10 Million Dollar Life Insurance Policy Cost

$10,000,000 life insurance policy

A common question I receive is how much is a 10 million dollar life insurance policy? The good news is that the rates on a $10 million life insurance policy can be very affordable and have favorable underwriting guidelines if you choose the right company. If you’re looking for a 10 million dollar life insurance policy cost comparison for the best rates with favorable underwriting, then this article is for you.

The reality is that there are over 700 life insurance companies in the United States and each one will have their own price for a ten million dollar life insurance policy. Factors such as age, health, medications, and many other aspects will determine your premium. The key is to compare rates from the top companies to see which insurer will offer the best rate for your specific age and health. Whether it is Prudential, AIG, Mutual of Omaha, Pacific Life, Principal, Lincoln Financial or another carrier, comparing rates from many of the nation’s top carriers before you move forward is paramount if you want the best rate and most favorable underwriting to get approved at that rate. Many people are incredibly surprised to see how much the rate can differentiate from one life insurance company to the next.

How to get a $10 million life insurance policy
The process to secure a $10 million life insurance is straightforward. Below are the steps required to get approved for a ten million dollar policy life insurance policy.

  1. Quotes

    The first step is to receive quotes. You can call the different insurance companies yourself or have an independent broker shop the market for you. (There is no charge for a broker, the same price you receive from an agent/broker is the same price as going to the company directly).Quotes

  2. Choose company and start application

    Choose the best company and complete the application.

  3. Paramed

    Schedule and complete the 30-minute no-cost paramed exam.

  4. Underwriting

    Wait for the underwriting process to be completed which typically takes 3-8 weeks. The underwriter may request your medical records, which they will obtain.

  5. Approval

    Once approved, you will receive the policy, review it, and if you accept then make the first payment. You don’t pay anything until you are approved and accept the policy. The policy will go inforce and the coverage is active.

Underwriting for a $10 million life insurance policy

Each life insurance company has their own underwriting guidelines and niches. For example, Prudential Life Insurance Company has great underwriting guidelines in many areas including for people who chew or use dip. They are one of only a few companies in the country that offer a non-tobacco rate which will be about half the price of the other life insurance companies. Another example is with a top life insurance company called Banner Life. They are great for people with diabetes and can typically provide a more favorable health class then the other top companies and in return offer a much lower premium. These are just a few examples, since each company has their own price and niche. That is why it is imperative to call the top companies to receive multiple quotes or use a broker who can do the shopping for you to ensure you are receiving the best rate for specifically for you and your age, health, etc.

$10,000,000 life insurance underwriting guidelines by age and company

So exactly what are the underwriting requirements to be approved for a ten million life insurance policy? Below are the exact requirements from a few of the nation’s top life insurance companies to provide an example of exactly what they look for when underwriting a $10 million policy.

Prudential (Pruco) Life Insurance Company

18 to 40 years old- Paramed, IRP, MVR report

41-45 years old- Paramed, ECG, IRP

46-50 years old- Paramed, ECG, IRP

51-64 years old- Paramed, ECG, IRP

65- 70 years old- Paramed, ECG, IRP

71-75 years old- Paramed, APS, IRP, COG, FRAILTY, MOBILITY, Rx

Over 75 years old- Paramed, APS, IRP, COG, FRAILTY, MOBILITY, Rx, MVR

Definitions

Paramed- paramed exam- which includes height, weight, blood pressure and a small blood and urine sample

MVR- Motor Vehicle Report (driving record)

IRP- Insurance risk profile (comprehensive blood and urine panel)

ECG- Electrocardiogram- (same as EKG), examiner brings out the machine when does the paramed

APS- Attending Physician Statement (medical records)

COG- Cognitive functioning test, administrated by the examiner

FRAILTY- Senior supplement questionnaire, administrated by the examiner

MOBILTY- Get Up & Go mobility test, administrated by the examiner

Rx- Pharmaceutical database check

AIG- American General Life Insurance Company

40-44 years old- Paramed, BU, MVR, FQ, ES, TT, CR

45-49 years old- Paramed, BU, MVR, FQ, ES, TT, CR

50- 55 years old- Paramed, BU, MVR, FQ, ES, TT, CR

56- 59 years old- Paramed, BU, MVR, FQ, ES, TT, CR, TPF

60- 66 years old- Paramed, BU, MVR, FQ, ES, TT, CR, TPF

67-70 years old- Paramed, BU, MVR, FQ, ES, TT, CR, TPF, AC

71+ years old- Paramed, BU, MVR, FQ, ES, TT, CR, TPF, AC, EKG, 71IR

Definitions

Paramed- paramed exam- which includes: height, weight, blood pressure, pulse

BU- Full blood profile and urine analysis

MVR- Motor vehicle report

FQ- Financial Questionnaire

ES- Electronic records search

TT- Tax Transcript

CR- Credit Report

TPF- Third party financial provided by CPA

AC- Agent Certification form

EKG-Resting electrocardiogram

71IR- Expanded Inspection Report which includes, Cognitive Tests. This test takes about fifteen minutes.

