$1 million term life insurance

Ethos makes it easy to apply for an online life insurance policy that fits your needs. See if a million-dollar life insurance policy will be enough to help protect your family if the unexpected were to happen.
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How much is a million-dollar life insurance policy?

Discover how Ethos can help you get a policy of up to a million dollars at an affordable rate. This chart shows average 10- to 30-year term life policy premiums for healthy, non-smoking 35-year-old males and females.

Chart for cost of a million dollar life insurance policy by gender and age
Life insurance helps protect your loved ones

Your life insurance coverage can help secure your family’s financial future by covering living expenses, outstanding debt, mortgage payments, education, and more.

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While no one answer covers every situation, there are guidelines to help you determine how much coverage you need.

A $1 million life insurance policy can offer protection for your loved ones if you pass away unexpectedly. But is it right for you? It's recommended you carry at least ten times your annual salary. The DIME formula (debt + income + mortgage + education) is another helpful way to determine your coverage calculations. Adding these factors together can give you a better idea of your coverage needs.

  • Debt - Total of all current debt (such as student loans or credit card balances)
  • Income - Multiply your salary by the estimated number of years your family would need support ($100k salary x 10 years = $1 million)
  • Mortgage - Mortgage balances or housing expenses
  • Education - An estimate of the costs to fund your children's tuition
How can I qualify for a million-dollar life insurance policy? 
  • Age: Life insurance coverage costs more the older you get. The younger you are, the higher amount of coverage you'll qualify for.
  • Health: The better your health status, the better your chance of being approved for a higher policy.
  • Income: Many applicants can qualify for coverage up to 30 times their annual salary. Depending on how much you make and your financial situation, you may want to consider increasing your coverage.
How to get a million dollar policy with Ethos?
Ethos makes it easy to apply for online life insurance tailored to your budget and coverage needs.
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Fast, free, online application process
Complete our online application in minutes. It's straightforward and requires no paperwork or phone calls (but if you'd like to talk to someone, we're available to help).
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Affordable, personalized coverage
Ethos offers a variety of coverage options to fit your budget and give you the coverage you need.
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Honest advice, non-pushy agents
You don’t need to talk to an agent – unless you want to. Our agents are experts in finding you the coverage that best suits your family’s needs.
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Cancel easily
If you change your mind within the first 30 days of activating your coverage, we’ll refund your payment in full. And with Ethos, you can cancel your policy anytime with no extra fees.
Instant life insurance coverage
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Used for estimate only.
Explore your options
Adjust the coverage amount and term length to find a plan you like. Then apply online (with no obligations) and get your real rate.

The estimated monthly rate for this policy is:

Coverage amount
Term length
10 years
Please note that all prices quoted are subject to change, including due to underwriting.

How much does a $1,000,000 life insurance policy cost per month?

The cost of a $1,000,000 term life insurance policy per month varies based on factors like age, health, and coverage type. To obtain accurate pricing details tailored to your circumstances, click "get my quote here" for more information.

Is a million-dollar life insurance policy worth it?

The worthiness of a million-dollar life insurance policy depends on individual circumstances and financial goals. While it provides substantial coverage, it requires careful consideration, especially regarding financial commitments and beneficiaries. A million-dollar life insurance policy may help cover education, mortgage or other costs in the case of the unexpected.

How is a million-dollar life insurance policy paid out?

Beneficiaries receive a lump sum payout from a million-dollar life insurance policy upon the insured's demise and processing of the claim by the insurance company. This payout helps to provide crucial financial support that can cover outstanding debts, funeral expenses, and ongoing living costs.

Do you have to pay taxes on a million-dollar life insurance policy?

Generally, life insurance proceeds are tax-free to the beneficiary. However, interest earned on the payout may be subject to taxation depending on how the proceeds are managed. It's advisable to consult with a tax professional for accurate information tailored to individual circumstances and tax laws.