$15 Million Life Insurance Policy Cost
Posted in Life Insurance Face Amount last updated on February 24, 2023
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.
Table of contents
A $15 Million Life Insurance Policy is Typically 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 (mortgages, business debts, other)
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 Amount | Insurance Company | Monthly Premium |
|---|---|---|
| $15 Million | Lincoln Financial | $310 month |
| $15 Million | Principal | $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?
- A $15 Million guarantee universal life policy (GUL) fixed to age 121 cost as cheap as $92,560 in annual premiums
| 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.)
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 life insurance policy is pretty straightforward. Each insurance company has their own underwriting guidelines and requirements so it may vary slightly 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 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.
