$20 Million Permanent Life Insurance for Estate Planning

If you’re looking at a $20,000,000 permanent life insurance policy, you’re not shopping for fun. You’re trying to solve real problems: estate taxes, liquidity for heirs, business succession, or multi-generational planning.

This article walks through:

• A real-world quote comparison for a 50-year-old male (age 121 guarantees)

• When a $20M permanent policy makes sense

• Which carriers show up cheapest

• How to think about estate planning structure (trusts, ownership, etc.)

• How an independent broker like LifeStein.com fits into the process

$20 Million Permanent Life Insurance Cost Comparison

This table shows the full market comparison of $20 million permanent life insurance rates for a 50-year-old male, listing each carrier’s product, health class, and monthly and annual premiums from lowest to highest.

$20 Million Permanent Life Insurance Premiums by Billing Mode

This table breaks down how each carrier prices a $20 million permanent life insurance policy across monthly, quarterly, semi-annual, and annual billing modes, helping buyers understand the cash-flow differences between payment schedules.

Why These $20 Million Permanent Life Insurance Rates Look the Way They Do

When you look at the pricing across Protective, Nationwide, North American, Pacific Life, Cincinnati, Corebridge, and Banner, you’ll notice a very clear pattern: the top carriers cluster tightly together, and everyone else fans out above them. That’s not an accident — it’s how guaranteed universal life (GUL) pricing works at large face amounts.

Protective dominates this category because their Lifetime Assurance UL has long been one of the most efficient GUL products on the market. They aggressively price large, high-quality files, and they’re consistent at age 50. If someone qualifies for Select Preferred, Protective almost always wins on pure price.

Nationwide, North American, and Pacific Life make up the middle pack because their GUL and IUL guarantees are extremely strong, their A+ ratings are consistent, and they’re designed for exactly this type of planning — ultra-high-net-worth clients needing permanent death benefit with no surprises.

Cincinnati and Corebridge tend to price higher at $20M because their cost of insurance is heavier at older ages and larger face amounts. They’re still excellent carriers, but not the most competitive for large GULs at age 50.

And Banner Life appears unusually expensive because this particular product is a conversion-only UL — it is not designed for new guaranteed UL sales. These conversion ULs preserve insurability but are never designed to compete on price.

Which Carrier Is Best for a $20 Million Permanent Policy?

While the charts show Protective as the clear-cut price leader, that doesn’t automatically make them the best fit for every $20 million case. Here’s how to think about it:

Choose Protective if:

• Your health is excellent

• You want the lowest lifetime guaranteed premium possible

• You prefer a simple, predictable, no-frills GUL

Choose Nationwide if:

• You want long-term stability and client experience

• You want more flexibility with premium schedules

• You want a top A+ carrier with strong trust-friendly policies

Choose North American or Pacific Life if:

• You want a policy that can offer some cash value flexibility

• You want the strongest guarantee provisions

• You want better performance if you ever reduce premiums later

Consider Cincinnati or Corebridge if:

• Your health isn’t textbook clean

• You need unique underwriting accommodations

• You prioritize non-price features like riders or loan provisions

No single carrier is “best” for everyone. Large permanent policies are case-by-case decisions, which is why independent comparison matters at the $20M level.

When a $20 Million Permanent Life Insurance Policy Makes Sense

People don’t buy $20 million of permanent coverage without a very specific reason. These are the most common scenarios:

1. Estate Tax Exposure

If your net worth is already in the $20–30M range (or projected to be), liquidity becomes a real issue. The estate tax can force heirs to liquidate assets at bad times. A $20M permanent policy provides predictable, tax-free liquidity to pay those taxes without selling off businesses, real estate, land, or investments.

2. Business Owners With Illiquid Assets

If most of your net worth is tied up in a company, income-producing properties, or a farm, a large GUL or IUL gives your family the cash needed to settle the estate and keep the business running.

3. Equalizing Inheritances

If one child inherits a business or real estate portfolio, life insurance allows you to give equal value to your other children — without dividing or selling long-term assets.

