How Much Does a $1 Million Life Insurance Policy Cost at Age 62? (2026 Rates for Men and Women)

A $1 million life insurance policy at age 62 can cost as little as $257.56 per month for a healthy male and $165.16 per month for a healthy female for a 10-year term.

One important change occurs at this age: a new 30-year term life insurance policy is not available at age 62 in our comparison. Someone looking for coverage lasting 30 years or longer will generally need to consider a 25-year term policy or permanent coverage such as whole life insurance.

For a healthy 62-year-old male, a 25-year $1 million term policy costs approximately $937.10 per month, while $1 million of whole life insurance costs approximately $1,411 per month.

For a healthy 62-year-old female, the comparable rates are $744.44 per month for a 25-year term and approximately $1,240 per month for whole life insurance.

Below, LifeStein compares 2026 rates across different health, nicotine, tobacco, THC, and medical profiles.

How Much Does a $1 Million Life Insurance Policy Cost at Age 62?

Request Your $1 Million Life Insurance Policy Now

Can a 62-Year-Old Buy a 30-Year Term Life Insurance Policy?

A 30-year term was not available at age 62 in our comparison.

This matters for someone who wants coverage into their 90s. Instead of a 30-year term, the two primary options shown in this analysis are:

• Purchase a 25-year term policy, which can provide coverage to approximately age 87.

• Purchase a whole life insurance policy, which provides permanent coverage as long as the required premiums are paid and the policy remains in force.

For healthy applicants, a 25-year term is considerably less expensive than whole life insurance. Whole life, however, doesn't expire after 25 years.

How Much Does $1 Million of Life Insurance Cost for a 62-Year-Old Male?

Perfect Health

A healthy 62-year-old male can expect to pay approximately:

The difference between a 20- and 25-year policy is significant. However, the additional five years extends the level term period from approximately age 82 to age 87.

Good Health

A 62-year-old male in good health can expect to pay:

• $296.80/month for a 10-year term

• $405.36/month for a 15-year term

• $569.63/month for a 20-year term

• $1,065.54/month for a 25-year term

A 30-year term was not available.

Zyn, Dip, NRT and Daily Cigar Use

For a 62-year-old male using Zyn, dip, nicotine replacement therapy such as gum or patches, or smoking cigars daily, the lowest rates identified were:

• $399.26/month for 10 years

• $568.22/month for 15 years

• $791.02/month for 20 years

A competitive 25- or 30-year term was not available for these profiles in this comparison.

For applicants looking for permanent coverage, the whole life rate shown for the cigar/nicotine pouch/dip/chew profile was approximately $1,937.49 per month.

Occasional Cigar Smoker Rates

Occasional cigar use can be treated much more favorably than regular tobacco use by certain life insurance companies.

A 62-year-old male occasional cigar smoker could pay:

• $261.93/month for 10 years

• $350.93/month for 15 years

• $513.52/month for 20 years

• $937.10/month for 25 years

Those rates remain relatively close to the perfect-health pricing in this comparison.

Vape User Rates

For a 62-year-old male who vapes:

• $421.08/month for 10 years

• $740.52/month for 15 years

• $922.68/month for 20 years

A 25- or 30-year term wasn't available for this profile in our comparison.

THC User Rates at Age 62

THC frequency can affect the underwriting class available to an applicant.

For a 62-year-old male using THC more than eight times per month, the rates were:

• $296.94/month for 10 years

• $407.72/month for 15 years

• $580.84/month for 20 years

For THC use fewer than eight times per month, the rates were:

• $257.57/month for 10 years

• $340.79/month for 15 years

• $500.99/month for 20 years

This comparison shows that less frequent THC use can result in pricing very close to the best health-class rates.

$1 Million Life Insurance for a 62-Year-Old Male With Diabetes

A 62-year-old male with diabetes could pay:

• $458.30/month for 10 years

• $610.90/month for 15 years

• $898.65/month for 20 years

• $1276.79/month for 25 years

Longer term lengths were not available for this profile in the comparison.

Diabetes underwriting can vary substantially depending on factors such as age at diagnosis, A1C, medications, control, and complications.

Cigarette Smoker Rates

A 62-year-old male cigarette smoker could pay:

• $998.78/month for 10 years

• $1,262.42/month for 15 years

• $1,616.05/month for 20 years

A 25- or 30-year term wasn't available for this profile.

How Much Does $1 Million of Life Insurance Cost for a 62-Year-Old Female?

Women generally have lower life insurance premiums than men of the same age when other underwriting factors are similar.

Perfect Health

A healthy 62-year-old female can expect to pay:

For someone primarily concerned about obtaining the longest available term coverage, the 25-year policy provides $1 million of coverage to approximately age 87.

Someone who wants coverage that doesn't terminate at the end of a term can instead consider whole life insurance.

Good Health

A 62-year-old female in good health could pay:

• $205.13/month for 10 years

• $274.72/month for 15 years

• $410.76/month for 20 years

• $812.88/month for 25 years

Zyn, Dip, NRT and Daily Cigar Use

For a 62-year-old female using Zyn, dip, nicotine gum or patches, or smoking cigars daily:

• $268.16/month for 10 years

• $388.28/month for 15 years

• $560.82/month for 20 years

A competitive 25- or 30-year term wasn't available for these profiles.

The whole life rate shown for the cigar/nicotine profile was approximately $1,622.55 per month.

Occasional Cigar Smoker Rates

A 62-year-old female occasional cigar smoker could pay:

• $165.16/month for 10 years

• $224.46/month for 15 years

• $346.83/month for 20 years

• $744.44/month for 25 years

Again, occasional cigar use produced rates relatively close to the perfect-health rates in this comparison.

