Compare $5 million life insurance policies

How much does a $5 million life insurance policy cost?

Your premium depends on personal factors, such as your age, health and habits. If you’re healthy and don’t smoke, you can get a 20-year term policy for $131 a month for a 30-year-old man or $99 a month as a woman. But smokers pay a serious premium for the same level, with a man paying $621 a month and a woman paying $485.
* Based on sample rates from Policygenius, August 2020

Is a $5 million life insurance policy right for me?

How much coverage you need depends on your family’s lifestyle, future financial needs and how much your family depends on your financial contribution. Estate planners recommend buying coverage at five to 10 times your annual salary, but here are additional expenses to factor in:

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• Mortgage. Consider the monthly expense of your home, how much you owe and how long it might take your family to pay off your mortgage. If you’re seeing high numbers, consider a policy to match.
• Tuition. Whether your kids are in private schools or planning for college education, factoring in tuition expenses can ensure your children get the education you want for them, even after you’re gone.
• Long-term care. If you’re responsible for elderly or ill family members, life insurance can go a long way to help cover their medical care and future expenses in your absence.
• End-of-life expenses. Funeral costs and hospital stays can eat into the money your family needs to get by. Planning to cover these costs with your life insurance money can ensure your family can stay afloat.
• Business costs. Consider whether your business is one you want to keep in the family, or if you simply need to help cover expenses until the business can be sold.
• Estate taxes. If you have an estate worth over $11.58 million, the 2020 estate tax threshold, your life insurance can help pay the taxes to keep your family from having to sell off assets to foot the bill.

Can I get a $5 million coverage policy?

How much coverage you’re eligible for depends on two main factors: your age and your annual income. Because coverage is based in part on your earning potential and present and future financial obligations, starting your policy younger increases your eligibility for a higher coverage level.

Your current income is also a factor in eligibility. Insurers typically offer between 10 and 20 times your current annual income, which means you may need to make close to $250,000 to $500,000 a year to be approved for a $5 million policy. Where you work also matters, since some insurers see working for a corporation as more stable than being self-employed.

Can I get this much coverage without a medical exam?

No. A $5 million policy usually requires a medical questionnaire and a 20- to 30-minute medical exam that you can schedule at your leisure. You may even be able to request smaller, temporary life insurance coverage while you wait for the results of your exam.

Policies that don’t require medical underwriting, such as simplified issue and guaranteed issue life insurance, usually cap at around $250,000 of coverage.

Compare life insurance companies with high coverage amounts

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Name	Product	Issue age	Minimum Coverage	Maximum Coverage	Term Lengths	Medical Exam Required
Policygenius		18 - 85 years old	$50,000	$10,000,000	10, 15, 20, 25, 30 years	Depends on provider and policy	Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.	Go to site More Info	Compare	loading Fetching your data...
Bestow		18 - 60 years old	$50,000	$1,500,000	10, 15, 20, 25, 30 years	No	Get a quote in less than 10 minutes with on-the-spot approval and no medical exam.	Go to site More Info	Compare	loading Fetching your data...
Everyday Life		20 - 75 years old	$100,000	$10,000,000	10, 15, 20, 25, 30, 35 and 40 years.	No	Ladder multiple life insurance policies to save on the coverage you need for all your debts.	Go to site More Info	Compare	loading Fetching your data...
Ladder		20 - 60 years old	$100,000	$8,000,000	10, 15, 20, 25 or 30 years	No, for coverage up to $3M	Apply for term life insurance online without the medical exam. Get an instant decision and adjust your coverage at no charge.	Go to site More Info	Compare	loading Fetching your data...
Sproutt		18 - 60 years old	$50,000	$4,000,000	5, 10, 15, 20, 25 and 30 years	No	Compare 40+ insurers and apply online to get the lowest possible price — no medical exam required.	Go to site More Info	Compare	loading Fetching your data...
JRC Life Insurance		18 - 85 years old	$5,000	$50,000,000	10, 15, 20, 25, 30, 35, 40 years to lifetime/age 121	May be required	Compare policies up to $10 million from 45+ top insurance companies with the click of a button.	Go to site More Info	Compare	loading Fetching your data...
Nationwide life insurance		18 - 80 years old	$25,000	$10,000,000	10, 15, 20 and 30 years	Yes	Get term, whole, universal or no-exam life insurance with up to $1 million in coverage.	Go to site More Info	Compare	loading Fetching your data...
Haven Life		20 - 64 years old	$250,000	$3,000,000	10, 15, 20, 25 or 30 years available to those aged 20 - 49 years old. 10, 15, or 20 years available to those aged 50 - 64 years old.	No exams for some applicants	Fill out a quick online application and get approval in minutes with up to $3 million in coverage.	Go to site More Info	Compare	loading Fetching your data...
Fidelity		20 - 85 years old	$25,000	$1,000,000	10, 20, or 30 years	Depends on policy	Purchase term, whole and accidental death coverage online without the exam, with rates starting at a low $10 a month.	Go to site More Info	Compare	loading Fetching your data...
Quotacy		18 - 80 years old	$50,000	$65,000,000	10, 15, 20, 30 and 40 years	Depends on provider and policy	Score the lowest rate on life insurance by comparing no obligation quotes from 14+ companies online. No contact info, no spamming.	Go to site More Info	Compare	loading Fetching your data...
Dayforward Life Insurance		18 - 67 years old	$12,000	$500,000	10, 27 years	No exams for some applicants	Dayforward allows you to protect your family with life insurance that protects your income.	Go to site	Compare	loading Fetching your data...
Fabric		21 - 60 years old	$100,000	$5,000,000	10, 15, or 20 years	Depends on policy	No-exam term policies up to $1 million online, with the option to upgrade to permanent life insurance later.	Go to site More Info	Compare	loading Fetching your data...

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Frequently asked questions

• Is it better to get a $5 million in whole life insurance?

  That depends on your goals. Whole life insurance costs significantly more per month, but it offers permanent coverage and builds cash value. Consider your ability to afford the higher premiums and whether you’ll still need that level of insurance after your children have grown and finished college and your mortgage is paid off.

• Will my health condition keep me from qualifying for a $5 million policy?

  Not necessarily. If you can prove that your condition is being managed by medication and a doctor’s care, you might still qualify. But a past heart attack or cancer diagnosis will at least raise your premiums, and may even disqualify you for the policy.

• What happens if I outlive my term life insurance policy?

  You can sometimes renew your policy once the term has elapsed, but usually for a higher premium. And it may be a better idea to shop around for a new policy, as your coverage needs will most likely have changed.
  Some policies offer the option to convert your policy to a permanent option, however you’ll have to make this change within the specified deadline written in your policy.