Price of $2 million dollar life insurance

The price of a $2 million life insurance policy varies significantly based on whether you choose Term Life (temporary and more affordable) or Whole Life (permanent and much more expensive).

Since $2 million is a substantial death benefit, you will generally receive better pricing per $1,000 of coverage, but the total monthly premium will still be high, especially for permanent policies.

Here are the estimated monthly costs for a healthy, non-smoking individual in a favorable health class:

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💰 1. Term Life Insurance (Most Affordable)

Term life policies are the most cost-effective option for high coverage amounts, as they only cover you for a set period (e.g., 10 or 20 years).²

Age & Gender	10-Year Term (Monthly Estimate)	20-Year Term (Monthly Estimate)
30-Year-Old Male	$50 - $75	$85 - $115
40-Year-Old Female	$110 - $140	$156 - $190
40-Year-Old Male	$134 - $170	$190 - $230
50-Year-Old Male	$270 - $350	$400 - $550+

Key Observations for Term Life:

• Affordable for Young Adults: A healthy 30-year-old could potentially secure a 20-year, $2 million Term policy for under $100 per month.³

• Age Matters: Premiums jump dramatically around age 50. The same 20-year policy costs significantly more.

• Smokers: A 40-year-old smoker could expect to pay around $431 per month for a 10-year term, which is about 3 times the cost for a non-smoker.⁴

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💎 2. Whole Life Insurance (Most Expensive)

Whole Life is much more expensive because the insurer guarantees the payout for your entire life and the policy builds cash value.⁵

The cost is typically 5 to 10 times higher than a comparable Term Life policy.⁶

Age & Coverage	Monthly Estimate
30-Year-Old Male, $1M Coverage	$920 (Note: Rates for $2M are higher)
40-Year-Old Female, $500K Coverage	$588 (Note: Rates for $2M are much higher)

Estimate for $2 Million Whole Life: Due to the complexity and guaranteed lifetime payout, a $2 million Whole Life policy for a healthy 40-year-old would likely cost in the range of $2,500 to $3,500+ per month, and can easily exceed that depending on the company and riders.

Important Note on $2 Million Coverage

To qualify for a $2 million policy, insurers usually require detailed financial justification (called financial underwriting).⁷ They will want to see proof that your income, debts, and potential future expenses (like a large mortgage, business continuation, or generational wealth transfer) warrant such a high death benefit.