$5 Million Dollar Life Insurance Policy Cost & $10 Million Rates

5 million dollar life insurance policy cost
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    How much will a $5 million dollar life insurance policy cost you? What about a $10 million dollar life insurance policy?

    Is it affordable? Will it cost too much?  

    As a rule of thumb: When you buy a large multi million dollar policy, it’s very important to shop around. Prices vary a lot from carrier to carrier.  

    Some of these businesses will cost much less than their competitors. So you’re probably wondering, what is the best life insurance company for these types of policies? Which carriers will pay out claims?

    In today’s post we’ll answer all these questions and more. Let’s begin!

    >>Did You Know? Research shows that insurance shoppers think a policy is 3 times more expensive than it actually is.

    $5,000,000 Life Insurance

    Multi million-dollar life insurance policies may seem rather large. However, there are people who need a big policy to support their families.  We have worked with individuals, doctors, executives, and business owners for years who need large coverage amounts.

    People who have the financial ability to pay for million-dollar coverages need to protect their income or possibly one or several large active loans.  In many cases, these clients are looking to purchase these policies on the recommendations of their attorneys or their CPA.


    Start your free quote now. There are many types of policies to choose from. Compare million dollar term life, universal & whole life prices instantly from dozens insurers.

    1) Term & Universal policies; use our calculator here.
    2) Whole Life; you can begin here. You can also see sample some rates for universal, term and whole life below.

    life insurance quote

    Quotes for $5 million dollar life insurance

    You’re probably wanting to know how much a million dollar life insurance policy costs. We did the work and researched what your monthly premiums may cost you

    Sample $5 million term life insurance rates were run for 10 years, 20 years, and 30 years. Permanent insurance costs were also calculated for are for a whole & universal life insurance policy. You’ll have an idea of what premiums look like at various ages and coverage lengths.

    $5 million term life insurance rates

    Age10 Year Term20 Year Term30 Year Term

    *10 years, 20 years, and 30 years $5 million term life insurance rates are based on a male nonsmoker in excellent health.

    Whole Life Insurance Sample Rates

    AgeWhole Life Insurance Rates

    *based on a male nonsmoker in excellent health.

    Universal Life Insurance Sample Rates

    AgeUniversal Life Level Rates to Age 100

    *based on a male nonsmoker in excellent health.

    $10 million dollar life insurance policy

    Applying for a $10 million policy is the same as applying for any other policy. In other words, there is no difference with regards to the process. When comparing these amounts – the biggest difference is price.

    How expensive is a $10 million dollar life insurance policy?

    So how much is a 10 million dollar life insurance policy? Like any policy you buy, the cost will depend on final underwriting. Term or permanent coverage? The lowest rate for a 10 million dollar plan will be term life with Preferred Plus premiums. Let’s look at some sample term rates so you can have an idea of what the prices are.

    10 Million Dollar Life Insurance Quotes

    What will this policy cost you? Based a healthy 35 year old non-smoker male, the prices below are from a 20-year term at the least expensive rate class.

    10 million dollar life insurance policy cost

    *term premiums based on a preferred plus non smoker.

    5 million whole life insurance

    The sample whole life premiums above may be more expensive compared to your actual rate! Why? It’s because whole life and other permanent products have many options that allow you to increase or decrease your actual premium. Is a whole life policy worth it? That will depend on your goals.

    how much is a 5 million dollar whole life policy?

    The price of your 5 million policy will depend on your goals, health, age, and the number of corporations your agent has available. We use over 60! We’re able to locate the company who can approve you at the top rate based on your specific needs and details.

    Whole life prices vary significantly from company to company and many carriers don’t offer these to you online – Brokerages and agents actually have to use specific software to find the majority of whole life illustrations. 

    But you can look them up here INSTANTLY!

    $5 million dollar life insurance policy cost?

    How much will this policy end up costing you? Are the quotes above what you’ll end up paying?

    It’s possible, but will depend on many factors.

    The cost of a million-dollar policy will vary depending on underwriting results. Here are the most common underwriting factors that can affect your rate:

    • Age
    • Height & Weight
    • Current & Past Health
    • Medications
    • Motor Vehicle Report
    • Financials (Net worth, annual salary, debts & assets)

    Top companies

    There are several carriers that offer the lowest price if you purchase a large policy.

    Who are the Top 10 Companies for Multi Million Dollar policies?

    The cost of this type of policy will typically be the lowest with these carriers. These are the top 10 life insurance companies:

    1. Principal
    2. Foresters
    3. Lincoln Financial
    4. AIG
    5. Protective
    6. John Hancock
    7. Mutual of Omaha
    8. Prudential
    9. North American
    10. American National

    Smart shoppers understand that the top company will depend on factors such as age, health, and needs. 

    In other words, Principal may be a great fit for your friend, but not you. A good independent agent will find out for you so make sure to use one that works with several top rated corporations.

    5 million life insurance policy

    How to get approved for 5 million dollar policy

    If you are in the market for multi million dollar coverage, it’s really important that you work with an agent who is experienced in these larger policies.  We have a large network to shop from. You get to benefit from our knowledge and experience to help you get approved for this kind of policy.

    Obviously, an insurance company will be a great deal more strict with their underwriting for anyone looking for very large death benefits.  

    Some of them have set standards for high amounts.  This usually depends on the company’s financial strength.

    Many do not have the ability or desire to underwrite such large amounts. Others need support from reinsurance companies before they will commit to this kind of coverage.

    Death benefits that are over a certain value go beyond the company’s set limit (jumbo limit) which means the underwriting is taken from the carrier and sends your application to a reinsurance company.  

