How Much Does A 1 Million Dollar Life Insurance Policy With No Exam Cost In 2021?

By Sa El Published:

Protecting the future of your family is probably one of your biggest concerns.

However, you might not realize you need a million dollar life insurance policy.

But what if I told you that: 

1 million dollar life insurance

It's super easy to get a $1,000,000 life insurance policy with no exam and that if approved, you could have coverage within a few minutes.

Today I am going to go over how much a million dollars in life insurance will cost, who should get a one million dollar life insurance policy, the best company to get it through, and sample quotes.

Do You Need A One Million Dollar Life Insurance Policy?

A million dollars in no exam life insurance might seem like a ton of money.

However, if you make anywhere between $50,000 to $100,000 a year its actually about how much your family is going to need if you pass away unexpectedly.

Below we take a look at all of the things you must consider when thinking about how much life insurance you may need.

You Need To Replace Your Income

The reason and way your family might need to use your income fro replacement is going to be different depending on your situation.

Primary Wage Earners

If your family only has one primary breadwinner, it is essential that they have an excellent policy.

You want to make sure that your family can survive for an extended period if they were to lose you to an untimely death.

Just think about how many years your family would survive if your money stopped coming in and they had nothing to replace it.

High-Income Earners

If you are a high-income earner and make more than $100,000 per year, at the very least, you have to be looking at $1 Million dollars in life insurance coverage.

If you have anything less than that you are 100% underinsured.
Keep in mind that most insurance agents recommend having 10 times your annual income in life insurance.

However, I recommend having between 15 and 20 times your income, just think about how long your family will be able to survive if you pass away.

5 times your income is only 5 years, where 15 times is 15 years.

Middle-Class Income Families

A high majority of us fall into this range of income in the United States.

We are also the ones that overestimate the cost of life insurance and underestimate how much life insurance we actually need.

In a recent study, we found that over 75% of Americans that have life insurance policies are underinsured.

This is primarily caused by us not thinking about all of the factors that can be affected by our deaths.

It really doesn't matter if it is a combined income or single income, as a middle-class family, our expenses and debts seem to be entirely different.

This means that passing up on adequate coverage will be a huge mistake.

Will Your Kids Have College Expenses?

I am sure you can understand when I say that being able to cover the cost of your kid's college will help everyone in the long run.

Right now, student loan debt is at around 1.5 Trillion… Yes, Trillion; we have to do everything we can to fix this huge issue.

There are several sites out there that help people with lowering their student loan debt or paying them off.

When you factor all of the above elements together along with income replacement, it should be easy to see that buying a million dollars of term life insurance is a necessity.

THE SIMPLY INSURANCE WAY

No Exam Life Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us. 

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get no exam life insurance coverage within minutes of getting your quotes and applying.

How Much Does A Million Dollar Life Insurance Policy Cost?

The price of a million dollar policy is going be different for everyone but the factors that determine your rate will pretty much be the same.

  •    Male   

  • Female

Bestow Life Insurance Rates For Men

Rates based on a $250,000 term policy for a 33 year old male non-tobacco user in preferred health.

Term Length

Monthly Premium

10 Years

$14.96/month

15 Years

$15.17/month

20 Years

$18.29/month

25 Years

$25.58/month

30 Years

$36.42/month

I bet you are shocked at how cheap a $1,000,000 life insurance policy can be.

But guess what, a study conducted by Life Happens found that over 44% of people overestimate the cost of life insurance.

So, don't feel bad about it, if anything this should give you some relief about having to pay high premiums.

Below we break down what factors will actually have an affect on your insurance premiums. 

What Determines Your Life Insurance Rates? 

  • Age - Your age is a critical factor in how much your life insurance is going to cost, the younger you are when you purchase your coverage, the lower the monthly premiums will cost.
  • Gender - Rates for women will always be more affordable than rates for men, this is because on average women tend to live longer than their male counterparts.
  • Lifestyle - If you like to go skydiving or like racing cars, your rates are going to be a bit more expensive because those actions are a bit risky. Insurance companies would prefer you to not jump out of airplanes for fun.
  • Term Length - The term length is also a substantial factor in your life insurance price. A 10 Year Term Policy is going to be more affordable than a 30 Year Term Policy. However, the longer you lock your rates in, the higher the savings you will have over time. We discuss how to choose your term below.
  • Tobacco Use - If you are a tobacco user, you are going to pay up to 65% more in monthly premiums than a non-tobacco user. Hopefully, that serves as a reason for you to stop smoking if you currently do. Some insurance companies consider you a non-tobacco user after only 12 months of not smoking.
  • Overall Health - Your health history is going to be the one thing that makes the most impact in what your final rates will come out to. If you are in perfect or preferred health, you will have the best rates. If you are in average or standard health, you will have an “OK” rate, but it won’t be the best. If you have below-average or sub-standard health, your rates will start to get higher. The healthier you are when you get coverage, the better. 
  • Amount Of Coverage - The amount of coverage you need will change the price of your policy. The more coverage you get, the higher the premiums will go; however, they don’t always increase by that much, so make sure you look at different quotes for different amounts.

