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Compare $1 million life insurance policies

High earners making over six figures are the most ideal candidates for policies this size.

Narrow down life insurance companies by coverage levels, riders offered, medical exam requirements and more to get a quote for a $1 million life insurance policy.

1 - 5 of 5
Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
20 - 60 years old
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.
18 - 60 years old
10, 15, 20, 25, 30 years
Apply for term life insurance in minutes and get an instant decision all online. Plus, you’ll get to skip the medical exam.
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Policygenius - Life Insurance
18 - 85 years old
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.
Nationwide life insurance
18 - 80 years old
10, 15, 20, and 30 years
Depends on policy
Select Go to site to apply for Nationwide Life Essentials: 21-55 years, no medical exam required.
JRC Life Insurance
JRC Life Insurance
18 - 85 years old
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.
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We compare the following brands

When you’re trying to work out how much coverage to buy, take two factors into account: Your financial obligations and your salary.

While a $1 million life insurance policy may sound intimidating, it can make sense for high earners with a mortgage, kids or debt to pay off. Plus, with average costs starting around $30.19, it may be more manageable than you think.

Average cost of a $1 million life insurance policy

You might think a $1 million policy is extremely expensive — but the average cost of a 20-year term, million-dollar policy for a healthy 30-year-old is $39.92 a month for a man and $29.32 for a woman. Expect your rates to differ based on your gender, age, health, lifestyle, occupation and the policy length you choose.


*Rates are provided by Quotacy and valid as of 2021 in all states except Montana

How to qualify for a $1 million life insurance policy

Your insurer looks at your age and salary to determine if you’re qualified to get a $1 million policy.

  • Age. Typically, the younger you are, the higher your coverage eligibility is. This is because your earning potential and financial obligations increase as you age.
  • Salary. Insurers use your income as a barometer for coverage. Most carriers approve coverage for 10 to 20 times your salary. So, if you earn $100,000 a year or more, you should qualify for a $1 million policy.

An important note about self-employed individuals is that life insurers believe they’re taking on more risk with self-employed workers, so it may be a little harder to find a $1 million life insurance if you don’t work for a company. And it can be even more challenging for students and stay-at-home parents.

Protect your loved ones
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.

Need help? Talk to a customer specialist


Can I get $1 million in coverage without a medical exam?

With some insurers, like Brighthouse, Lincoln TermAccel, Haven Life or Principal, you may be able to get $1 million coverage without taking a medical exam. However, it may still require an online questionnaire, agent screening or a phone interview.

But there are a few catches: These types of policies are generally only open to people between the ages of 18 and 60 and are exclusively available for those in excellent health. If a company catches any medical conditions — even minor ones — in its screening process, you’ll probably have to take a medical exam or won’t qualify for the policy.

If you’re in good health and have the time — and inclination — to take a medical exam, you’re more likely to get a better deal. No-exam policies are much quicker to secure, but that convenience comes at a hefty cost in the form of high premiums.

Protect your loved ones
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.

Need help? Talk to a customer specialist


When a $1 million life insurance policy makes sense

Generally speaking, you should carry enough coverage to replace your income for five to 10 years. So, if you earn around $100,000 a year, a $1 million policy might be a good fit.

In other words, assess everything you pay for now and everything you’d need to pay for in the future. Income aside, your life insurance policy should also cover your financial obligations.

A $1 million dollar makes sense when you:

  • Want to replace our income. Life insurance protects your finances, so it should be relative to your income. If you’re a high-income earner, taking home $100,000 or more a year, anything less than $1 million might leave you underinsured.
  • Have dependents. Your policy should provide your spouse and kids with the money they need to survive, at least for those 5 to 10 years. This may include healthcare and childcare costs.
  • Have outstanding debt. Your debt doesn’t die with you, so ideally, your policy should cover your mortgage or rent, car loans and leases, student loans and credit card debt.
  • Want to help with kids college. Are your kids planning to go to college? That’s amazing, but it’s also a massive expense. Depending on how many children you have and the kind of schools they want to go to, a $1 million policy might make sense.
  • Want to cover end-of-life expenses. Many life insurance policyholders put aside some money to cover funeral and burial costs, so their family doesn’t have to deal with that financial burden while they’re grieving. This obviously won’t reach the million-dollar mark, but it’s a cost to take into account.
  • Have aging parents. You may be looking after a parent who’s in a nursing home or covering some medical expenses. If that’s the case, consider this cost when working out your life insurance needs.
  • Are estate planning. As you move through life, you’ll probably accumulate assets and wealth. A $1 million policy helps to preserve your estate and provide liquid cash to pay estate taxes.
  • Own a business. Are you an owner or partner in a business? Do you have key employees? Are you self-employed? A life insurance policy can offer the company — and its employees — a sense of security and much-needed cash flow in the event of your death. The value of your business determines the amount of life insurance you need.
  • Want to secure a loan. Do you need to secure an SBA loan for your business or something similar? A life insurance policy can fast-track your application, as it proves you have every intention of paying the money back. If your loan is creeping toward the seven-figure mark, you’ll want your coverage to match.

Reassess your coverage needs over time

Whenever your circumstances change, it’s a good idea to reassess your life insurance coverage. So if you’ve gotten married or divorced, received an inheritance, bought a new home or became a grandparent, you may find that you need more protection.

On the flip side, be careful about buying too much life insurance. If you’re still working your way up the career ladder or have very few financial obligations, you may not need $1 million of coverage.

Bottom line

So, do you need a $1 million life insurance policy? To decide, weigh up your current and future financial obligations against your salary. A million dollars seems extravagant, but it may not be when you factor in your income, dependents, debt, estate and the cost of living. Before committing to coverage, compare life insurance companies.

How we got our rates

We averaged 2022 Quotacy rates for a 20-year term, $1 million dollar term life policy across 13 top life insurance companies. Rates provided for each age group are based on a healthy man and woman.

Katia Iervasi's headshot
Written by


Katia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University. See full bio

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