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 1000000 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 who should get a 1,000,000 life insurance policy, the best company to get it through as well as some sample quotes.

Do You Need A 1 Million Dollar Life Insurance Policy?

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

However, it actually is 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.

Your Final Expenses

According to, 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.


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.

Replacing 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.

Expenses & 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.

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.

However, I think it is best not to have the debt in the first place, having adequate life insurance is essential.

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

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.

Sample Pricing For a $1,000,000 Life Insurance Policy For Women

*Rates are based on a 20 Year Term Policy - Non-tobacco Female with a preferred health rating.


$1,000,000 Monthly Premium

20 Years Old


25 Years Old


30 Years Old


35 Years Old


40 Years Old


44 Years Old


Sample Pricing For a $1,000,000 Life Insurance Policy For Men

*Rates are based on a 20 Year Term Policy - Non-tobacco Male with a preferred health rating.


$1,000,000 Monthly Premium

20 Years Old


25 Years Old


30 Years Old


35 Years Old


40 Years Old


44 Years Old


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. 


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.


Life insurance by state.


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.


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.

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

Regardless if you need $50,000 life insurance with no exam, $100,000 life insurance with no exam, $500,000 life insurance with no exam or $1,000,000 in coverage, the price will change.

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.


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 Of No Exam Life Insurance For Business

Starting a 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.

There are several reasons you might need this coverage:

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.

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 life.

Check out our quick overview of them below:

bestow logo

About Bestow Life Insurance

Bestow is the newest entrant into the life insurance world but is backed by North American Company for Life and Health Insurance.

North American has been around for over 100 years and was founded in 1886, and as of today North American holds an A+ (Superior) rating with A. M. Best.

Bestow believes that great life insurance should be affordable, convenient, and smart.

And every bit as straightforward as buying any other gift for your family.

Product Features

  • Available for ages 21 through 55
  • Coverage amounts from $50,000 to $1,000,000
  • Available Nationwide
  • No physical exam life insurance
  • Tobacco & Non Tobacco Rates
  • E-Signature & Simple Application Process
  • No Waiting Period
  • Accelerated Underwriting

Riders & Options

No additional riders or options are available on this policy yet such as the accelerated death benefits, term life conversion option, or accidental death benefit rider.

Simply Insurance Thinks

Bestow is the most affordable simplified issue, no physical exam term life insurance product.  They have a very easy online application and the process doesn't require an agent.  We are seeing clients go from application to approval within 5 minutes; Bestow is the best life insurance product in this space by far.

Bestow can cover you faster than any product on the market.

Want to learn more about them? Check out our full Bestow life insurance review.

How To Get $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. 

Sa El

About the author

Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 12 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. He is also an Official Member of the Forbes Finance Council, a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.

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