5 Million Dollar Life Insurance Policy

Five Million Life Insurance, $5000000

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

CompanyCoverage AmountTermMonthly Premium
Lincoln National Life Insurance Company$5,000,00010-Year Term$107 month
Protective Life Insurance Company$5,000,00010-Year Term$326 month
American General Life Insurance Company$5,000,00010-Year Term$114 month
Pacific Life Insurance Company$5,000,00010-Year Term$115 month
Transamerica Life Insurance Company$5,000,00010-Year Term$113 month
Sample rates for a 5 million term life insurance policy 10 year term

15-year term

CompanyCoverage AmountTermMonthly Premium
Lincoln National Life Insurance Company$5,000,00015-Year Term$142 month
Protective Life Insurance Company$5,000,00015-Year Term$147 month
American General Life Insurance Company$5,000,00015-Year Term$154 month
Pacific Life Insurance Company$5,000,00015-Year Term$149 month
Banner Life Insurance Company$5,000,00015-Year Term$206 month
Sample rates for a 5 million term life insurance policy 15 year term

20-year term

CompanyCoverage AmountTermMonthly Premium
Lincoln National Life Insurance Company$5,000,00020-Year Term$220 month
Protective Life Insurance Company$5,000,00020-Year Term$223 month
American General Life Insurance Company$5,000,00020-Year Term$223 month
Pacific Life Insurance Company$5,000,00020-Year Term$224 month
Banner Life Insurance Company$5,000,00020-Year Term$243 month
Sample rates for a 5 million term life insurance policy 20 year term

30-year term

CompanyCoverage AmountTermMonthly Premium
Lincoln National Life Insurance Company$5,000,00030-Year Term$443 month
Protective Life Insurance Company$5,000,00030-Year Term$441 month
American General Life Insurance Company$5,000,00030-Year Term$441month
Pacific Life Insurance Company$5,000,00030-Year Term$442 month
Banner Life Insurance Company$5,000,00030-Year Term$442 month
Sample rates for a 5 million term life insurance policy 30 year term

*Rates for 40 year old male excellent health, D.O.B. 6/1/1972. Rates current as of 6/1/2022

$5 million Life Insurance Policy Rates 2022
$5 million life insurance rates in order from the top companies

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.

CompanyAmountMonthly Premium
Protective Life Insurance Company$5,000,000$3,045
Pacific Life Insurance Company$5,000,000$3,172
North American$5,000,000$3,705
Nationwide Life Insurance Company$5,000,000$3,377
Cincinnati Life Insurance Company$5,000,000$3,978
5 million Dollar Whole Life Insurance Policy

*Rates for 45 year old male excellent health, D.O.B. 6/1/1977. Rates current 6/1/2022

How to Get a $5 Million Life Insurance Policy

How to Get a $5 Million Life Insurance Policy
The process to secure a $5 million life insurance is straightforward. Below are the steps required to get approved for a five-million-dollar policy life insurance policy.

  1. Compare 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).5 million life inusrance rate quotes in order

  2. Select a company and start application

    Choose the best company and complete the application.

  3. Complete the no-cost 30 minute paramed

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

  4. Wait for the underwriting process to be completed

    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 do not pay anything until you are approved and accept the policy. The policy will go inforce and the coverage is active.

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.

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.

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Rates updated 6/1/2022

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