Vape User Rates

A 62-year-old female who vapes could pay:

• $268.16/month for 10 years

• $417.84/month for 15 years

• $579.48/month for 20 years

A 25- or 30-year term wasn't available for this profile.

THC User Rates for Women

For a 62-year-old female using THC more than eight times per month:

• $206.34/month for 10 years

• $274.73/month for 15 years

• $411.12/month for 20 years

For THC use fewer than eight times per month:

• $166.11/month for 10 years

• $220.42/month for 15 years

• $340.97/month for 20 years

Diabetes Rates for Women

A 62-year-old female with diabetes could pay:

• $293.14/month for 10 years

• $421.03/month for 15 years

• $593.30/month for 20 years

• $981.04/month for 25 years

Cigarette Smoker Rates for Women

A 62-year-old female cigarette smoker could pay:

• $675.57/month for 10 years

• $896.30/month for 15 years

• $1,168.20/month for 20 years

A 25- or 30-year term wasn't available for this profile in the comparison.

25-Year Term vs. Whole Life at Age 62

For someone specifically searching for a 30-year term policy at age 62, this is an important comparison.

Because a 30-year term isn't available in this analysis, a healthy applicant can compare the longest available term with permanent whole life coverage.

62-Year-Old Male

• 25-year term: $937.10/month

• Whole life: $1,411/month

• Difference: $473.90/month

62-Year-Old Female

• 25-year term: $744.44/month

• Whole life: $1,240/month

• Difference: $495.56/month

The 25-year term provides significantly lower monthly premiums but eventually expires. Whole life costs more but is designed to provide permanent coverage as long as the required premiums are paid and the policy remains in force.

The appropriate choice depends on why the $1 million death benefit is needed.

Someone primarily replacing income or protecting a spouse through retirement may prefer term insurance. Someone who wants a death benefit regardless of how long they live may prefer permanent coverage.

Why Would Someone Need $1 Million of Life Insurance at Age 62?

Turning 62 doesn't necessarily eliminate the need for substantial life insurance.

Someone at this age may still have:

• A spouse dependent on their income

• A mortgage or other debts

• Several remaining working years

• Business obligations

• Estate-planning needs

• Children or grandchildren they want to provide for

• A desire to leave a guaranteed inheritance

The appropriate coverage amount and policy length depend on what financial obligation the policy is intended to protect.

Frequently Asked Questions

Can a 62-year-old get a 30-year term life insurance policy?

A 30-year term was not available for a 62-year-old in our comparison. Someone who wants long-duration coverage can consider a 25-year term or permanent coverage such as whole life insurance.

What is the longest term life insurance policy available at age 62?

For healthy applicants in this comparison, a 25-year term was available. A 25-year policy purchased at age 62 would provide level term coverage to approximately age 87.

How much does $1 million of life insurance cost at age 62?

A healthy 62-year-old male could pay approximately $257.56 per month for a 10-year term, while a healthy female could pay approximately $165.16 per month.

How much is a 20-year $1 million policy at age 62?

A healthy 62-year-old male could pay approximately $500.98 per month, while a healthy 62-year-old female could pay approximately $340.96 per month.

How much is a 25-year $1 million life insurance policy at age 62?

A healthy male could pay approximately $937.10 per month, while a healthy female could pay approximately $744.44 per month.

How much does $1 million of whole life insurance cost at age 62?

The rates in this analysis were approximately $1,411 per month for a healthy male and $1,240 per month for a healthy female.

Should a 62-year-old buy a 25-year term or whole life insurance?

It depends on how long the death benefit is needed. A 25-year term provides substantially lower premiums and coverage to approximately age 87. Whole life is more expensive but provides permanent coverage as long as required premiums are paid and the policy remains in force.

Can a Zyn user get $1 million of life insurance at age 62?

Yes. In this comparison, a 62-year-old male Zyn user could obtain a 20-year $1 million policy for approximately $791.02 per month, while a female could pay approximately $560.82 per month.

Can a 62-year-old with diabetes qualify for $1 million of life insurance?

Yes, depending on underwriting. Rates can vary significantly based on diabetes type, age at diagnosis, A1C, medications, complications, and overall control.

Rate Methodology and Disclaimer

How Were These Life Insurance Rates Calculated?

The rates shown in this article were generated using CompuLife quoting software and represent the lowest monthly premium identified by LifeStein after comparing rates from more than 50 life insurance companies for each profile.

Rather than using general industry averages, LifeStein compared insurers for the specific combination of age, sex, $1 million coverage amount, term length, health classification, and nicotine, tobacco, THC, or medical profile shown above.

These figures are therefore not averages or median premiums. Each figure represents the lowest monthly premium identified in the comparison for that particular profile.

The analysis included scenarios involving:

• Perfect health

• Good health

• Zyn and nicotine pouch use

• Dip and chewing tobacco

• Nicotine replacement therapy, including gum and patches

• Daily and occasional cigar use

• Vaping

• THC use

• Diabetes

• Cigarette smoking

• Whole life insurance

Actual premiums and eligibility can vary based on an applicant's complete medical history, prescription medications, height and weight, family history, laboratory results, nicotine and tobacco history, marijuana use, occupation, state of residence, and each insurer's underwriting guidelines.

Not every insurer offers every term length or underwriting classification. Where a competitive policy was not available for a particular scenario in the comparison, it is shown as N/A.

The rates are provided for educational and comparison purposes and do not guarantee approval, a specific underwriting classification, or final pricing.

Rate data updated: August 2026.