The answer to that question depends on YOU. Are you 22 or 62? Are you perfectly healthy or do you have some health issues? Do you smoke? Are you male or female? Do you skydive or are you a pilot? All of the answers to those questions (and more) can be taken into account to determine what rate you’ll pay for your life insurance.
One Million Term Life Insurance Sample Premiums
Since there are so many variables that go into the cost of life insurance, it makes it impossible to say how much a certain amount of insurance costs without that other information. To show you how much it varies, here are some example premiums for a $1,000,000 20 year level term policy:
25 year old, healthy, non-smoking male: $300.00 per year
25 year old, smoking male: $1120.00 per year (Smokers pay about 50% to 200% more)
55 year old non-smoking female with some minor health issues: $3825.00 per year
60 year old male in perfect health: $4755.00 per year
One Million Term Life Insurance – Compare Your Rates
It gets even more complicated because every company has their own underwriting requirements and their own rates. So the same healthy 25 year old might pay $300.00 per year with Company A, and $480.00 per year with Company B for the same million dollar term policy. That’s why it’s important to work with an experienced agent who can give you quotes from multiple companies. They can give you guidance about which company has the best rates for your particular situation. Do some comparison shopping for $1,000,000 of term life insurance before you commit, especially if you are a smoker or if you have health issues.