What $1,000,000 costs
| Example buyer | Monthly price |
|---|---|
| 30 year old woman, nonsmoker, average health, 20 year term | $60/mo |
| 30 year old man, nonsmoker, average health, 20 year term | $74/mo |
| 40 year old woman, nonsmoker, average health, 20 year term | $86/mo |
| 40 year old man, nonsmoker, average health, 20 year term | $109/mo |
| 30 year old woman, nonsmoker, preferred, 20 year term | $36.90/mo |
| 30 year old man, nonsmoker, preferred, 20 year term | $48.89/mo |
Published sample rates from MoneyGeek, updated September 22, 2026. Your price depends on your age, health and the company.
What it can pay for
- Replace 10 or more years of income
- Pay off a large mortgage
- College for more than one child
- Keep a business going
Common questions
Do I need a medical exam for $1 million?
Often yes, but some insurers offer no exam paths. Policygenius lists no exam 20 year term rates at $1 million.
Is $1 million too much?
Not if your family would need your income for many years. Add up income, mortgage and school costs.
Can I split it into two policies?
Yes. Some people buy a 30 year and a 20 year policy so coverage drops as debts shrink.
Is $1,000,000 enough?
A policy this size is usually term life. As a rough guide, $1,000,000 replaces about 18 years of a $55,000 paycheck before any mortgage or debts.
To check, add up your pay for the years your family needs it, your mortgage, other debts, school money for kids and the funeral. Then subtract savings and coverage you already have. Our coverage calculator does it in a minute.
Ways to lower the price
- Buy sooner. Prices go up with age.
- Pick term life if you only need coverage for a set number of years.
- Quit tobacco. Smokers can pay several times more.
- Compare companies. Each one prices age, health and jobs differently.
