How much a $1 million whole life insurance policy costs depends on age, gender, health, and insurer, with average ranges. Whole life insurance, which is permanent life insurance with fixed premiums, guaranteed cash value growth, and guaranteed death benefit for life, offered by insurers like Sun Life, Prudential, and MassMutual headquartered Toronto and Newark, costs more than term life due to cash value component. For $1 million whole life policy, monthly premium for healthy 30 year old male non-smoker is around 500 to 800 dollars per month, for 30 year old female non-smoker around 400 to 700 dollars, for 40 year old male around 800 to 1,200 dollars per month, for 40 year old female around 700 to 1,000 dollars, for 50 year old male around 1,500 to 2,500 dollars per month, with higher costs for smokers and health issues adding 50 to 100 percent. Whole life premiums are fixed for life and build cash value, with dividends if participating policy like Sun Par. So $1 million whole life insurance policy costs around 500 to 800 dollars per month for healthy 30 year old male, 400 to 700 for female, 800 to 1,200 for 40 year old male, and 1,500 to 2,500 for 50 year old male, depending on health, gender, and insurer, with lifetime fixed premiums.
1 votes
Marked as accepted