How much is a $1 million life insurance policy at age 45?
About $104 a month — roughly $1,250 a year — for a $1 million 20-year level term policy, assuming a non-smoker in good health.
- $1 million death benefit
- 20-year level term
- Non-smoker, good health rating
- Level premium for the full term
$1 million term life cost by age
Same coverage, same 20-year term, priced at each age. Mortality cost roughly doubles every decade after 40, which is the whole shape of this table.
Term life cost at age 45, by coverage amount
Term life is priced per $1,000 of coverage, so at age 45 the premium tracks the death benefit almost exactly in proportion.
| Death benefit | Per month | Per year |
|---|---|---|
| $250,000 | $26 | $313 |
| $500,000 | $52 | $625 |
| $1 millionthis page | $104 | $1,250 |
| $2 million | $208 | $2,500 |
$1 million at age 45, by term length
A 30-year term costs more per year than a 10-year one because the insurer carries the risk further up the mortality curve.
| Term length | Per month | Per year |
|---|---|---|
| 10-year term | $89 | $1,063 |
| 20-year termthis page | $104 | $1,250 |
| 30-year term | $141 | $1,688 |
What tobacco use costs
Smoker rates are the largest single factor in life insurance pricing. For $1 million at age 45:
| Tobacco use | Per month | Per year |
|---|---|---|
| Non-smokerthis page | $104 | $1,250 |
| Smoker | $260 | $3,125 |
Trust & methodology
Last reviewed: July 23, 2026
Every figure on this page is an illustrative estimate produced from generic, publicly-documented rating factors — not a quote, and not drawn from any insurer's filed rates.
Frequently asked questions
A common starting point is 10–12× your household income, plus your mortgage balance and an allowance per child for education. $1 million suits a household earning around $83,333–$100,000 with a comparable mortgage. Our DIME calculator sizes it against your actual debts rather than a multiple.
Not on a level term policy — the premium is locked from the age you buy at and stays flat for the full term. It only resets if you renew at the end of the term, and renewal rates at that point are based on your age then.
These figures come from generic, publicly-documented rating factors, not any insurer's filed rate table. Real pricing adds full medical underwriting, family history, driving record, state rules, and each insurer's own claims experience. Quotes for the same person routinely differ by 30–50% between carriers, which is why shopping several is worth the time.
For most buyers at 45, term covers the years dependants actually rely on the income, at a fraction of the cost — the premium above is for pure death benefit with no cash value. Whole life costs several times as much for the same death benefit and is generally an estate-planning or high-net-worth tool rather than a family income-replacement one.