5 Million Dollar Life Insurance Policy 2024
A common question I receive is what is the cost of a 5 million dollar life insurance policy? The premiums for $5,000,000 (five million dollars) of life insurance coverage can be very affordable if you know which company to choose for your age and health profile. There are several hundred life insurance companies in the United States today so knowing which one will offer the lowest rate and best underwriting for you can seem overwhelming. Factors such as your age, height and weight, prescription medications, medical history, family history, and many other components determine which life insurer will have the lowest rate for you. The good news is that with quote engines such as the one on our site or with the use of a broker, you can quickly shop the nation’s top life insurance companies quickly to help you choose the right insurer for you.
5 Million Dollar Term Life Insurance Policy Cost
Below are the best prices for a $5 million term life insurance policy for a 40-year-old male at the preferred plus health class.
10-year term
Company | Amount | Premium |
---|---|---|
American General | $5,000,000 | $109 month |
Pacific Life | $5,000,000 | $110 month |
Symetra | $5,000,000 | $116 month |
Protective | $5,000,000 | $124 month |
Lincoln National | $5,000,000 | $139 month |
Prudential | $5,000,000 | $143 month |
Banner Life | $5,000,000 | $172 month |
15-year term
Company | Amount | Premium |
---|---|---|
Pacific Life | $5,000,000 | $145 month |
American General | $5,000,000 | $147 month |
Protective Life | $5,000,000 | $147 month |
Symetra Life | $5,000,000 | $152 month |
Lincoln National | $5,000,000 | $175 month |
Banner Life | $5,000,000 | $192 month |
Prudential | $5,000,000 | $226 month |
20-year term
Company | Amount | Premium |
---|---|---|
Pacific Life | $5,000,000 | $220 month |
American General | $5,000,000 | $220 month |
Protective Life | $5,000,000 | $221 month |
Symetra Life | $5,000,000 | $229 month |
Banner Life | $5,000,000 | $241 month |
Prudential | $5,000,000 | $296 month |
30-year term
Company | Coverage Amount | Monthly Premium |
---|---|---|
Banner Life | $5,000,000 | $426 month |
Pacific Life | $5,000,000 | $428 month |
American General | $5,000,000 | $432 month |
Protective | $5,000,000 | $435 month |
Symetra Life | $5,000,000 | $454 month |
Lincoln National | $5,000,000 | $496 month |
Prudential | $5,000,000 | $514 month |
*Rates for 40 year old male excellent health, D.O.B. 3/14/1984. Rates current as of 3/16/2024
How Much is a 5 million Dollar Whole Life Insurance Policy?
Below are the rates for a 45-year-old male for a (GUL) no-lapse guarantee universal life insurance policy to age 121 at the preferred plus health class.
Company | Amount | Premium |
---|---|---|
Protective Life Insurance Company | $5,000,000 | $34,920 annually |
Penn Mutual Life Insurance Company | $5,000,000 | $36,206 annually |
Nationwide Life Insurance Company | $5,000,000 | $36,320 annually |
Pacific Life Insurance Company | $5,000,000 | $39,405 annually |
Cincinnati Life Insurance Company | $5,000,000 | $45,720 annually |
AIG (American General) | $5,000,000 | $54,308 annually |
*Rates for 40 year old male excellent health, D.O.B. 3/1/1984. Rates current 3/15/2024
Five Million Dollar Life Insurance Policy Underwriting
The underwriting guidelines for a five million life insurance policy vary from one company to another. Each insurer, whether it is; Prudential, NY Life, Mutual of Omaha, Pacific Life, AIG or any other insurer, each one has their own guidelines for height & weight, blood pressure, cholesterol readings, medical history, family history, driving record, etc. as seen below in the picture. This means it’s imperative to compare rates from multiple companies to ensure you are receiving the best pricing and favorable underwriting.
Some of the common factors that affect underwriting for a $5 million life insurance policy include: build- height and weight, cholesterol readings- total, HDL, triglycerides, blood pressure readings or medication, 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 and 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 (enzymes), 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, NT-proBNP, aviation, certain avocations, scuba diving, foreign travel to certain countries, bankruptcy or multiple bankruptcies.
These are just an example of some of the factors that we commonly see, but there are many health and life style criteria that will affect your rate.
Life Insurance Calculators
$5 million rate term and whole life insurance calculator. Life insurance needs calculator.
5 Million Dollar ($5,000,000) Life Insurance Policy- Wrap Up
Securing a 5 million ($5,000,000) life insurance policy at the best rate can be easy if you know where to go and choose the right company. Protecting your family or business can be very affordable if you compare rates from multiple carriers and choose the company that will offer you the best rate based on your age and health. Each life insurance company has their own underwriting guidelines and niches, therefore it’s imperative to receive multiple quotes from highly rated insurers and select the company that will offer the best rate for you.
-Rates updated 3/15/2024