Average Costs Of 2 Million Dollar Life Insurance Policy For Men and Women

The reasons a two million dollar life insurance policy may be needed can vary a lot, but one thing is the same - the factors that life insurance companies look at to figure out your costs.

The two main factors are age and health, but they will also look at your previous medical history, familial medical history, your credit, the reasons why you need $2,000,000 worth of coverage, etc.

Choose age bracket for your $2,000,000 life insurance policy:

Why 2 Million Dollars?

For most people, two million dollars life insurance coverage sounds like a lot, but some individuals have valid reasons why they need that much coverage:

  • High net-worth individuals have higher expenses that need to be taken care off in case of their death.
  • They may have an outstanding mortgage on a 2-3 million dollar house.
  • They may have 2 or 3 children attending ivy league schools.
  • They may need to leave money for their families to pay estate taxes.
  • Plus many more valid reasons.
"A two million dollar life insurance may provide tax-free money to pay off estate taxes."

Can I Qualify For a $2,000,000 Policy?

Because this is a large amount of money, insurance underwriters will need proof that you need this much coverage.

Tax returns Investment statements Real estate appraisals (on each property) W-2 forms Debts Passive income (income from investments) Charitable giving statements

You may be asked to provide:

  • Proof of income
  • Tax returns
  • Investment statements
  • Real estate appraisals
  • Debts

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Example best rates for a 20 year term, 2 million dollar policy

The monthly premium costs below are for a healthy male, non-smoker:

Age / Gender 2 Million Dollars
30 year old man $71.35
40 year old male $108.86
50 year old man $302.65
60 year old male $848.77
70 year old man $3,191.25

07/17/2022 - These average premiums are just examples. Your costs will most likely be different.

The monthly premium costs below are for a healthy female, non-smoker:

Age / Gender 2 Million Dollars
30 year old woman $55.25
40 year old female $88.70
50 year old woman $217.15
60 year old female $576.92
70 year old woman $2,095.30

07/17/2022 - These average premiums are just examples. Your costs will most likely be different.

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Recommended Life Insurance Coverage

Financial advisors recommend an individual should get around ten times their yearly income.

So, for example, if you make $150,000 per year from your job and get another $50,000 yearly in passive income from investments, you should be getting around $2,000,000 in life insurance coverage.

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I Have Some Medical Issues, Will I Pay More?

Most likely you will, and depending on the medical issue, you may even be denied coverage.

Think about it, there's no insurance company that will issue you a policy if you have a form of cancer that has low survivability rate.

Also, if you are obese and have diabetes, you chances of getting coverage are lower. Even if you get a policy, the costs may be prohibitive.

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