Average Cost of a $1 Million Term Life Insurance Policy

Typical Premium Range

The average cost of a $1 million term life insurance policy for a healthy non‑smoker in their 30s is roughly $30‑$45 per month for a 20‑year term, or about $360‑$540 annually. Prices rise sharply with age, health issues, or if the term is longer.

Key Factors that Influence Price

Several variables determine the exact premium:

• Age at the time of purchase – younger applicants pay less.
• Gender – males often have slightly higher rates.
• Health status – medical exams, cholesterol, blood pressure, and smoking history matter.
• Policy length – 10‑year terms are cheaper than 20‑ or 30‑year terms.
• Riders and additional benefits – adding a waiver of premium or accelerated death benefit increases cost.

Sample Premiums by Age and Term Length

How to Get an Accurate Quote

Use an online calculator or speak with an agent to input personal health data, desired term length, and any riders. Most insurers will request a brief medical questionnaire and may require a lab workup for final pricing.