2 Million Dollar Life Insurance Policy: Cost & Quotes From $5/mo

Getting life insurance is important, but it’s not enough to simply take out any policy. You need to consider your needs and how much coverage you want if your family is going to be financially stable. Choosing the amount of coverage you need can be challenging, as there are multiple factors to take into account. You need to think about your income, debts, bills, and other expenses. 

A $1 million life insurance might not be enough. In connection, the next economical option is a 2 million life insurance policy. It can provide exactly the protection that they are looking for. Before you purchase a policy with this much coverage, it’s essential to consider whether it’s right for you and find the best provider for your needs. 

Who Needs Life Insurance? 

Firstly, it’s smart to determine whether life insurance is something you need. Anyone can benefit from taking out life insurance, although it’s most necessary for anyone who has a family or dependents. If anyone else depends on your income and support, what will happen when you are no longer here? Life insurance may not help them forever, but it can help them with the transition during a difficult period. 

Life insurance is especially important if you have a young family or other relatives who may depend on your income, such as elderly parents or a disabled sibling. However, even older people can benefit from life insurance which may help to support their older children or partners or pay for costs such as funeral expenses. 

Choosing the Right Life Insurance 

You should think about what type of insurance is right for you before considering the coverage amount. Whole life insurance never runs out and has a cash value, so it doubles up as a savings product. On the other hand, term life insurance can be a lot more affordable because it lasts for a set period and doesn’t have a cash value. 

These are the two main life insurance options you might consider, although there are other types. The cost of $2 million life insurance could sway you in one direction if you’re determined to have a high amount of coverage. In this case, term life insurance is going to be a lot cheaper.

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Do You Need $2 Million Life Insurance Coverage? 

$2 million is a large amount of money for your life insurance to pay out, but it’s certainly not the largest amount you can get. There are plenty of people who can benefit from having that much coverage, especially as your financial commitments can quickly add up. 

When you’re trying to work out how much coverage you need, some insurance providers have useful calculators. There are also several factors you can consider to decide if 2 million dollar life insurance coverage is right for you, or if you need less or possibly even more. 

  • Your mortgage-Mortgage providers will often require you to take out life insurance to cover the cost of your mortgage. But even when they don’t, it’s still a good idea

  • Your other debts-Any other debts should be taken into account too. If you have a personal loan, for example, it’s smart to ensure your life insurance will pay it off

  • Regular bills and expenses-Making sure your life insurance can pay your family’s expenses for at least a few months will help to lift a huge financial burden when they can no longer rely on your income

  • Funeral costs-The cost of making arrangements when someone dies can be expensive. Some life insurance policies have an additional rider or benefit for funeral expenses

  • Your income-A multiple of your income can be a good indication of the minimum amount of life insurance coverage you should get. For example, ten times your annual income is often suggested by insurance experts 

How to Get Approval for a 2 Million Dollar Life Insurance Policy?

You can decide what type of life insurance you want and how much coverage you need, but you need to get approval from the insurance provider. Not everyone will be approved for a 2 million term life insurance policy or whole insurance policy. Therefore, you need to consider whether there is anything you should do to improve your chance of gaining approval. 

There are various things that providers will look at to check if you’re eligible for a 2 million dollar life insurance policy. They will look at your age, gender, health, occupation, and other things that factor into your risk profile. 

Some providers will limit the amount of coverage you can take out based on how much you earn. The limit is often somewhere between ten and 30 times your annual income. However, other factors will make a difference too, such as your age and how long you want the policy to last. 

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2 Million Dollar Life Insurance Policy Cost 

Naturally, the average cost of a 2 million dollar life insurance policy is going to be more expensive than a policy that provides less coverage. However, that doesn’t mean that this has to be the case all the time. 2 million term life insurance, in particular, is much more affordable compared to whole life insurance. The table below shows the 2 million dollar life insurance policy cost based on age and the type of coverage preferred. 

Customer  Whole Life Insurance  20 Year Term Insurance  30 Year Term Insurance 
30 year old male  $1,400  $71.86  $104.38 
30 year old female  $1,200  $59.84  $83.85 
40 year old male  $2,000  $111.29  $200.55 
40 year old female  $1,800  $94.12  $157.44 
50 year old male  $3,200  $381.79  $600.54 
50 year old female  $2,800  $274.07  $411.46 


Aside from  the difference between whole term insurance and 2 million dollar term life insurance, when it comes to term life insurance, the length of coverage makes a difference on how much you could pay. That said, the 2 million dollar life insurance cost is higher if you decide to get covered for 25 years or 30 years.  

Other factors will affect the average cost of 2 million dollar life insurance policy too. Your age makes a difference, as older people are more likely to have health problems. Some longer-term policies might not be available for older people. Gender matters too, with men usually paying higher rates. 

Your health and medical history are key factors in the cost of life insurance and whether you will qualify for $2 million of coverage. If you are looking for this much coverage, you may find that many providers require you to have a medical exam. However, there are often options available that don’t require an exam, which can make applying for life insurance a lot quicker and easier. 

