$4 Million Life Insurance Policy- Top 30 Best Companies

There are several reasons why one would need the specific coverage amount of a $4 million life insurance policy. Some of the most common reasons include:

  • Income replacement
  • Mortgage protection
  • Estate Planning (taxes)
  • SBA Loan
  • Business loan
  • Cover debts (business, personal)
  • Key person life insurance
  • Divorce agreement
  • Buy-Sell Agreement

Where to Start Looking for the Best Rates for a $4 Million Life Insurance Policy?

The premiums for a four million dollar life insurance policy can vary vastly from one insurer to next. As seen in the rates below, the company with the lowest rate compared to the company with the highest rate was a difference of over $260 month! If you do the math on that savings per year, then over the course of the policy you can see how much it pays, literally to shop around and compare rates.

Below is a list, in order by price from lowest to highest, of the life insurance companies and their rates for a 4 million dollar life insurance policy.

This is for a 10-year level term for a 50-year old male, in excellent health. D.O.B. 1/5/1971.

$4 Million Life Insurance Policy Cost

1.

John Hancock Life Insurance Company Vitality Term
John Hancock Life Insurance Company- Vitality Term

Vitality Term
Super Preferred Non Smoker
Age Nearest: 50
$256.46/month

2.

Protective Classic Choice Term
Protective Life Insurance Company

Protective Classic Choice Term
Select Preferred
Age Nearest: 50
$265.36/month

3.

Lincoln Financial Life Insurance
Lincoln National Life Insurance Company

Lincoln LifeElements Level Term
Preferred Plus NonTobacco
Age Nearest: 50
$266.82/month

4.

Principal National Life Insurance
Principal National Life Insurance Company

Term Insurance
Super Preferred Non-Tobacco
Age Nearest: 50
$273.22/month

5.

Pacific Life Insurance Company
Pacific Life Insurance Company

Promise Term
Preferred Best No Nicotine Use
Age Nearest: 50
$273.87/month

6.

AIG (American General)
AIG (American General Life Insurance Company)

Select-a-Term – 10 Year
Preferred Plus Non-Tobacco
Age Nearest: 50
$275.96/month

7.

Transamerica
Transamerica Life Insurance Company

Trendsetter Super
Preferred Plus Non-Smoker
Actual Age: 50
$277.78/month

8.

SBLI (Savings Bank Life Insurance Company)
SBLI (Savings Bank Life Insurance Company)

T-10/10 – 10 Year Term
Preferred Plus Non-Nicotine
Age Nearest: 50
$278.27/month

9.

John Hancock Protection Term
John Hancock Life Insurance Company

Protection Term
Super Preferred Non Smoker
Age Nearest: 50
$282.06/month

10.

Nationwide Life Insurance Company
Nationwide Life and Annuity Insurance Company

Nationwide YourLife® GLT
Preferred Plus Non-Tobacco
Age Nearest: 50
$283.06/month

11.

North American Life Insurance Company
North American Company for Life and Health

Classic Term Life
Super Preferred
Age Nearest: 50
$283.80/month

12.

ANICO- American National
American National Insurance Company

ANICO Signature Term
Preferred Plus Nicotine Non-User
Age Nearest: 50
$292.03/month

13.

Ohio National Life Assurance Corporation

FlexTerm Series XI – 10 Year
Super Preferred Non-Tobacco
Actual Age: 50
$294.53/month

14.

Principal Life Insurance Company with Term Insurance with Conversion Extension
Principal National Life Insurance Company- Conversion Extension

Term Insurance with Conversion Extension
Super Preferred Non-Tobacco
Age Nearest: 50
$295.90/month

15.

Banner Life Insurance Company
Banner Life Insurance Company

OPTerm
Preferred Plus Non-Tobacco
Age Nearest: 50
$299.20/month

16.

Guardian Life Insurance Company

Level Term 10
Elite
Age Nearest: 50
$308.99/month

17.

Protective Life Protective Custom Choice UL
Protective Life Insurance Company- Choice UL

Protective Custom Choice UL
Select Preferred
Age Nearest: 50
$309.00/month

18.

MassMutual Vantage Term
Massachusetts Mutual Life Insurance

Vantage Term
Super Preferred Non Smoker
Age Nearest: 50
$319.72/month

19.

State Farm Life Insurance Company

10-Year Term
Excellent Health Non Smoker
Age Nearest: 50
$334.00/month

20.

