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

Just how much coverage do you need when you take out a life insurance policy? For some people, $2 million or something lesser might be enough. Others might decide they require $3 million worth of coverage for the best protection. 

However, for some, real security can only be achieved with a high-value life insurance policy. Purchasing a 4 million dollar life insurance policy isn’t something that you do lightly, but it could be the best decision to help protect your family after you are gone. 

Many insurance providers offer life insurance policies with death benefits this large, although not all of them do. $4 million probably seems like a lot, but there are multiple reasons you might want to ensure you have this amount of coverage from your life insurance.

If you want to have a large amount of coverage, getting the right insurance provider and product is a must. There can be a huge difference in the rates that are available, depending on which insurance company you choose and what type of life insurance you think is for you.

Questions to Ask Yourself

Before you purchase $4 million life insurance, there are some questions you will need to answer. These include: 

  • How much life insurance coverage do you really need? 

  • What type of life insurance is best for you? 

  • How much can you afford to spend on premiums? 

  • What features and benefits are you looking for from your life insurance? 

  • Which insurance company can meet your needs? 

Answering these questions will help you to determine whether a $4 million life insurance policy is right for you and how to get the best price. 

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The Benefits and Uses of a $4 Million Life Insurance Policy 

Some people might ask themselves whether a $4 million life insurance policy is worth it. After all, you will be paying more for a higher amount of coverage. 

It’s definitely not the right choice for everyone, but many can benefit from a life insurance plan with such a high death benefit. If you’re wondering exactly how the money could be used, consider the following things: 

  • Income replacement to support your family 

  • Paying off debts 

  • Protecting your mortgage 

  • Taking out life insurance as part of a divorce agreement 

  • Effective estate planning 

$4 million might seem like a significant amount of money, but it doesn’t necessarily go as far as you think. If you have a valuable property that still has a large mortgage remaining, this could take up a lot of the money. If you have a high income, your life insurance can help to replace it while taking care of other costs, such as paying off debts. 

Working Out If You Really Need $4 Million Coverage 

But do you really need $4 million life insurance coverage? There’s no point in spending more money than necessary, so it’s important to work this out. Equally, you don’t want to have less coverage than you need, which could possibly leave your family struggling or experiencing a decline in their lifestyle quality. 

So what can you do to work out how much coverage you need? One easy option is to use a life insurance calculator. Many insurance companies have these tools on their website, allowing you to answer just a few short questions to determine a suitable amount of coverage for your needs

Consider the people you support and your income. If your family relies on your income, you will want to ensure your life insurance continues to help support them. Some experts say to start with a figure of ten times your annual income for your life insurance coverage. 

Another important thing to consider is your mortgage and any other debts that you have. Ensuring your life insurance will pay off these debts if you die is smart if you want to avoid leaving your family with a financial burden. This is one of the reasons many people choose a higher amount of death benefit coverage. If you have a large mortgage, for example, it could quickly swallow up a significant portion of the total amount. 

Your family’s regular bills and expenses should also be part of your calculation. How much would they need to cover the bills for a few months or a year? What about any expenses that might need to be dealt with after your death, such as funeral expenses or unpaid medical bills? 

What Type of Insurance Should You Choose? 

If you want to take out $4 million in life insurance coverage, you also need to consider the right type of insurance. Anyone looking for this much coverage might find that term life insurance is a cheaper option, especially compared to whole life insurance. 

Whole life insurance is designed to provide coverage for your whole life, as long as you continue to pay the premiums. It also has a cash value, which you can borrow against. These benefits mean that whole life insurance is typically much more expensive, and you’ll be paying more for higher coverage amounts. 

Term life insurance is another option, which is designed to last for a set period. It will then expire or you could choose to renew it. This can be a useful type of insurance if you want to insure your life for a particularly important period in your life, such as when your children are growing. It’s typically cheaper than whole life insurance, even if you want higher coverage amounts. 

Other types of life insurance are available too, such as universal life insurance. In addition, you might want to consider some riders you can add to your insurance or other benefits such as being able to convert term life insurance to whole life insurance. Some typical riders include accidental death and dismemberment benefits and return of premium riders for term insurance.

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4 Million Life Insurance Policy Cost 

If you want a $4 million life insurance policy, you need to be prepared to pay more. However, that doesn’t mean you will always be paying sky-high premiums. You can get this level of coverage for under $100 a month in the right circumstances.  Here are some example prices for $4 million term life insurance. 

Customer  10 Year Term  20 Year Term 
30 year old male  $73.65  $137.20 
30 year old female  $55.45  $113.15 
40 year old male  $108.70  $216.06 
40 year old female  $99.79  $181.71 
50 year old male  $523.17  $757.06 
50 year old female  $365.66  $541.61 


As you can see from these example rates, your age really matters when you want to take out term life insurance. It makes much more sense to take out $4 million in coverage when you’re 30 compared to when you’re 50. In your later years, such a high coverage amount might not be as necessary. By that time, you hopefully have less debt, your children are grown, and you’re perhaps beginning to think about retirement. 

