How Much Does a $15 Million Life Insurance Policy Cost?

Are you looking for the best life insurance rates for a $15 million life insurance policy? We’ll show you the rates from the top life insurance companies such as: Protective Life, Lincoln Financial, Principal, Nationwide, Pacific Life, North American Life & Health, Transamerica, AIG, MassMutual, NorthWestern Mutual, John Hancock, Mutual of Omaha, State Farm and Prudential.

Well, you came to the right place.

In this article, we’ll go over everything you need to know about a $15 million life policy. We’ll show you which companies have the lowest rates, the underwriting requirements for $15 million coverage amount, policy details and more.

In this article, you’ll learn:

$15 Million Life Insurance is for:

Estate Planning (Cover estate states, federal and local)

Business Succession

Business Partnership

Key Man (Key Person) Coverage

Buy-Sell Agreement

Stock Redemption

Divorce Agreement

Charitable Bequests/Trust

Income Replacement

Debt Protection (such as for a mortgage or a business debts)

How Much Does a $15 Million Term Life Insurance Policy Cost?

Now let’s take a look at exactly how much a 15 million dollar term life insurance policy costs. These rates are for a 40-year old male, in excellent health.

  • A $15 Million 10-year term life insurance policy can cost as cheap as $3,614 in annual premiums
  • A $15 Million 20-year term life insurance policy can cost as cheap as $7,589 in annual premiums
Coverage AmountInsurance Company Monthly Premium
$15 MillionLincoln Financial$310 month
$15 MillionPrincipal $325 month
$15 Million Nationwide$334 month
$15 Million Symetra$338 month
$15 Million Pacific Life$342 month
$15 Million North American$348 month
$15 Million Transamerica$350 month
$15 Million Protective Life$361 month
$15 Million AIG$365 month
$15 Million MassMutual$372 month
$15 Million John Hancock$466 month
$15 Million Mutual of Omaha$482 month
$15 Million State Farm$594 month
$15 Million Prudential$611 month

(Rates in the table are for a 40-year old male, D.O.B 3/5/1981, in excellent health, on a 10-year level term.)

How Much Does a $15 Million Whole Life Insurance Policy Cost?

Coverage Amount Insurance Company Monthly Premium
$15 Million American National$7,891 month
$15 Million Nationwide$8,394 month
$15 Million North American$8,855 month
$15 Million Cincinnati Life$9,732 month
$15 Million Protective Life$9,824 month
$15 Million AIG$11,631 month
$15 Million Lincoln Financial$13,044 month

(Rates in the table are for a 40-year old male, D.O.B 3/5/1981, in excellent health, for a guaranteed universal life policy (GUL) fixed to age 121.)

$15 Million guaranteed universal life policy (GUL) rates
$15 million permanent life insurance rates, guaranteed universal life policy (GUL) to age 121. Rates from American National, Nationwide, North American Life, Cincinnati Life, Protective Life, AIG and Lincoln Financial. $15,000,000 GUL $7,891 annual, Nationwide $8,394 annual, North American $8,855 annual, Cincinnati Life $9,732, Protective Life $9,824, AIG (American General) $11,631, Lincoln National $13,044

Tip: With a large life insurance policy of $15 million it’s important to choose a company that is strong financially. We recommend companies that have received a rating of at least an A (Excellent) or A+ (Superior) from the preeminent life insurance rating agency A.M. Best.

Underwriting A 15 Million Dollar Life Insurance Policy

The underwriting for a $15 million policy is pretty straightforward. Each insurance company has their own underwriting guidelines and requirements so it may vary slighlty from carrier to carrier.

To give an example, let’s take a look at the underwriting requirements for Pacific Life for a $15 million policy. PacLife requires a paramed with a blood and urine sample, resting EKG which is done at the same time as the paramed and the underwriter will request your medical records and a inspection report. That’s it!

As you can see, the underwriting for a fifteen million life insurance policy is not much more laborious than any other coverage amount.

Policy Details

Life insurance policies are very straightforward. They are unilateral contracts between you and the insurance company. They are unilateral because once you are approved and make the first payment, the rate is locked in for the term you selected and cannot increase regardless of your age or health. However, you can cancel the policy anytime without a penalty for term and guaranteed universal life insurance.

Life insurance policies cover all types of death, natural causes and accidents. The only exclusions for most life insurance polices are a two year suicide clause, meaning if you commit suicide in the first two years of the policy it won’t pay out. The other exclusion is a two year contesatiblity clause. This means if you lied on your application and die in the first two years the insurance company doesn’t have to pay out.

If you are honest on your application and don’t commit suicide in the first two years of the policy then you can feel safe the policy will pay out if anything were to happen to you.

Quoting A 15 Million Dollar Life Insurance Policy

To receive instant quotes for a $15 million life insurance policy you can use our instant rate quoter which has the rates from the nation’s top companies. The quote engine allows you to quote up to $10 million, however, if you receive that quote and multiple it by 1.50 and it will provide a very good estimate on the rate for a $15 million policy. It won’t be exact but it will be very close.

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