The cost of one million dollars worth of life insurance protection
depends on the length of coverage which may be for a term of 5, 10, 15, 20, 25
or 30 years.
Term life insurance offers from 5-30 years of coverage and
permanent life insurance provides coverage up to age 121.
However, the cost of your million dollar life insurance
policy will also depend on your gender, age, smoking status, health history, family
health history, current medical condition, your height-to-weight ratio, driving
record, and other personal risk factors.
A million dollars of 20 year term life insurance coverage
on a male non-smoker age 60 is around $10,000 annually.
To find out what 1 million of life insurance costs for
you, you can go to one of the life insurance quote engines on a number of
websites and put in your gender, date of birth, height, weight, tobacco status,
and health conditions (if allowed).
If you choose one that offers instant life insurance quotes,
you can adjust the term length to see what $1,000,000 of life insurance costs
for different terms (5-30 years), and even change the variables so you can see
what it costs for persons of different ages.
Here’s how you can request and compare instant life
insurance rate quotes online to find the five lowest rates from over 70 leading
life insurance carriers.