How much does a million dollar life insurance policy cost?


The cost of a $1 million life insurance policy varies widely based on a number of factors, like age, gender, health, smoking status, and type of policy. For such a substantial death benefit, you may be surprised at the wide range of premium costs available. Find out how much you can expect to pay for a $1 million life insurance policy.

By Mark Cluett
Director of Content
5 min read

Finding out how much a million dollar life insurance policy costs can be a daunting task. Multiple factors determine the cost of a policy, including how old you are,  your health condition, and your sex. On top of that the type and length of coverage you take also affects the cost. While that all may seem complicated,  $1,000,000 worth of life insurance coverage may not cost as much as you assumed. 

If you want to find out immediately how much one-million dollars of life insurance coverage would cost , go ahead and get a free online quote from us immediately (it only takes a few minutes). For more details on pricing and how it’s determined – read on.

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How much does $1,000,000 of term life insurance cost?

Term life insurance is coverage that lasts for a specific period of time you choose when applying for the policy. That term can be a fixed number of years – (10 and 20 years are the most common terms) or until you reach a certain age (again, a common age to end coverage is 65 years old). You pay premiums (usually monthly) to your life insurance provider until the expiry of the term.

In return, your beneficiaries receive a tax-free death benefit if you die within the policy term you set out. Once that term ends your coverage expires, and you can then stop paying the monthly insurance premiums.

The pricing for term life insurance is based on the length of term, the amount of the death benefit, and the health, age, and smoking status of the applicant. For the purposes of this post, we are looking at a death benefit of $1,000,000.

Learn more about how smoking affects life insurance rates.

Term life insurance costs – Male, $1,000,000 Coverage

Age Non-Smoker Smoker
30 $37.71 $79.12
35 $38.43 $86.18
40 $51.40 $126.65
45 $78.35 $214.07
50 $127.54 $378.79
55 $221.71 $640.87
60 $384.19 $982.35
65 $679.28 $1,629.18
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Term life insurance costs – Female, $1,000,000 Coverage

Age Non-Smoker Smoker
30 $25.65 $47.25
35 $28.26 $63.44
40 $36.63 $99.34
45 $54.45 $150.27
50 $85.60 $230.97
55 $151.19 $351.64
60 $269.37 $563.52
65 $449.97 $866.82

Why do I need a million dollars of life insurance coverage?

Different personal financial situations will dictate one’s need for a substantial benefit. While your needs will be unique to yourself and those you are aiming to financially protect, some of the many reasons Canadians contemplate a million dollars of life insurance include:

  • Covering an outstanding mortgage debt, loans, or joint lines of credit
  • The cost of living for a partner, children, or other dependents left behind
  • Education costs for children who are no longer legally dependent but still looking to you to help with these costs
  • Covering a business partner to ensure the survival of the business should something happen to you

If you are not sure if a million dollars of life insurance is the right amount for your circumstances, there’s an easy way to check the numbers. Check out our life insurance calculator; it only takes 5 minutes to answer a few basic questions and reveal exactly how much coverage you need.

How do I get the best quotes for $1,000,000 of life insurance coverage?

At PolicyAdvisor, we help Canadians compare quotes from 17 of the country’s best life insurance companies. We have helped many insurance seekers just like yourself find the right fit for their coverage needs. Book some time with our licensed advisors and find out how easy it is to get the right amount of coverage – from anywhere you can access your computer or phone.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.

The information above is intended for informational purposes only and is based on PolicyAdvisor’s own views, which are subject to change without notice. This content is not intended and should not be construed to constitute financial or legal advice. PolicyAdvisor accepts no responsibility for the outcome of people choosing to act on the information contained on this website. PolicyAdvisor makes every effort to include updated, accurate information. The above content may not include all terms, conditions, limitations, exclusions, termination, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail.  All rights reserved.

If something in this article needs to be corrected, updated, or removed, let us know. Email


  • A life insurance policy with a $1 million death benefit varies significantly in cost depending on factors like policy type, the age of the insured, as well as their health, smoking status, and gender.
  • A $1 million term life insurance policy has lower premiums than a whole life insurance policy worth the same amount.
  • A 40-year-old non-smoking female can pay under $45/month for a 20-year-term life insurance policy worth $1 million. A male in the same group can pay under $90/month.

By Mark Cluett
Director of Content
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