A 50 year old woman, non-smoker, should anticipate paying about $215 per month for a 20 year term life insurance policy in the amount of 2 million dollars. Because men pay more, a 50 year old man, non-tobacco user, will probably pay around $300 monthly for the same $2,000,000 coverage.
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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.
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:
"A two million dollar life insurance may provide tax-free money to pay off estate taxes."
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:
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These monthly premium costs are for a healthy male, non-smoker:
| Age / Gender | 2 Million Dollars |
| 30 year old man | $71.35 per month |
| 40 year old male | $108.86 per month |
| 50 year old man | $302.65 per month |
| 60 year old male | $848.77 per month |
| 70 year old man | $3,191.25 per month |
11/01/2024 - These average premiums are just examples. Your costs will most likely be different.
These monthly premium costs 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 |
11/01/2024 - These average premiums are just examples. Your costs will most likely be different.
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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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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.