people may feel if they outlive their term policy. Your loved ones are guaranteed to get the death benefit no matter when you pass away. As we mentioned above, the only exception is if you happen to live to the policy’s maturity date (age 90-120, depending on the policy and the insurer). You’d get the payout in that case and be responsible for including it in your will to disperse it as you see fit.
- Level payments. With whole life, you always know what you’re going to pay. The payments remain the same for the life of the policy, unlike, say, universal life insurance. Those level payments make budgeting easier.
- Guaranteed cash value. Whole life insurance builds cash value over time. This is an account attached to your policy, funded with portions of every payment you make plus interest credited by your insurance carrier. The rate of interest is set when you buy your policy. With whole life, that rate is guaranteed, no matter whether the Fed raises or lowers interest rates.
What’s the best way to find out how much is a million dollar whole life insurance policy? Contact us for a free quote. Call (800) 521-7873 or email us at info@lifequote.com today!
What Makes Whole Life Cost More Than Term Life?
Most of our clients come to us asking about the difference between whole life and term life. Whole life will always cost more, that’s a given. But why? It boils down to two main components: policy length and cash value.
- Policy length. Because term life expires, there’s a chance the insured person will outlive their coverage and the insurer won’t have to pay a claim. That means they can set the price lower for term life than for whole life, which you can’t outlive. The insurer knows they’re going to have to pay a claim, so they set the rate higher accordingly.
- Cash value. Term life does not accrue cash value. Whole life does accrue cash value, which provides additional benefits for the insured person as well as additional administrative cost for the insurer. As a result, any policy that includes cash value is going to cost more than term life. What benefits do you get from cash value? You can borrow against it or withdraw that cash later to use for anything you want. It’s a bit like an enforced savings account – a financial asset you have access to at any time, for any reason.
Contact us for a free million dollar whole life insurance policy quote! Call (800) 521-7873 or email us at info@lifequote.com today!
Is a Million Dollar Whole Life Insurance Policy Right for You?
Let us help you figure it out! We can estimate how much coverage you actually need. Our licensed life insurance agents know how to evaluate a variety of financial needs, from income replacement to business coverage. With just a few minutes on the phone, we can help pinpoint your needs and estimated coverage requirements. Then we can help you put together an insurance strategy that covers all those needs.
Will a million dollar policy meet your family’s needs? Let’s solve that problem together.
How much is a million dollar whole life insurance policy? We can tell you how much your cost would be if you contact us. Call us at (800) 521-7873 or email us at info@lifequote.comtoday!
