Show the financial need
Carriers may evaluate income, assets, debt, existing coverage, age, and the purpose of coverage when reviewing a larger request.
$1 million term cost
How to compare the cost of a $1 million term life policy
A $1 million term policy can address a large income-replacement or business-protection need, but its price and availability depend on the applicant and contract. Higher face amounts may also receive closer financial underwriting.
Reviewed for clarity and compliance · September 2026
Expect underwriting variation
Evidence requirements and accelerated-underwriting limits can change by carrier, age, face amount, product, and state.
Compare the same term
A 10-year estimate should not be presented as cheaper than a 30-year option without explaining the shorter guarantee.
When a million-dollar request may make sense
Common needs can include replacing several years of income, covering a mortgage and education goals, funding a buy-sell obligation, or protecting a key person. The amount should follow the documented need rather than a round-number target.
- Income replacement period
- Debt and mortgage balance
- Dependent care or education goals
- Existing individual and employer coverage
- Savings and other available assets
Ready to make this specific to you?
Use your age, state, coverage amount, term, tobacco use, and general health to create a more useful starting point.
Start my comparisonCommon questions
What shoppers ask
Does a $1 million policy always require a medical exam?+
No, but it may. Some applicants qualify for accelerated underwriting while others need an exam or records. The carrier decides under its current rules.
Is $1 million automatically too much coverage?+
No. Suitability depends on the financial loss being protected and the carrier’s financial-underwriting guidelines.