Best Rates On A 2 Million Dollar Life Insurance Policy 2021

$2 million life insurance policy cost

Are you looking for the best rates for a 2 million dollar life insurance policy?

Great, then you came to the right place.

Below, I will show you which life insurance companies have the best life insurance rates in the country for a $2 million term and whole life policy.

Why A $2 Million Life Insurance Policy?

While two million dollars is a lot of money, for many in the U.S. it’s the proper amount of life insurance that is needed to adequately protect their family or business.

For example, a primary breadwinner of the family earns $250k a year and has a wife, two young children and a $650k mortgage. If he were to die tomorrow, the family would lose that $250k a year income forever.

This is where life insurance comes in. A $2 million life insurance policy death benefit would pay off the mortgage and leave enough money for the family live comfortably in his absence. Also, the life insurance money can help pay for his children’s education and any other expenses the family will have.

Who Has The Best Rates for A $2 Million Life Insurance Policy-By Term?

10-Year Term Policy

Let’s table a look at the table below to see which life insurance companies offer the best rate for a 2 million dollar life insurance policy on a 10-year term.

CompanyAmount10-Year Term
Transamerica$2 million policy$43
Lincoln National (Lincoln Financial) $2 million policy$47
Pacific Life$2 million policy $49
Principal$2 million policy $49
North American$2 million policy $51
Protective Life$2 million policy $53
AIG (American General) $2 million policy $53
MassMutual$2 million policy $55
AAA Life Insurance$2 million policy $71
New York Life$2 million policy $78

Monthly rates are for a 40 year old male, D.O.B. 6/1/1981 in excellent health.

Rates on a 15-Year Term Policy

The table below shows the best rates for a 2 million dollar life insurance policy on a 15 year term.

CompanyAmount15-Year Term
Lincoln National (Lincoln Financial)$2 million policy$61
Principal$2 million policy $63
Protective Life$2 million policy $63
Pacific Life$2 million policy $63
North American$2 million policy $65
Transamerica$2 million policy $66
AIG (American General)$2 million policy $71
MassMutual$2 million policy $72
AAA Life Insurance$2 million policy $90
New York Life$2 million policy $152

Monthly rates are for a 40 year old male, D.O.B. 6/1/1981 in excellent health.

Rates on a 20-Year Term Policy

The table below shows the best rates for a 2 million dollar life insurance policy on a 20 year term.

CompanyAmount20-Year Term
Lincoln National (Lincoln Financial)$2 million policy$92
Protective Life$2 million policy $93
Pacific Life$2 million policy $94
Principal$2 million policy $95
AIG$2 million policy $95
Transamerica$2 million policy $98
Banner Life$2 million policy $100
MassMutual$2 million policy $110
AAA Life Insurance$2 million policy $121
New York Life$2 million policy $152

Monthly rates are for a 40 year old male, D.O.B. 6/1/1981 in excellent health.

Rates on a 30-Year Term Policy

The table below shows the best rates for a 2 million dollar life insurance policy on a 30 year term.

CompanyAmount30-Year Term
Lincoln National (Lincoln Financial)$2 million policy$182
Protective Life$2 million policy $182
Pacific Life$2 million policy $182
Principal$2 million policy $184
AIG$2 million policy $184
Banner Life$2 million policy $187
North American$2 million policy $199
AAA Life Insurance$2 million policy $234
MassMutual$2 million policy $220

Monthly rates are for a 40 year old male, D.O.B. 6/1/1981 in excellent health.

2 Million Dollar Whole Life Insurance Rates

The chart below shows the rates for a $2 million no-lapse guarantee universal life insurance policy.

CompanyAmountPermanent Life Insurance
Pacific Life$2 million policy$998 month
Protective Life$2 million policy $1,000 month
Penn Mutual$2 million policy $1,037 month
Nationwide$2 million policy $1,120 month
Midland National$2 million policy $1,185 month
AIG (American General)$2 million policy $1,150 month
Lincoln National (Lincoln Financial)$2 million policy $1,748 month

Monthly rates for a 40 year old male, in excellent health. D.O.B. 6/1/1981. Product is for a GUL to age 121.

$2 Million No Exam Life Insurance Policy

Did you know it may be possible to get a $2 million life insurance policy without the medical exam? Below are the requirements from a highly rated and well-known life insurance company that offers up to two million dollars in coverage without the paramed.

Eligibility for a $2 million no medical exam life insurance:

  • 18-60 Years Old
  • In good health (there is a checklist of medical conditions)
  • Routine medical care in the past three years
  • No history of being declined or rate for life insurance

Bottom Line

As you can see in the tables above, the rates for a 2 million dollar life insurance policy are very affordable if you choose the right company.

Since life insurance rates are determined by several factors such as: age, health, height and weight, gender and tobacco use, it’s important to compare rates from several life insurance companies in order to secure the best rates in the country.

FAQ

How much does a $2 million life insurance policy cost?

The rates for a $2 million life insurance policy range from $43 month for term insurance and up to $998 month for whole life insurance.

Is it possible to get a $2 million life insurance policy without a medical exam?

Yes, if you meet the requirements you may be eligible to obtain a $2 million policy without the exam.

How do I know if the life insurance company is good?

We only recommend to our clients life insurance companies that have an ‘Excellent’ or ‘Superior’ rating from A.M. Best.

How to get a 2 million life insurance policy?

The steps to get a 2 million life insurance policy are simple. 1. Compare rates from multiple life insurance companies and choose the best rate. 2. Complete the application and paramed exam, if needed. 3. Wait for underwriting to be completed. 4. Once approved, esign to activate the policy.

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