A $5 million term life insurance policy typically costs between $250 and $600 per month for a healthy, non-smoking 40-year-old opting for a 20-year term, though prices scale higher for older applicants or those with pre-existing health conditions. Conversely, a permanent whole-life policy for the same $5 million amount requires significantly higher annual capital premiums, often running into thousands of dollars monthly due to lifelong accumulation guarantees.
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