Securian Financial Life Insurance
Securian Financial

Advantage Elite Select
Preferred Select Non-Tobacco
Age Nearest: 50
$342.41/month

21.

Prudential Life Insurance (Pruco) Term Essential
Prudential Life Insurance Company (Pruco)

Term Essential
Preferred Best
Actual Age: 50
$343.44/month

22.

Mutual of Omaha Term Life Answers
Mutual of Omaha Life Insurance Company

Term Life Answers
Preferred Plus Non-Tobacco
Actual Age: 50
$349.38/month

23.

Ladder Life

10-Year Term Life
Excellent Health Non-Tobacco
Actual Age: 50
$357.00/month ($11.90 a day)

24.

Sagicor Life Fully Underwritten
Sagicor Life Insurance Company

Sage 10/15/20 Term- Fully Underwritten
Preferred Plus Non-Tobacco
Actual Age: 50
$366.83/month

25.

Thrivent Financial for Lutherans

Level Term IV – 10 Year
Preferred Best No Nicotine Use
Age Nearest: 50
$371.09/month

26.

AAA Life Insurance Company

10 Year Level Term
Super Preferred Non-Nicotine
Actual Age: 50
$372.14/month

27.

Primerica Life Insurance Company

Custom Advantage- 10 Year Term
Preferred Plus Non-Tobacco
Actual Age: 50
$413.73/month

28.

New York Life Insurance Company

10 Year Term Level Term (10LCT)
Select Preferred Non-Tobacco
Actual Age: 50
$418.05/month

29.

Assurity Life Insurance Company
Assurity Life Insurance Company

Term Life Insurance
Preferred Plus Non-Tobacco
Actual Age: 50
$444.57/month

30.

Northwestern Mutual Life Insurance

TT Level Term 10
Premier Non-Tobacco
Actual Age: 50
$519.44/month

Things to Consider When Shopping for a Four Million Dollar Life Policy

The life insurance premiums listed above are for a healthy 50-year old male on a 10 year fixed term. America has over 700 life insurance companies in 2021 and each one has their own price and underwriting guidelines for a $4 million policy. So while you may qualify for a Preferred Plus health class (top health class) with one company you may be a Preferred health class (second best health class) or even higher rate class with another company which will increase the monthly premiums significantly.

Height/weight, blood pressure reading, cholesterol reading, family history, and many other factors (diabetes, sleep apnea, etc.) will determine which life company will have the lowest rates for you. Even one pound on the rate chart can equate to a higher premium and cost you thousands of dollars by not selecting the correct insurer based on your age, health, build, etc. Take the time and receive rate quotes from multiple life insurance companies or take advantage of a broker who can do the shopping for you and knows the the guidelines for the top companies so you can have peace of mind you are receiving the best rate.

Consider “Laddering” Your Life Insurance Coverage

A savvy strategy I recommend to some of my clients is called “laddering”
or “layering” their life insurance. The way it works is that instead of having one policy for $4 million for say a 20 year term, you can have two policies. The first would be a $2 million 20 year term and the other is $2 million for 10 years. This would provide $4 million in protection for the next 10 years then $2 million for the last 10 years.

Say you are married, have two teenagers and a mortgage. If anything happens to you in the next 10 years while the kids are still dependent on you while they’re in school or college, and you were to pass, the family would receive a check for $4 million in life insurance proceeds, income tax free.

In 10 years from that point, the first policy will fall off and the 2nd policy for $2 million is still in place for the remaining 10 more years to protect your spouse, income, mortgage etc. By the end of the 10 years (20 years from now) the need for life insurance is greatly reduced or hopefully even eliminated as you will have assets and hopefully be self-insured.

By laddering or layering your policies, you can save thousands or even tens of thousands of dollars. Also, you have the flexibility to drop a policy at any time if you don’t need the full amount of coverage. For example, a 45-Year old male, excellent health $2 million 10 year term= $87.50 month,45-Year old male, excellent health $2 million 20 year term= $170.11 month total = $257.61 month. Compare this to a $4 million 20 year term policy=$334.68 month. This is over a $9k savings in just 10 years!

Compare Rates

Use our quote engine on this site to run as many quotes as you like. However, to make sure the quotes are one hundred percent accurate based on your height/weight and health history, give us a call. We have the underwriting guidelines for the top companies and have over a decade of experience. This can save you an enormous amount of time and money by a choosing the right company from the start.

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