Lowest $1.5 Million Life Insurance Policy Rates 2024

Brian McHale last updated on March 27, 2024

Estimated reading time: 6 minutes

If you’re searching for more information on a $1.5 million life insurance policy then you have come to the right place. While one and a half million dollars is a lot of money; inflation, record high real estate prices and larger incomes make the need for a $1.5 million life insurance policy necessary for many Americans.

How Much Is A $1.5 Million Term Life Insurance Policy?

Let’s take a look at exactly how much a one million five hundred thousand dollar term life insurance policy costs. These rates are for a 40-year old male in excellent health for a 20-year fixed term policy.

A $1,500,000 10-year term policy costs $434 in annual premiums, and a 20-year term costs $827 a year.

Insurance Carrier	Annual Premium	Term	Rating
Symetra Life	$827	20-year	A
Protective Life	$828	20-year	A+
American General	$828	20-year	A
Pacific Life	$834	20-year	A+
Transamerica	$855	20-year	A
Penn Mutual	$891	20-year	A+
North American	$905	20-year	A+
Banner Life	$907	20-year	A+
SBLI	$966	20-year	A
Lincoln National	$967	20-year	A+
Cincinnati Life	$1,005	20-year	A
Foresters	$1,015	20-year	A
AAA Life	$1,039	20-year	A
Ethos	$1,053	20-year	A+
Prudential	$1,075	20-year	A+
United of Omaha	$1,142	20-year	A+
State Farm	$1,200	20-year	A++
Primerica	$1,275	20-year	A+

_{$1.5 million term life insurance policy rates}

*Date of birth used 3/1/1984, 40-year old male, non-smoker in excellent health for a $1.5 million 20-year level term policy.

$1.5 million term life insurance rates by company and by year spreadsheet: Pacific Life, Symetra Life, Protective Life, Corebridge Financial

$1.5 million term life insurance rates by company and by year: Nationwide, MassMutual, SBLI, Lincoln Financial, Cincinnati Life spreadsheet

Pro Tip: Each life insurance company has their own underwriting guidelines including a height & weight chart. It’s important to compare rates from multiple life insurers to get the best rate.

$1.5 Million Life Insurance Terms Available

Life insurance companies allow you to lock in the rate for a designated period of time to protect a family or business. These include:

10-year level term
15-year level term
20-year level term
25-year level term
30-year level term
35-year level term
40-year level term

Term lengths available are based on insureds current age and insurer

Explained: “Level term life insurance” means the price and policy amount are both fixed for the term you choose. This is preferable compared to a step-rate plan which increases as you age.

Health Ratings Available

All health rating classes are available for a 1.5 million dollar term life insurance which include:

Preferred Plus
Preferred
Standard Plus
Standard
Table A
Table B
Table C
Table D
Table E
Table F
Table G
Table H

Underwriting A 1.5 Million Dollar Term Life Insurance Policy

The underwriting for a $1.5 million term life insurance policy is very similar and often the exact same as for a policy of a lesser amount. Some companies may require a no-cost health exam that includes your height, weight, blood pressure and a small blood and urine sample.

How Much is A $1.5 Million Permanent Life Policy?

Below are the rates for a 50-year old male for a $1.5 million no-lapse guarantee universal life insurance policy (GUL) to age 121 at the preferred plus health category.

Company	Amount	Annual Premium
Protective Life	$1,500,000	$13,356
Penn Mutual	$1,500,000	$13,939
Nationwide	$1,500,000	$14,148
Pacific Life	$1,500,000	$15,304
Corebridge	$1,500,000	$18,590

_{$1.5 million permanent life insurance policy rates}

_{*Date of birth used 3/1/1974, 50-year old male, non-smoker in excellent health for a $1.5 million no-lapse GUL to age 121.}

No Medical Exam $1.5 Million Term Life Insurance Policy

Below are the no medical exam life insurance rates for a $1.5 million 10-year level term life insurance at the preferred plus underwriting category.

Age	Monthly Premium	Category
25	$23 month	Preferred Plus
30	$24 month	Preferred Plus
35	$26 month	Preferred Plus
40	$37 month	Preferred Plus
45	$63 month	Preferred Plus
50	$100 month	Preferred Plus
55	$178 month	Preferred Plus
60	$306 month	Preferred Plus
65	$534 month	Preferred Plus

_{$1.5 million no medical exam term life insurance rates}

_{*Date of birth used March 1st for a non-smoker in excellent health, qualifies for the top underwriting class. for a $1.5 million 10-year level term policy. For ages 25-60 rates from Symetra Life, for age 65 rate from Pacific Life.}

For those that qualify, there are several highly rated life insurance companies that now offer a $1.5 million term policy without a medical exam up to 70 years old.

Laddering Your Life Insurance Coverage

A savvy life insurance strategy used by some applicants is to “ladder” their life insurance coverage. This means they will carry at least two life insurance policies instead of one. The reason to ladder life insurance policies is to save money by having different policy lengths.

An example would be a 50-year old male who is married and has 3 children aged; 10, 15 and 20 years old. He chose to ladder his life insurance by selecting a $750k 20-year term policy for $101 month and a second $750k 30-year term policy for $184 month which totals $285 month. Compare this to a $1.5 million 30-year term which costs $357 month.

For the next 20 years he will have $1.5 million in coverage when he needs it most to protect his children, spouse, mortgage and income. Then for the the last 10 years until he is 80 years old he will still have $750k inforce to protect his wife and any debts. By using this strategy, he will save over $17k in premiums over the next 20 years.

Quoting A $1.5 Million Dollar Term Life Insurance Policy

Receiving instant rate quotes for a $1.5 million dollar term life policy from many of the nation’s top life insurance companies is quick and easy. Simply use our instant online life insurance quoting engine and you will be able to see the personalized rates from the top carriers in seconds.

This will allow you to save time and money by comparing rates side-by-side from the best A and A+ rated life insurance companies.

Instant $1.5 Million Life Insurance Quotes from The Nation’s Best Companies

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Brian is nationally licensed term and permanent life insurance expert that has been licensed since 2009. He has personally helped thousands of families and businesses with their life insurance needs and placed over than 3,000 life insurance policies in force for nearly a billion dollars of coverage.