If you have people depending on you and your income, or you have significant financial responsibilities including children, a mortgage, or a business to run, you may need a million dollars’ worth of life insurance coverage.
It’s crucial to have the financial protection you need, but you don’t want to break the bank. Here’s what you need to know about finding the cheapest million-dollar life insurance policy for you.
Compare the cheapest million-dollar term life insurance companies
Below are some of the cheapest life insurance companies for 10-year, million-dollar policies based on sample quotes for a 30-year-old man. Keep in mind the cheapest life insurance company for you will depend on your personal profile — including your age, gender, health, and financial situation.
A Policygenius expert can help give you personalized recommendations for the insurers that will be the best price for your circumstances.
Company | Best for… | Monthly cost | |
Brighthouse Financial | Instant decision | $23.92 | |
Corebridge Financial | Families | $24.44 | |
Pacific Life | No-exam | $24.63 | |
Transamerica | No-exam, non-U.S. citizens | $24.65 |
Methodology: Sample monthly rates are calculated for male non-smokers in a Preferred health classification obtaining 10-year $1 million life insurance policies offered by Policygenius through Brighthouse Financial, Corebridge Financial, Pacific Life, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 10/01/2024.
Methodology
Why you can trust our picks
At Policygenius, our educational guides are written and fact-checked by licensed home insurance experts and reviewed by our Financial Review Council to ensure autonomy, expertise, and accuracy.
To find the top 5 cheapest home insurance companies in 2024, we analyzed average annual premiums from 128 companies based on rate data from Quadrant Information Services. With many of these companies only being available in one or two states, we only reviewed the largest companies and regional companies that are available in at least five states — this trimmed our list to 30.
It was important to us that our top picks offered cheap but high-quality coverage with wide state availability, so we also looked at each company’s financial strength ratings with AM Best, customer satisfaction scores with J.D. Power, and market share to ensure you find the best home insurance for your needs.
For a more detailed breakdown of the Policygenius scoring process, check out our full homeowners insurance ratings methodology.
Policygenius prides itself on providing transparent, unbiased reviews of home insurance companies. Though we make money when you purchase a policy through our site, this does not affect our editorial independence and rigorous editorial standards
Cheapest million-dollar instant decision life insurance policy
2024 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-exam option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
Brighthouse Financial is an A-rated insurance company according to AM Best. It offers affordable premiums and a seamless no-exam application process for people age 25 to 50. If you have few health conditions and you don’t smoke, you could get approved on your initial phone call for a quick and easy million-dollar policy.
Cheapest million-dollar life insurance for families
2024 Policygenius award winner
Corebridge Financial
4.6
30+ year terms
All 50 states
Why we chose it
With competitive pricing and a range of flexible term periods for its Select-a-Term product, Corebridge is a solid option for many life insurance shoppers. Note: We are currently using AIG’s financial strength ratings until Corebridge has its own rating.
Pros and cons
Pros
Competitive pricing for all ages
Favorable underwriting for people with heart conditions and diabetes
Good for current and recently pregnant people, including people with gestational diabetes
Cons
Not the best for people with mental health conditions, including anxiety and depression
No no-medical-exam term option
Corebridge Financial is a reputable company with cheap premiums when compared to some of its competitors. Plus, Corebridge offers an affordable child rider that allows you to add life insurance coverage for children for as little as $2.50 to $5.00 per year on top of your base premiums.
Cheapest no-exam million-dollar life insurance
2024 Policygenius award winner
Pacific Life
4.8
All 50 states
No-medical-exam option
Why we chose it
Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.
Pros and cons
Pros
Extremely affordable across age brackets
Affordable guaranteed universal life insurance option for people who need lifetime coverage
Favorable underwriting for many health conditions
Cons
Traditional term life not available in NY
There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy
Pacific Life is another no-exam option for a million-dollar life insurance policy. The insurer is also A+ rated according to AM Best. Pacific Life can also offer cheaper rates than some of its competitors for applicants with some pre-existing conditions, such as sleep apnea.
