Best $1.5 Million Life Insurance Policy Rates 2024

$1.5 million life insurance policy 2024

Estimated reading time: 6 minutes

If you’re searching for more information on a $1.5 million life insurance policy then you have come to the right place. While one and a half million dollars is a lot of money; inflation, record high real estate prices and larger incomes make the need for a $1.5 million life insurance policy necessary for many Americans.

How Much Is A $1.5 Million Term Life Insurance Policy?

Let’s take a look at exactly how much a one million five hundred thousand dollar term life insurance policy costs. These rates are for a 40-year old male in excellent health for a 20-year fixed term policy.

  • A $1,500,000 10-year term policy costs $434 in annual premiums, and a 20-year term costs $827 a year.
Insurance CarrierAnnual PremiumTermRating
Symetra Life$82720-yearA
Protective Life$82820-yearA+
American General$82820-yearA
Pacific Life$83420-yearA+
Penn Mutual$89120-yearA+
North American$90520-yearA+
Banner Life$90720-yearA+
Lincoln National$96720-yearA+
Cincinnati Life$1,00520-yearA
AAA Life$1,03920-yearA
United of Omaha$1,14220-yearA+
State Farm$1,20020-yearA++
$1.5 million term life insurance policy rates

*Date of birth used 3/1/1984, 40-year old male, non-smoker in excellent health for a $1.5 million 20-year level term policy.

$1.5 million term life insurance rates by company and by year spreadsheet: Pacific Life, Symetra Life, Protective Life, Corebridge Financial
$1.5 million term life insurance rates by company and by year: Nationwide, MassMutual, SBLI, Lincoln Financial, Cincinnati Life spreadsheet

Pro Tip: Each life insurance company has their own underwriting guidelines including a height & weight chart. It’s important to compare rates from multiple life insurers to get the best rate.

$1.5 Million Life Insurance Terms Available

Life insurance companies allow you to lock in the rate for a designated period of time to protect a family or business. These include:

  • 10-year level term
  • 15-year level term
  • 20-year level term
  • 25-year level term
  • 30-year level term
  • 35-year level term
  • 40-year level term

Term lengths available are based on insureds current age and insurer

Explained: “Level term life insurance” means the price and policy amount are both fixed for the term you choose. This is preferable compared to a step-rate plan which increases as you age.

Health Ratings Available

All health rating classes are available for a 1.5 million dollar term life insurance which include:

  • Preferred Plus
  • Preferred
  • Standard Plus
  • Standard
  • Table A
  • Table B
  • Table C
  • Table D
  • Table E
  • Table F
  • Table G
  • Table H

Underwriting A 1.5 Million Dollar Term Life Insurance Policy

The underwriting for a $1.5 million term life insurance policy is very similar and often the exact same as for a policy of a lesser amount. Some companies may require a no-cost health exam that includes your height, weight, blood pressure and a small blood and urine sample.

How Much is A $1.5 Million Permanent Life Policy?

Below are the rates for a 50-year old male for a $1.5 million no-lapse guarantee universal life insurance policy (GUL) to age 121 at the preferred plus health category.

CompanyAmountAnnual Premium
Protective Life$1,500,000$13,356
Penn Mutual$1,500,000$13,939
Pacific Life$1,500,000$15,304
$1.5 million permanent life insurance policy rates

*Date of birth used 3/1/1974, 50-year old male, non-smoker in excellent health for a $1.5 million no-lapse GUL to age 121.

No Medical Exam $1.5 Million Term Life Insurance Policy

Below are the no medical exam life insurance rates for a $1.5 million 10-year level term life insurance at the preferred plus underwriting category.

AgeMonthly PremiumCategory
25$23 monthPreferred Plus
30$24 monthPreferred Plus
35$26 monthPreferred Plus
40$37 monthPreferred Plus
45$63 monthPreferred Plus
50$100 monthPreferred Plus
55$178 monthPreferred Plus
60$306 monthPreferred Plus
65$534 monthPreferred Plus
$1.5 million no medical exam term life insurance rates

*Date of birth used March 1st for a non-smoker in excellent health, qualifies for the top underwriting class. for a $1.5 million 10-year level term policy. For ages 25-60 rates from Symetra Life, for age 65 rate from Pacific Life.

For those that qualify, there are several highly rated life insurance companies that now offer a $1.5 million term policy without a medical exam up to 70 years old.

Laddering Your Life Insurance Coverage

A savvy life insurance strategy used by some applicants is to “ladder” their life insurance coverage. This means they will carry at least two life insurance policies instead of one. The reason to ladder life insurance policies is to save money by having different policy lengths.

An example would be a 50-year old male who is married and has 3 children aged; 10, 15 and 20 years old. He chose to ladder his life insurance by selecting a $750k 20-year term policy for $101 month and a second $750k 30-year term policy for $184 month which totals $285 month. Compare this to a $1.5 million 30-year term which costs $357 month.

For the next 20 years he will have $1.5 million in coverage when he needs it most to protect his children, spouse, mortgage and income. Then for the the last 10 years until he is 80 years old he will still have $750k inforce to protect his wife and any debts. By using this strategy, he will save over $17k in premiums over the next 20 years.

Quoting A $1.5 Million Dollar Term Life Insurance Policy

Receiving instant rate quotes for a $1.5 million dollar term life policy from many of the nation’s top life insurance companies is quick and easy. Simply use our instant online life insurance quoting engine and you will be able to see the personalized rates from the top carriers in seconds.

This will allow you to save time and money by comparing rates side-by-side from the best A and A+ rated life insurance companies.

Instant $1.5 Million Life Insurance Quotes from The Nation’s Best Companies

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