Age isn’t the only important factor. It’s also important to keep in mind that your gender, health, occupation, and even hobbies can affect how much your premiums are. Additionally, you could find that you might not even be approved for the coverage you want if you don’t meet the eligibility criteria for your chosen insurance company. 

Your choice of insurance company also matters. And so, here’s a table showing the cost of a $4 million life insurance from the best companies:

Cost per Month Cost per Year Best for
Fabric $60.24 $722.88 No brokers or agents, quick online quotes
Ethos $81.50 $978 $4 million life insurance with money back guarantee
USAA $86.65 $1,039.80 $4 million life insurance for military personnel
State Farm $131.29 $1,575.48 Return of premium rider
AARP $280 $3,360 $4 million life insurance for seniors

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Best $4 Million Life Insurance Companies 

When you want $4 million life insurance coverage, finding the right insurance provider is obviously a top priority. It’s not just about price but also about customer service, available benefits, and finding the right life insurance product to meet your needs. Here are some of the top providers that can give you $4 million in life insurance coverage. 

Fabric $4 Million Life Insurance


  • Quickly get an online quote 

  • Apply online for your chosen policy 

  • Get $4 million coverage or more 

  • A range of terms available 


  • Can’t increase coverage on existing policies 

Fabric by Gerber Life grants quick online coverage. This company guarantees that your application for a $4 million life insurance can be done without the help of an agent. Moreover, this company doesn’t ask a lot of questions and even gives you the chance to get covered without submitting any medical records. 

You enjoy more benefits after getting insured. First off, Fabric understands that you might want to switch to another company. And so, it can instantly cancel the policy upon your request with no charges. You can also view your policy, create a will, keep track of finances, and put up savings funds through Fabric’s app. 

Best for: No brokers or agents, quick online quotes 

Average cost: $60.24 per month 

Our rating: 10/10

AARP $4 Million Life Insurance


  • Ensures that older individuals enjoy comprehensive life insurance coverage

  • Highly involved

  • Quote online or call


  • Customers must be AARP members to apply 

AARP grants $4 million life insurance coverage for seniors ages 60 and older. This is complete with membership benefits from the organization that caters to healthcare needs. Understand that AARP’s life insurance is sourced from New York life. This is why if you want to purchase a policy, you might be redirected to a New York life agent. 

Best for: $4 million life insurance for seniors 

Average cost: $280 per month 

Our rating: 10/10

Ethos $4 Million Life Insurance


  • Automatic underwriting

  • Get an estimate of your rates online

  • Works with multiple insurance companies to grant you coverage


  • Doesn’t allow you to convert your term life insurance into a permanent life insurance policy 

Ethos is backed by multiple insurance companies such as Legal & General America, Ameritas Life Insurance Corp., and TruStage®. Similar to Fabric, this company streamlines your life insurance application process. You can get an estimate of your rates and proceed to purchasing a policy online. But note that in case you need help, Ethos still has a dedicated team of agents ready to help out. 

This company allows you to switch to another insurance company easily. You can cancel your life insurance anytime. Moreover, Ethos can also return the initial premiums you’ve paid in case you want to try another insurance company within 30 days of getting covered. 

Best for: $4 million life insurance with money back guarantee

Average cost: $81.50 per month 

Our rating: 10/10

USAA $4 Million Life Insurance


  • Specializes in working with military personnel

  • Upgrade to permanent life insurance policy with no medical exam

  • Child coverage included


  • Highly exclusive

USAA sees to it that active and retired military personnel enjoy fair rates for their $4 million life insurance. Moreover, this company allows policyholders to enjoy additional benefits such as child coverage, life events coverage, and the ability to convert term life insurance to whole life insurance with no medical exams. 

$4 million isn’t the maximum amount of coverage you can get. USAA allows its customers to avail up to $10 million life insurance. However, quotes for this amount of coverage might only be provided by an agent. 

Best for: $4 million life insurance for military personnel

Average cost: $86.65 per month 

Our rating: 9/10 

State Farm $4 Million Life Insurance


  • Return of premium rider 

  • Wide range of options 


  • Restrictions on no exam plans 

  • Capped final expenses and burial expenses 

State Farm is one of the most recognizable insurance companies. It’s a reliable option if you’re looking for the right life insurance provider. This company can offer up to $4 million worth of coverage in its whole life and term life plans. 

There are many advantages when working with State Farm. First off, you can add a return of premium rider. You can also make changes to your policy before and after purchase. This company even gives you the option of filing a claim online or with the help of an agent. 

Best for: Return of premium rider 

Average cost: $131.29 per month

Our rating: 8/10

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Compare life insurance quotes today to get $4 million life insurance coverage and protect your family. Start by clicking the “Get Quotes” button on this page. 

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