How much a $1,000,000 insurance policy costs depends on type of insurance and personal factors. For term life insurance, a $1,000,000 20-year term for healthy non-smoking 30-year-old might cost $40 to $80 per month, for 40-year-old $80 to $150 per month, and for 50-year-old $200 to $400 per month, with women paying slightly less. Whole life $1,000,000 would be much higher, around $800 to $1,500 per month at age 30, $1,500 to $2,500 at age 40, and $3,000+ at age 50. For auto insurance, $1,000,000 refers to liability limits or umbrella, a $1,000,000 umbrella policy typically costs $150 to $300 per year on top of auto and home. For general liability for small business, $1,000,000 per occurrence policy might cost $500 to $2,000 per year depending on industry. For homeowners, $1,000,000 dwelling coverage varies by home value and location, often $1,500 to $4,000 per year. Rates depend on age, health, driving record, location, and claims history.
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