$5 to $10 Million Dollar Life Insurance Policy Cost

5 million dollar life insurance policy cost

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 buying high face amounts like a five million dollar policy, it’s very important to shop around. Life insurance rates vary a lot from carrier to carrier.  

Some of these companies will cost much less than their competitors. So you’re probably wondering, what is the best life insurance company for $5 million dollar insurance policy?

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

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

$5,000,000 Life Insurance

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

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 life insurance quote now. There are many types of life insurance to choose from. Compare term life, universal & whole life quotes instantly from dozens of the best insurers.

1) Term policy & Universal life policy quotes; use our calculator here.
2) Whole Life Quotes; you can get whole life quotes here. You can also see sample some rates for universal life, 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 some sample monthly quotes. Sample rates were calculated for a $5 million dollar term life insurance policy; $5 million whole life insurance policy; & $5 million universal life insurance policy. You’ll get a good idea of what rates look like at various ages and coverage lengths.

5 Million Term Life Insurance Quotes

Age10 Year Term20 Year Term30 Year Term

*All quotes are based on a male nonsmoker in excellent health.

5 Million Whole Life Insurance Quotes

AgeWhole Life Insurance Rates

*All quotes are based on a male nonsmoker in excellent health.

5 Million Universal Life Insurance Sample Rates

AgeUniversal Life Level Rates to Age 100

*All quotes are 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 $5 million and 10 million dollar life insurance – the biggest difference is price.

$10 million dollar life insurance policy cost?

So how much is a 10 million dollar life insurance policy? Like any policy you apply for, the cost will depend on final underwriting. The lowest rate for a 10 million dollar will be at Preferred Plus rates. Let’s look at some sample rates so you can get an idea of costs.

10 Million Dollar Life Insurance Quotes

What will a 10 million dollar life insurance policy cost? Here are some sample quotes of a healthy 35 year old non-smoke male. The rates below are based on a 20-year term at Preferred Plus rates (least expensive rate class).

10 million dollar life insurance policy cost

5 million whole life insurance

The sample whole life rates 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 coverage goals.

how much is a 5 million dollar whole life insurance policy?

The price of your 5 million policy will depend on your goals, health, age, and the number of companies your agent has available. At Life Insurance Blog we use over 60 companies! We’re able to find the company who can get you the best rate based on your specific needs and details.

$5 million dollar whole life insurance rates vary significantly from company to company and many carriers don’t offer “online quotes” – Brokerages and agents actually have to use specific software to get the majority of whole life quotes. Get instant rates here.

$5 million dollar life insurance policy cost?

How much is a 5 million dollar policy? Are the quotes above what you’ll end up paying?

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

The cost of a $5 million 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 companies that offer the best rates if you purchase a 5 million dollar policy.

Who are the Top 10 Companies for $5 Million Dollar policies?

The cost of 5 million insurance policy will typically be the lowest with these carriers. These are the top 10 life insurance companies for million dollar policies:

  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 life insurance shoppers understand that the best company will depend on factors such as age, health, and coverage 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 companies.

5 million life insurance policy

How to get approved for 5 million dollar policy

If you are in the market for a million dollar policy, it’s really important that you work with an agent who is experienced in these larger policies.  We have the network of companies, knowledge and experience to help you get approved for a million dollar policy.

Obviously, life insurance companies are a great deal more strict with their underwriting for those looking for very large death benefits.  

Some insurance companies have set standards for a 5 million dollar policy and some companies offer 10 million dollar policies.  This usually depends on the insurance company’s financial strength.

Many insurance companies do not have the ability or desire to underwrite such large coverages. 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 the best coverage for a wealthy family.

  • Many agents will just run a spreadsheet of the cheapest one million dollar insurance policies from a handful of carriers 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 the best offers to wealthy families.

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

In order to get the best policy your agent will need get an idea of your goals and health. Your agent should be asking you:

  • How much total insurance coverage do you need?
  • Why do you need this amount of coverage?
  • For personal protection, are you protecting your 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 life insurance and for how much?  This is factored into how much additional insurance you can get.
  • What’s the condition of your overall health?  You will have to complete a medical exam and the carrier will order your medical records.

Life insurance includes financial underwriting

Approval for a 1 to 10 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 which will include 1 to 5 million dollar policies.

Business life insurance

Do you need a $5 million dollar business insurance policy? Business life insurance is needed for a variety of situations. Do you need to provide coverage for 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 five million dollar policy 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.  You might discover that a 5 million dollar policy is the right choice.  Once you have decided this is the best policy for you, you might discover it’s more affordable than you thought.

Before making a decision on a life insurance policy of this caliber, shop around and compare quotes from the various life insurance companies.  

If you are interested in a term life insurance policy, keep in mind they vary from one company to another.  Our site makes it very easy to find the insurance companies that offer the best rates.

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

How much is a $5 to 10 million dollar life insurance policy cost from the top companies? Will Prudential be the best or some other company like AXA, Protective, North American or AIG get you the best deal? If you want to make sure you’re getting the best insurance policy available, here’s what you need to do…

Step 1

Do This Now

Start by clicking here!

You’ll see our instant life insurance calculator where you will compare rates from dozens of the top companies.

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 information 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 life insurance agents will reach out to you to provide you all your options and plan out who will provide you the best rate 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 get you the best rate, and how to make it happen. There are literally hundreds of companies and thousands of policy options available. We’ll make sure you get the best one.

How to buy a 5 million dollar policy

Your information will be evaluated and matched to companies that offer the best products for death benefits.  Also, it might be necessary to look into several carriers 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 companies.  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 financial information.

We have a team of underwriters who will summarize and analyze your medical and financial information and decide which companies we submit to for tentative offers.  We also provide your medical and financial profile as a “trial application” to multiple companies to find out which insurance carriers 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 information 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, getting proper coverage is something that almost everyone needs to look into. Finding the best 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. 

A policy for 5 million dollars can be 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 companies for you. Please contact us and we will gladly go over your options, point out companies we think are good 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.

If you’re not sure where to begin, give us a call. Our agents provide a free, no-pressure, educational approach to coverage. We’ll compare dozens of the top companies in minutes to show you your most affordable options. Toll Free: (888) 411-1329

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Reviewed Item
$5 - $10 Million Life Insurance Policies
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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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