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’s Pacific Life, Prudential, AIG (Corebridge Financial), Banner Life, Mutual of Omaha, 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 surprised to see how much the rate can differentiate from one life insurance company to the next.
Table of contents
- Underwriting for a $10 million life insurance policy
- $10,000,000 Life Insurance Underwriting Guidelines by Age and Company
- Common health conditions that affect a $10 million life insurance policy
- $10 Million Life Insurance Policy Cost
- $10 Million Dollar Whole Life Insurance Policy Cost
- $10 Million ($10,000,000) Life Insurance Policy- Wrap Up
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.
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).
- Choose company and start application
Choose the best company and complete the application.
Schedule and complete the 30-minute no-cost paramed exam.
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.
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.
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
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
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
71IR- Expanded Inspection Report which includes, Cognitive Tests. This test takes about fifteen minutes.
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
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
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.
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
-Arthritis- osteo and rheumatoid
-ADD & ADHD
-DVT- Deep Vain Thrombosis
-SVT- Supraventricular tachycardia
-Atrial Fibrillation (A-fib)
-Cancer history- prostate, melanoma, thyroid, breast, family, other
-Elevated Liver Functions
-Elevated microalbumin ratio
-Elevated calcium score
-Elevated serum creatine
-Depression, one or multiple medications
-Anxiety, one or multiple medications
-MS- multiple sclerosis
-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 by age and term for a male at the preferred plus health class.
|Age||10 Year Term||15 Year Term||20 Year Term||25 Year Term||30 Year Term|
|Age 40||$217 month||$289 month||$439 month||$716 month||$870 month|
|Age 45||$402 month||$593 month||$803 month||$1,156 month||$1,410 month|
|Age 50||$638 month||$952 month||$1,249 month||$1,953 month||$2,357 month|
|Age 55||$1,161 month||$1,568 month||$2,121month||$3,507 month||$4,464 month|
|Age 60||$1,889 month||$2,707 month||$3,760 month||$6,775 month||NA|
|Age 65||$3,491 month||$4,674 month||$7,321 month||$13,825 month||NA|
|Age 70||$5,824 month||$8,792 month||$15,122 month||NA||NA|
|Age 75||$11,893 moth||$22,583 month||NA||NA||NA|
$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 121 years old at the preferred plus health class.
$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.
Not practically, the underwriting guidelines for most companies go up to $10 million. Anything over $10,000,001 may be subject to additional underwriting questions, financial forms, etc.
Every applicant is different depending on their profile, but the companies that generally have the lowest rates for a ten million life policy are; Lincoln National, Principal National, Protective Life, AIG, Banner Life, Pacific Life, Cincinnati Life and Transamerica.
Depending on your needs and goals, laddering your life insurance policy/policies can be advantageous and save you money. However, if you just need a $10 million policy for 10 years then one policy should be sufficient.
Use our instant quoter to see the rates from all the main companies for a ten million life insurance policy. You can run the quotes for a: 10 year term, 15 year term, 20 year term 25 year term, 30 year term, 35 year term and a guarantee universal life insurance policy.
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Rates updated 1/16/2023