    Also, many agents do not generally sell policies of this size and do not have the knowledge or experience to secure coverage for a wealthy family.

    • Many agents will just run a spreadsheet of the cheapest one million dollar insurance policies from a handful of insurance companies and then simply fill out the application.
    • An alarm should go off in your head if your agent proceeds down this path! 
    life insurance tip

    There are a bunch of agents out there who just don’t know what’s involved and will rush you into an application. They just do not have the internal systems in place to provide premier offers to wealthy families.

    Life insurance questions we ask (So will other companies & agents)

    In order to locate the ideal policy your agent will need to understand your goals and health. Your agent should be asking you:

    • How much total coverage do you need?
    • Why do you need this amount of coverage?
    • For personal protection, are you protecting your annual income and/or your mortgage balance?
    • For business protection, do you need to secure a business loan or provide a key person coverage for your company?
    • Do you currently have a policy and for how much?  This is factored into how much additional insurance you can qualify for.
    • What’s the condition of your overall health?  You will have to complete a medical exam and the insurance company will order your medical records.

    Life insurance includes financial underwriting

    Approval for a multi million dollar life insurance policy will require a financial underwriting which will include verification of your income and your net worth.  Therefore, you will be asked what your finances are at this time?

    Do you participate in high-risk activities such as skydiving, do you regularly travel overseas, or other high-risk activities? 

    Once these questions have been answered satisfactorily, it’s time to start the application process.  We will shop around for coverage for multi million dollar policies.

    Business life insurance

    Do you need a policy for your business? Business life insurance is needed for a variety of situations. Do you need to cover a Key Person in your company? Do you need create a Buy Sell agreement? How about an SBA loan and collateral assignment?

    These are a few of the more popular reasons where a large benefit amount could help protect your business.

    Should I buy a 5 million dollar life insurance policy?

    First off, you should calculate your current debts, your family’s living expenses, and any future financial requirements that might arise such as your children’s college tuition.

    Once you have decided this is the right policy for you, you might discover it’s more affordable than you thought.

    Before making a decision on a policy of this caliber, shop around and compare plans.  

    If you are interested in a term life insurance policy, keep in mind they vary from one company to another.

    Best company for a $5-10 million dollar life insurance policy?

    How much will one of these policies cost from the top insurance companies? 

    Will Prudential be number one or some other company like AXA, Protective, North American or AIG provide you the greatest value? You want to make sure you’re ending up with a great insurance policy, 

    so here’s what you need to do…

    Step 1

    Do This Now

    Start by clicking here!

    You’ll see our instant calculators where you will compare rates.

    Nothing too complicated, it just needs the basics about what you’re wanting, how much coverage, for how long, etc. That way we can understand your situation before we can help you.

    Complete the calculator details as accurately as possible, and be absolutely sure your contact info is correct so we can reach you.

    Step 2

    Here's what will happen next

    Once you’ve filled out the calculator, one of our licensed agents will reach out to you to provide you all your options and plan out who will provide you rates based on your specific health and lifestyle.

    All of the recommendations will be based off of the details you provide. It’s very important that you’re honest and answer your agent’s questions accurately. 

    This is where we really begin working to figure out exactly which company will offer you premier rates, and how to make it happen. There are literally hundreds of insurance businesses and thousands of policy options available.

    How to buy a 5 million dollar policy

    Your information will be evaluated and matched to find out who will offer products and death benefits at the greatest value.  Also, it might be necessary to look into several life insurance companies because your total risk under your current carrier’s retention limits may fall short of the amount of overage you are looking for.

    We, as well as other agents, will need you to complete an insurance examination which will be used by insurance businesses.  We will need the required medical summary from your doctor which is known as the APS.

    Keep in mind, large insurance policies in the range of $1 to $10 million dollars are subject to financial underwriting to determine whether the amount you are seeking can be justified from your financials.

    We have a team of underwriters who will summarize and analyze your medical and financial information and decide who we submit to for tentative offers.  We also provide your medical and financial profile as a “trial application” and find out which life insurance companies would be willing to offer this kind of coverage at a competitive rate.

    Our service allows us to make preliminary premium comparisons, accurately, based on the tentative offers.  That said, you will not know the actual premium until a carrier makes a formal offer of coverage.  Once that is done, a formal application will be provided to the carrier who offered the best rate during the shopping process.

    life insurance help

    There will be an inspection report to verify the details provided on the formal application to ensure it’s correct.  Once these steps have been completed, your policy will be approved and then mailed to us to ensure accuracy.  Once all is good, we will mail or email your policy to you.

    Compare Million Dollar rates

    At some point in time, almost everyone needs to look into protecting their finances. Finding the best term life insurance policy for your lifestyle can take a huge weight off your shoulders.  No one wants to leave their loved ones in financial debt or unable to care for themselves, should something happen.  Comparison shopping should be the first thing you do. 

    These policies are affordable. Finding the best term life insurance company that gives you the coverage you’re looking at the best rate will depend on your health and lifestyle.

    Bottom line

    Don’t try doing this on your own. We can help narrow down the best 5 million dollar life insurance policy cost for you. Please contact us and we will gladly go over your options, point out who we think are the best choices and those that are not serving your best interests.  This is a decision that should be taken very seriously so you want to ensure you are getting the very best policy for you and your family.

    Want to learn more about benefit amounts? Be sure to visit Life Insurance Payout Amounts to make sure the amount of life insurance you buy is too little (or too much).

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    Michael Quinn

    Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage.

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