A common question I receive is what is the cost of a 5 million dollar life insurance policy? The premiums for $5,00,000 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 company.
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5 Million Dollar Life Insurance Policy Cost
Below are the best prices for a $5 million term life insurance policy for a 50-year-old male at the preferred plus health class.
|Company||Coverage Amount||Term||Monthly Premium|
|Protective Life Insurance Company||$5,000,000||10-Year Term||$334 month|
|Principal National Life Insurance Company||$5,000,000||10-Year Term||$339 month|
|Lincoln National Life Insurance Company||$5,000,000||10-Year Term||$340 month|
|Pacific Life Insurance Company||$5,000,000||10-Year Term||$341 month|
|Transamerica Life Insurance Company||$5,000,000||10-Year Term||$346 month|
|SBLI- Savings Bank Mutual Life Insurance||$5,000,000||10-Year Term||$346 month|
|AIG (American General)||$5,000,000||10-Year Term||$347 month|
|John Hancock Life Insurance Company||$5,000,000||10-Year Term||$351 month|
|Penn Mutual Life Insurance Company||$5,000,000||10-Year Term||$351 month|
|North American Company Life||$5,000,000||10-Year Term||$353 month|
|MassMutual||$5,000,000||10-Year Term||$380 month|
|AAA Life Insurance Company||$5,000,000||10-Year Term||$400 month|
|New York Life Insurance Company||$5,000,000||10-Year Term||$521 month|
|NorthWestern Mutual Life Insurance||$5,000,000||10-Year Term||$645 month|
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.
|Protective Life Insurance Company||$5,000,000||$2,950|
|American National Insurance Company||$5,000,000||$3,071|
|Penn Mutual Life Insurance Company||$5,000,000||$3,107|
|Sagicor Life Insurance Company||$5,000,000||$3,115|
|Principal National Life Insurance Company||$5,000,000||$3,284|
|AIG-American General Life Insurance Company||$5,000,000||$3,536|
|Midland National Life Insurance Company||$5,000,000||$3,705|
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.
- 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).
- Select a company and start application
Choose the best company and complete the application.
- Complete the no-cost 30 minute paramed
Schedule and complete the 30-minute no-cost paramed exam.
- 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.
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.
5 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 companies and select the company that will offer the best rate for you.