How Much is a $2 Million Life Insurance Policy?

Written by Growth 360, LLC

While 2 million dollars worth of life insurance might seem like a huge amount of coverage, there are thousands and thousands of families that need this sized policy, or an amount close to it. Having enough life insurance protection is one of the most important things that you can do for your family.

After you’ve calculated how much life insurance coverage your family will need, you might be worried about how much you’re going to be paying in monthly premiums. In most cases, life insurance is going to be more affordable than you might think.

This article is going to look at the price of a $2-million-dollar life insurance policy. At, it’s our mission to ensure that you’re getting the best rate possible and have enough coverage. Not having enough life insurance protection is one of the worst mistakes that you could ever make for your family.

How Much is a $2 Million Life Insurance?

There are a lot of factors that are going to impact how much you pay for your insurance coverage. When you apply, the insurance company is going to review dozens and dozens of different factors. Everything from your age to your health is going to play a role in your monthly premiums.

Because there are so many different factors that go into calculating insurance premiums, it’s impossible for us to give a specific number of how much you will pay, but we can offer you a ball park number on what monthly premiums you’ll be facing.

Let’s say that you’re a 30-year-old applicant who doesn’t smoke. Additionally, you’re in decent health with no serious medical conditions. If you want to get $2 million worth of life insurance, then you’re going to be facing a $70 premium every month. That $70 will get you 20 years of term life insurance coverage for a payout of $2 million. That number could vary drastically depending on which company that you get the quote from or your health.

Let’s take that same applicant, at 40-years-old and not smoking, the premiums are going to jump up to $103 every month. As you can see, ten years is going to make a significant impact on how much you pay every month for your life insurance coverage.

As we mentioned, these are only very rough estimates. The length of the policy, the company that you purchase the policy from, your tobacco usage, the type of plan, and much more are all going to play a huge role in how much you’re going to pay.

Getting Affordable $2 Million Dollar Life Insurance

When our applicants contact us about large life insurance plans for $1 million, $2 million dollars, or at times even $5 million life insurance policy of coverage, they assume that their premiums are going to be through the roof, but in most cases, that couldn’t be further from the truth. There are several ways that you can get lower premiums for millions of dollars of coverage. It’s vital that your family has the coverage that they need, which is something that you can’t put a price on.

One of the best ways to get lower rates is to kick some of your bad habits. If you’re a smoker or you drink excessively, then you’re going to have much higher premiums. Both of these are going to increase your risk of being diagnosed with severe health problems, which means you’ll be a higher risk to the insurance company. That additional risk is going to translate into higher premiums from the insurance company. For example, smokers are going to pay at least twice as much for their life insurance versus what a non-smoker is going to pay for the same sized plan. In fact, as a smoker there is a chance that you’ll be declined for coverage before of the size of the plan. Quitting smoking is one of the best things that you can do for your health and your wallet.

Another excellent way that you can save money is by improving your health. Before the insurance company approves your application, they are going to require that you take a medical exam. Because of the size of the plan, the medical exam is going to be more intense than it would be with a smaller life insurance policy. If you want to save money on your life insurance, then you need to get better results from the medical exam. If you’re overweight, consider shedding those pounds before you apply for your life insurance protection. Overweight applicants are going to pay at least 50% more for their insurance policy. Before you buy your plan, hit the gym and stick to a healthy diet, both of these can save you hundreds of dollars every year.

The best way to ensure that you’re getting the lowest premiums for your life insurance coverage is to compare several options before you decide which one is going to work best for you. Every insurance company is different, and when you’re shopping for larger plans, the premiums can vary drastically depending on which company that you contact. Because there are hundreds of companies on the market, you could spend weeks looking to find the best policy.

Instead, let one of our independent insurance brokers do all of the work for you. We represent dozens of different companies across the nation, and we know which ones are going to give you the best rates for your $2-million-dollar life insurance plan. It’s our mission to ensure that your family has enough life insurance at an affordable price.

If you have any questions about your life insurance coverage or ways that you can get lower premiums, please contact one of our agents today. We would love to answer those questions and connect you with the best possible premiums.

About Growth 360, LLC
About Growth 360, LLC

We work with individuals across the nation to secure the best life insurance rates.

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