How much does $1 million of term life cost?
Short answer: For a healthy non-smoker, a $1 million, 20-year term life policy typically costs roughly $35 to $55 a month at age 30, $50 to $80 at age 40, and $130 to $220 at age 50. That is usually about 1.6 to 1.9 times the price of a $500,000 policy, not double. These are illustrative U.S. market ranges, not quotes.
Illustrative monthly cost by age
Rough 2025–2026 ballparks for a healthy non-smoker buying 20-year level term coverage:
| Age at purchase | $500,000 (approx./mo) | $1,000,000 (approx./mo) |
|---|---|---|
| 30 | $20–30 | $35–55 |
| 40 | $30–45 | $50–80 |
| 50 | $75–120 | $130–220 |
Actual prices vary by carrier, health, rate class, sex, and state. Smokers and nicotine users typically pay about 2.5 to 4 times these amounts.
Why doubling coverage does not double the price
Part of every premium covers fixed costs: underwriting, policy administration, and commissions or distribution. Those costs do not double when the face amount doubles. Many carriers also use "bands," with a lower rate per $1,000 of coverage once you reach certain thresholds, often $500,000 and $1 million. The result is that the cost per dollar of coverage usually falls as the amount rises.
This does not mean more coverage is always better value. Paying for coverage you do not need is still a cost. But if your estimated need is close to $1 million, buying $500,000 to save money may save less than you expect.
Who tends to need $1 million or more
A $1 million policy is common for:
- Parents of young children who want to replace income for 15 to 20 years.
- Households with a large mortgage and one main earner.
- Higher earners whose families rely on a large share of their income.
- Couples where both incomes are needed to cover fixed costs. See life insurance when both spouses work.
For example, replacing $70,000 a year for 15 years is $1.05 million before the mortgage or education is counted. See how much life insurance do I need? for the full method.
Underwriting at higher amounts
Larger policies usually involve more thorough underwriting. At $1 million, many carriers ask for a paramedical exam with blood and urine samples, though some offer accelerated underwriting without an exam for younger, healthier applicants. Some may also ask for financial justification, such as income information, to confirm the amount is reasonable relative to your earnings. Insurers commonly allow coverage of roughly 20 to 30 times income for younger applicants, with lower multiples at older ages. See how term-life underwriting works.
Splitting coverage across policies
Some people buy two smaller policies with different term lengths, for example $600,000 for 20 years and $400,000 for 30 years, instead of one $1 million policy. This is sometimes called laddering. It can match coverage to needs that shrink over time, though two policies mean two sets of fees and two applications, so the savings are not automatic.
Key takeaways
- A healthy 30-year-old non-smoker might pay roughly $35–55/month for $1M over 20 years; a 50-year-old, roughly $130–220.
- $1M usually costs about 1.6–1.9x a $500k policy, not 2x.
- These are illustrative ranges, not quotes; carrier, health, and state all affect the price.
- Larger amounts often bring more thorough underwriting and income checks.
- Base the amount on your estimated need rather than price per dollar alone.
Want a rough number for your own situation? Explore my coverage