The cost of a $1 million life insurance policy depends dramatically on whether you choose term or permanent coverage and your age at application. For a healthy 40-year-old applicant, a 20-year term life policy typically costs between $60 and $130 per month, whereas a permanent whole life policy with the same $1 million death benefit costs roughly $1,100 to $1,350 per month due to lifetime guarantees and cash-value accumulation.
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