The cost of a $2 million life insurance policy varies drastically based on your age, gender, overall health status, tobacco use, and whether you select a term or permanent policy. A healthy young adult in their 20s or early 30s can secure a 20-year term policy for anywhere from $400 to $900 per year. However, prices escalate steeply with age, climbing into thousands of dollars annually for applicants in their 40s or 50s, while permanent whole life options can run ten to fifteen times more expensive than term equivalents due to lifetime coverage and cash value accumulation.
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