Pacific Life Insurance Company

41-50 years old- Paramed, HOS, Blood/NT-ProBNP, APS, IR

51-60 years old- Paramed, HOS, Blood/NT-ProBNP, APS, IR

61-70 years old- Paramed, HOS, Blood/NT-ProBNP, APS, IR

71 years old and over- Paramed, HOS, Blood/NT-ProBNP, APS, IR, FCA

Definitions

Paramed- paramedical exam-height, weight, blood pressure

APS- Attending Physician Statement (medical records)

BLOOD- Blood Profile

FCA- Functional Cognitive Assessment

HOS- Home Office Specimen (Urine Sample)

IR- Inspection Report

NT-ProBNP- Natriuretic Peptide Test (link to article on Pro-BNP)

Lincoln (Financial) National Life Insurance Company

41-50 years old- Paramed, Blood,  ProBNP, Urine

51-69 years old- Paramed, Blood, ProBNP, Urine

70 years old and over- Paramed, Blood, ProBNP, Urine, Senior Supplement

Definitions

Paramed- Height, weight and blood pressure

Blood- Blood Sample

Urine- Urine Sample

ProBNP- Natriuretic Peptide Test (lab work part of the paramed)

Senior Supplement- Get Up and Go test, clock draw and word recall test

Most life insurance companies regardless of age or coverage amount also check the MVR (driving record for last five years) and check the Rx databases. Also, APS (medical records) may be requested at the underwriter’s discretion at any age or face amount.

These are the underwriting guidelines for a just few of the top carriers to illustrate what the underwrite process looks like.

10 million dollar life insurance underwriting approval

Common health conditions that affect a $10 million life insurance policy

As mentioned earlier, each carrier will have their own price for for a ten million life insurance policy. The key is to know which company will offer the best rate for your situation. Whether it be your age, build, any medications, family history, driving record, etc. Below are some common health conditions that can significantly affect which life insurance company will offer the best rate.

Build- height & weight

-Cholesterol readings- total, HDL, triglycerides

-Blood pressure readings

-Diabetes- pre-diabetes, type II, type I, gestational diabetes history

-Family history

-Stents

-Heart attack

-Asthma

-Alcoholism

-Driving record

-Calcium Score

-Elevated PSA

-Pacemaker

-Arthritis- osteo and rheumatoid

-TIA (mini-stroke)

-Stroke

-Cerebral Aneurysm

-Barrett’s Esophagus

-Ulcerative Colitis

-Crohn’s Disease

-Heat Valve

-Bypass

-Sleep Apnea

-ADD & ADHD

-DVT- Deep Vain Thrombosis

-SVT- Supraventricular tachycardia

-Tachycardia

-Atrial Fibrillation (A-fib)

-Marijuana

-Cancer history- prostate, melanoma, thyroid,  breast, family, other

-Elevated Liver Functions

-Elevated Pro-Bnp

-Elevated microalbumin ratio

-Elevated GGT

-Elevated calcium score

-Elevated serum creatine

-Abnormal EKG

-Depression, one or multiple medications

-Anxiety, one or multiple medications

-Opioid use

-Cigar users

-Chew/dip users

-MS- multiple sclerosis

Other factors:

-Aviation

-Certain Avocations

-Scuba Diving

-Foreign travel to certain countries

-Bankruptcy or multiple bankruptcies

The are many more but these are some of the most common. Since each company does underwrite these health conditions differently, it’s important to compare rates from several companies.

$10 million life insurance policy cost

Below are the available rates for a male at the preferred plus health class for a $10,000,000 term life insurance policy.

Age10 Year Term15 Year Term20 Year Term25 Year Term30 Year Term
Age 40$212 month$290 month$456 month$736 month$895 month
Age 45$410 month$617 month$831 month$1188 month$1471 month
Age 50$663 month$986 month$1300 month$1967 month$2626 month
Age 55$1190 month$1604 month$2184 month$3519 month$4528 month
Age 60$1889 month$2778 month$3837 month$6822 monthNA
Age 65$3608 month$4820 month$7390 month$12885 monthNA
Age 70$6093 month$9053 month$1321 monthNANA
Age 75$12432 moth$23247 monthNANANA
*Most carriers reduce the premium between 2% to 5% for annual premium

$10,000,000 life insurance costs
Illustration- A $10 million dollar life insurance company policy rates comparison from the top companies- AIG, Pacific Life, Principal, Lincoln, Banner Life, Transmerica, Prudential and Protective Life.

$10 million dollar whole life insurance policy cost

Below are the rates for a $10,000,000 million universal life insurance policy (no lapse guarantee) for a male to age 110 years old at the preferred plus health class.

AgePremium
35$3900 month
40$4830 month
45$5810 month
50$7360 month
55$9810 month
60$12430 month
65$16780 month
70$23370 month
75$32400 month

$10 million ($10,000,000) life insurance policy-wrap up

Securing a 10 million ($10,000,000) life insurance policy at the best rate can be easy if you know where to go and choose the right company. There are literally hundreds of life insurance companies in America and each one will offer a different rate. Your age, height and weight, medications, your readings (blood pressure, cholesterol, etc.), and many other factors will determine which company will best company for you. This is why it’s imperative to compare rates from multiple life insurance carriers with a superior financial rating to ensure that you receive the best rate with a highly rated company you can have peace of mind with.