The cost of a million dollar life insurance policy can vary depending on several factors, such as the policyholder’s age, health, and lifestyle. Generally, the younger and healthier the policyholder, the lower the premium will be. Other factors that can affect the cost of a million dollar life insurance policy include the type of policy (term or permanent), the length of the term (for term policies), and any riders or additional coverage that are included.
It’s important to note that the cost of a million dollar life insurance policy will typically be higher than the cost of a smaller policy. However, the cost per dollar of coverage will typically decrease as the coverage amount increases.
It’s difficult to provide an accurate estimate without more information about the policyholder. However, for a 30-year-old non-smoker male in good health, a 20-year term life insurance policy with a coverage of $1 million can cost around $20 – $30 per month. It’s always best to get a quote from different insurance companies and compare the coverage and premium.
