Summerlin Benefits Consulting Q&AAnswer
Oct 15, 2024 - 09:36 AM
Cost of any insurance policy or annuity always depends, we advise you talk to your financial advisor for more specific details.
The cost of a million-dollar life insurance policy can vary based on factors like age, health, gender, and the type of policy you choose. For term life insurance, a healthy 30-year-old male might pay around $26 per month for a 10-year term policy, while a similar female might pay about $22 per month. For a 20-year term, the costs could increase to around $40 monthly for a male and $29 for a female.
Whole life policies, which provide lifelong coverage, are significantly more expensive but offer a cash value component that can be used as an investment vehicle. Comparing quotes from multiple providers is essential to find the best rates and coverage for your needs.