What Does A Million Dollar Life Insurance Policy Cover?

Your Final Expenses

According to Parting.com, the average funeral costs around $10,000, over 10 years ago, my grandmothers funeral was over $12,000 so that price seems to be pretty accurate.

That price can increase very fast because it covers things like:

  • Funeral Home Service Fees - These fees can go up to $3,000
  • Casket - Caskets can cost up to $6,000 alone.
  • Headstone - Can cost up to $5,000 for an upright headstone.
  • Burial Plot - Ranges up to $3,500 for just the plot
  • Embalming - Can run up to $650.00
  • Flowers - Can cost upwards of $60,000 depending on the arrangement

The above expenses are really just the beginning of the costs associated with you passing away, your family will also need to replace your income.

Costs & Debt After Your Death

Along with income replacement, you still have to take into consideration your current debt and future costs, which can include:

  • Your Rent or Mortgage Installment Loans
  • Credit cards
  • Auto loans or leases
  • RV Upkeep
  • Medical expenses for long term illnesses
  • Monthly utilities

Hopefully, you are starting to see that you need to consider a ton of situations when thinking about your life insurance. Your family's future expenses are also important.

INSURANCE WHERE YOU LIVE

Life insurance by state.

Can You Get A Million Dollar Life Insurance Policy With No Exam?

Yes, you can get a million-dollars in life insurance coverage without an exam from a few different companies. 

Right now, Bestow, Haven Life, and Fabric all offer $1,000,000 in no-exam life insurance.

What’s even better is that they all offer a completely online application process and if you qualify, they can approve you within minutes instead of days or weeks.

Best Company For A Million Dollar Policy With No Exam

While there are some excellent no exam life insurance companies to choose from, we haven't found any better than Bestow, Haven Life and Fabric.

Check out our quick overview of them below:

bestow logo

Available For Ages:

18 to 60 Years Old

Coverage Amounts:

$50,000 to $1,500,000

20 Year $250,000 Quote:
$17.50/month

Check out our Bestow life review

haven life logo large

Available For Ages:

18 to 65 Years Old

Coverage Amounts:

$50,000 to $3,000,000

20 Year $250,000 Quote:

$18.90/month

Check out our Haven life review

fabric life new logo

Available For Ages:

21 to 60 Years Old

Coverage Amounts:

$100,000 to $1,000,000

20 Year $250,000 Quote:

$20.39/month

Check out our Fabric life review

In my professional opinion, out of the 3, I would go with Bestow.

Bestow can cover you faster, has the lowest rates in the market and they also have more term options than any other company. 

THE SIMPLY INSURANCE WAY

No Exam Life Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us. 

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get no exam life insurance coverage within minutes of getting your quotes and applying.

$1 Million Life Insurance For Small Business

Starting a small business can be both fun and scary at the same time.

Almost every company will start small, and eventually, they will grow and having the right coverage in place is paramount.

While most people will immediately purchase business insurance, they usually don't have adequate life insurance, below we go over a few reasons you may need a policy.

Starting a small business can be both fun and scary at the same time.

Almost every company will start small, and eventually, they will grow and having the right coverage in place is paramount.

While most people will immediately purchase business insurance, they usually don't have adequate life insurance, below we go over a few reasons you may need a policy.

Life Insurance For An SBA Loan

Eventually, most self-employed or small business owners will need to borrow money to purchase equipment, real estate, or for cash flow purposes.

If you take out an SBA loan for $500,000 or $1,000,000, you will be required to get the exact amount in a life insurance policy before the loan can be approved.

Life Insurance for Someone Self-Employed

If you are self-employed then you know you wear all of the hats, you are the accountant, sales person, marketer, HR, CEO, CFO, COO, and any other “O” or position you can think about.

The business also will not run without you being around and can completely ruin your family financially if you don’t have the correct amount of coverage.

It is essential you have enough coverage in-place so that your family will still be well if you were to pass away.

How To Buy $1,000,000 In Life Insurance Today?

Now that you know why getting a 1 million dollar life insurance policy is important, it’s time to take action.

The best way to get covered is to click on the button above or to get free and instant quotes and coverage from Bestow.

They have one of the fastest life insurance application processes and are backed by a Top A rated insurance company.

Don't wait around for life insurance coverage, it's always most important to protect your family's financial future.

Frequently Asked Questions


How much does a 500k life insurance policy cost?

A 35-year old non-smoker male in perfect health could get a 20-year $500,000 life insurance policy for about $29.00 per month or  a 10-year term for $25.00 per month. You can get this policy without an exam and in under 5 minutes.

At what age should you stop life insurance?

There isn’t a specific age you should stop life insurance; however, you should buy it as soon as possible to get the lowest rates. People usually cancel their policies when they no longer have a use for the death benefit or if their kids won’t need much money if they were to pass away.

What is a million dollar life insurance policy?

It’s as simple as it sounds, it’s a $1 Million death benefit payout to your family if you pass away unexpectedly. This coverage can be used to help replace your income or to pay debts or cover other expenses. 

No Exam Life Insurance Coverage oPTIONS (By amount)



Sa El

About the author

Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 13 years of experience in the industry.  He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.


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