Last but not least, your choice of insurance company also matters. And so, here’s another table showing the cost of 2 million life insurance from the best companies:

Cost per Month Cost per Year Best for
Fabric $47.87 $574.44 $2 million life insurance that can be canceled anytime
USAA $50.82 $609.04 $2 million life insurance for military personnel
Brighthouse $54 $648 Convertible $2 million term life insurance
Haven $70.28 $843.36 $2 million life insurance with a comprehensive rider
Ethos $73 $876 $2 million life insurance with money back guarantee
State Farm $110.49 $1,325 Wide range of life insurance products to choose from
AARP $200 $2,400 $2 million life insurance for seniors

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Best $2 Million Life Insurance Companies

As said earlier, your 2 million life insurance policy cost will also be affected by the insurance company you choose. That’s why it’s important to compare providers and find the right one for your requirements. Read some of the reviews to know the pros, cons, and rate of the $2 million life insurance from the best companies:

Fabric $2 Million Life Insurance


  • 130+ years of underwriting life insurance

  • 100% online life insurance experience

  • Money-back guarantee

  • No price changes

  • Good customer experience 


  • Coverage can’t be increased after purchase 

Fabric by Gerber Life boasts 130+ years of underwriting life insurance for individuals of all ages and status in life. This company allows you to purchase coverage online without the help of an agent. Policies are automatically underwritten based on the information you provide on Fabric’s life insurance quotation tool.

So why work with Fabric? This company allows you to decide how much coverage to get. You can also bail out anytime and look for another insurance company. You can do this without any cancellation fees, by the way. Another perk is that Fabric grants coverage most of the time with no medical exams required. Fabric’s average 2 million life insurance premium is $47.87 per month. 

Best for: $2 million life insurance that can be canceled anytime

Average cost: $47.87 per month

Our rating: 10/10

AARP $2 Million Life Insurance


  • Highly involved

  • Quote online or call

  • Underwritten by New York Life 


  • Customers must be AARP members to apply 

AARP is an organization and not an insurance company. It works with New York Life to grant term life and whole life insurance coverage for individuals ages 60 and above. Upon becoming a member, you can request AARP for a 2 million life cover. AARP will then hook you to a New York life agent who will create a custom quote for you. 

Best for: $2 million life insurance for seniors

Average cost: $200 per month

Our rating: 10/10

Ethos $2 Million Life Insurance


  • Automatic underwriting

  • Get an estimate of your rates online

  • Works with multiple insurance companies to grant you coverage

  • No medical exam


  • Might not be able to grant coverage if you’re 66-69 years old

Go for Ethos if you’re looking for a $2 million life insurance policy with no medical exam. According to this company, 95% of applications are approved without submitting any health records.

So how does it feel like to work with Ethos? This company sources your life insurance coverage from multiple partners. You can get a quote online and immediately purchase it. Ethos also gives a money back guarantee, which is helpful if you want to switch at any point in the course of your policy period.

Best for: $2 million life insurance with money back guarantee

Average cost: $73 per month 

Our rating: 10/10

USAA $2 Million Life Insurance


  • Great discounts for members 

  • 15 year term life insurance offers child coverage

  • No medical exam required when converting term life insurance to permanent life insurance


  • Only available to USAA members 

Approach USAA if you’re looking for $2 million insurance as an active or retired military personnel. USAA’s life insurance products come with child and life events riders. And in case you go for term life insurance, USAA gives you the option of converting into a whole insurance with no medical exams required.

Best for: $2 million life insurance for military personnel

Average cost: $50.82 per month

Our rating:  9/10

Haven $2 Million Life Insurance


  • Simple, quick online applications 

  • Extras and customization options available 

  • Excellent customer ratings 


  • No option to convert term policies into whole life policies 

Haven is an insurance company that sells life insurance policies underwritten by MassMutual and C.M Life. That said, your $2 million life insurance coverage from this company is comprehensive and may be availed with no medical exams. Moreover, payouts are tax free. Other perks include level premiums, accelerated death benefits, and a rider. 

Best for: $2 million life insurance with a comprehensive rider

Average cost: $70.28 per month

Our rating: 9/10

Brighthouse $2 Million Life Insurance


  • Coverage up to $2 million 

  • Same-day coverage available 

  • No medical exam policies are available 

  • Excellent financial strength 

  • Good customer reputation 


  • Whole life insurance is only available through conversion 

  • No online claims filing or billing 

Brighthouse (formerly MetLife) offers term life insurance and universal life insurance. If you want whole life insurance, you can also convert your existing policy. They offer coverage ranging from $100,000 to $2 million and can provide coverage on the same day you apply if you’re approved. Some products don’t require medical exams, making it even quicker to get started. 

Best for: Convertible $2 million term life insurance 

Average cost: $57 per month

Our rating: 8/10

State Farm $2 Million Life Insurance


  • Offers both whole life insurance and term life insurance 

  • A broad range of products 

  • Strong financial position 

  • Online quotes 


  • Not available in Massachusetts 

State Farm is one of the largest life insurance providers and has a large range of products to choose from. With both whole life insurance and term life insurance available, you can choose which one suits your needs and budget. They also have universal life insurance available. Their strong customer experience is one of the best benefits that they offer and they receive comparatively few complaints for a company of their size. 

Best for: Wide range of life insurance products to choose from 

Average cost: $110.49 per month 

Our rating: 8/10

Get Quotes for Life Insurance 

If you want to find out more, you need to get quotes from the providers you’re interested in. By comparing quotes, you can ensure you find the right price, provider, and type of insurance. It’s important to get quotes that are accurate for your circumstances, so start comparing quotes today to find out if you can get $2 million life insurance. Click the “Get Quotes” button on this page. 

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