Cheapest million-dollar life insurance for non-U.S. citizens
Transamerica
4.6
No-medical-exam option
Why we chose it
Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age, and you can even skip the medical exam if you fall under a certain age or coverage amount.
Pros and cons
Pros
Competitive rates for term life insurance
No-medical-exam available for qualifying applicants, including smokers and people between 60 and 70, which is rare
One of the fastest turnaround times in the industry for traditionally underwritten term policies
Cons
Term life not available in New York
Not a good option for people with a history of cancer, alcohol abuse, or asthma
Transamerica offers more flexibility than some of its competitors when it comes to applications from people who have different types of visas. The insurer also offers a no-medical-exam approval option, and offers cheap rates on average across different health classifications.
Learn more about life insurance for non-U.S. citizens
What’s the cheapest way to get a million dollars of life insurance coverage?
Generally speaking, the most affordable way to get the coverage you need often comes down to the type of life insurance you’re buying. According to LIMRA’s 2024 Life Insurance Barometer study, 72% of Americans overestimate the cost of a basic term life insurance policy for a healthy 30-year-old. [1]
In reality, a 30-year-old could pay between $25 and $32 per month for a million dollars of coverage lasting 10 years. If you know you need coverage immediately but you’re anticipating your income to increase in the future, you can always buy a shorter term, and then add coverage later on when your budget changes.
Million-dollar term life insurance costs based on age, gender, & term
Age | Gender | $1 million, 10-year term | $1 million, 20-year term | $1 million, 30-year term |
20 | Female | $23.91 | $33.63 | $49.32 |
Male | $33.76 | $47.51 | $66.57 | |
30 | Female | $24.85 | $36.90 | $57.04 |
Male | $31.59 | $48.89 | $71.88 | |
40 | Female | $37.81 | $60.65 | $97.32 |
Male | $46.80 | $75.24 | $122.41 | |
50 | Female | $89.17 | $139.50 | $232.24 |
Male | $111.38 | $188.29 | $315.50 | |
60 | Female | $190.74 | $354.51 | N/A |
Male | $259.24 | $499.98 | N/A |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining 10-year, 20-year, and 30-year $1 million life insurance policies. Life insurance averages are based on a composite of policies offered by Policygenius from Legal & General America, Brighthouse Financial, Corebridge Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 10/01/2024.
3 ways to save money on a million-dollar life insurance policy
You can help ensure you’re getting the cheapest life insurance policy for your circumstances by following these tips.
Work with an independent broker. An independent broker works with multiple insurance companies. They can help you compare guidelines from each insurer to make sure you’re applying with the company that can give you the cheapest rates for your circumstances — including any health conditions or other factors.
Buy term life instead of permanent life insurance. If you know you need a million-dollar policy but you’re concerned about your budget, term life insurance is an affordable way to get the coverage you need.
Ask about the cheapest payment method. Some insurance companies offer up to a 5% discount if you pay annually instead of monthly. It ultimately depends on the insurer, so the agent you’re working with will be able to let you know if you can save money this way. Plus, sometimes paying with a credit card can incur an extra fee, so you’ll want to make sure you’re paying using an automatic bank transfer, or another method that won’t cost you extra.
Is it possible to get a cheap million-dollar permanent life insurance policy?
Some types of permanent life insurance are cheaper than others, but permanent life insurance is more expensive than term life. You’ll always pay more for a million dollars’ worth of permanent coverage than you would for a term policy with the same coverage amount.
Permanent life insurance doesn’t expire, and typically comes with a cash value savings component, which is why it’s more expensive than other types of life insurance. However, guaranteed universal life insurance technically comes with a cash value account, but but it’s not intended for cash value growth, so it’s cheaper than other types, such as whole life insurance.
For instance, a 30-year-old male could pay $920 per month for a million-dollar whole life policy, versus $353 per month for a million-dollar guaranteed universal life insurance policy, according to Policygenius rates data.
