Who a $1 million policy fits
Higher-income households who want to replace several years of earnings.
Families with a larger mortgage and future education costs.
Younger buyers who want to lock in a large amount while rates are lower.
Business owners protecting against the loss of a key person.
Is $1 million the right amount?
A common rule of thumb is 10–15× your income, so $1 million lines up with roughly a $70,000–$100,000 income.
The DIME method is more precise: add your Debts + the Income you'd want to replace + your Mortgage + future Education costs. If that total is near $1 million, this amount may fit.
What it costs — and what affects the price
Term life is usually the most affordable way to reach $1 million of coverage. Your age, health, tobacco use, term length, and the carrier all affect the price.
Locking in younger and healthier generally means a lower level premium. Pricing depends on underwriting, and approval is never guaranteed.
Will I need a medical exam?
Larger coverage amounts are more likely to involve additional underwriting, which can include a medical exam — though some no-exam options are available up to certain limits. Either way, you answer health and lifestyle questions yourself, and a no-exam outcome can't be promised for any specific person.
Ready to see what may fit?
Start a quick quote, or talk with a licensed agent — no obligation, and approval is never guaranteed.