4. Long-Term Wealth Transfer

Large permanent policies remain one of the simplest tools to move significant wealth to the next generation with minimal friction and minimal taxes.

Why Most $20 Million Policies Are Owned by an ILIT (Irrevocable Life Insurance Trust)

Once you cross into the $10M+ estate range, most sophisticated planners place the life insurance policy inside an ILIT. Here's why:

1. The death benefit stays outside your taxable estate

If you personally own the policy, the IRS includes the $20M death benefit in your estate. If the ILIT owns it, the death benefit passes to your heirs estate-tax-free (assuming correct legal structure and ongoing compliance).

2. The ILIT controls premium payments

The trustee pays premiums from gifted funds. The attorney typically sets up Crummey notices so the annual exclusion gifts qualify properly.

3. It protects the policy from creditors

The trust owns the contract, not you.

4. It coordinates multi-generation planning

Heirs can receive income or structured distributions based on the terms of the trust.

Your attorney handles the ILIT formation. LifeStein helps structure the policy correctly so ownership and beneficiary design line up with your estate strategy.

What to Expect During Underwriting for a $20 Million Policy

Underwriting at this level is more detailed than a typical life insurance application. Here’s what the process looks like:

1. Financial justification

For $20M, carriers require a clear purpose such as estate liquidity, business planning, or wealth replacement. They may ask for financial documents or CPA letters.

2. Medical underwriting

Most carriers will require:

• Bloodwork

• Urine

• EKG (sometimes)

• Medical records

• Prescription history

Accelerated underwriting typically does not apply at $20M, but some carriers may waive certain requirements for exceptionally clean cases.

3. Timeline

From start to approval, most high-face-amount cases take 4–8 weeks depending on medical records and financial documentation.

4. Trust-owned policy steps

If an ILIT is involved:

• The trustee signs the application

• The policy is issued to the trust

• Premium gifts flow through the trust following attorney guidance

Everything must be coordinated correctly to avoid estate inclusion.

Why High-Net-Worth Families Choose LifeStein.com

At $20M, you can’t rely on a single-carrier agent or a call center. You need someone who can shop the entire marketplace and coordinate underwriting and estate planning details.

LifeStein.com provides:

✔ Access to 50+ top-rated carriers

Including Protective, Nationwide, North American, Pacific Life, Corebridge, Cincinnati Life, Legal & General, Banner Life, Mutual of Omaha, Symetra, Lincoln Financial, Principal, Penn Mutual, Securian, Transamerica, AuguStar, and many more.

✔ Expertise in ultra-high-face-amount underwriting

We know which carriers give the best pricing for your health profile — and which ones don’t.

✔ Estate-planning coordination

We work directly with your estate attorney and CPA to match ownership, beneficiary design, and gifting strategies to your policy structure.

✔ A personal relationship — not a call center

You work directly with Matt Mims, the owner of LifeStein, not random representatives.

✔ Fast, transparent responses

Quotes, follow-up, support, and guidance without pressure or upselling.

When you’re dealing with an asset this large, working with a hands-on broker makes all the difference.

Frequently Asked Questions About $20 Million Permanent Life Insurance

1. How much does a $20 million permanent life insurance policy cost?

For a healthy 50-year-old male, premiums usually range from $14,800 to $21,000+ per month, depending on the carrier, health class, and structure.

2. Who typically buys $20 million policies?

Business owners, real estate investors, physicians, high-income professionals, and families with estates in the $20M+ range.

3. Do I need a trust to own a $20M policy?

Not always, but most families use an ILIT to keep the death benefit out of their taxable estate.

4. How long does underwriting take?

Usually 4–8 weeks depending on medical records and financial documentation.

5. Can I buy a $20 million policy with no medical exam?

Not at this face amount. Full underwriting is nearly always required.

6. Will premiums change in the future?

These policies are guaranteed level premiums to age 121, meaning the rate is locked in permanently as long as premiums are paid.

7. How do I get a personalized quote?

Use the LifeStein.com quote system or call directly to review custom pricing for your exact health profile, estate structure, and goals.

Matt Mims

CEO/Owner of LifeStein.com

(601)-218-7854 (Call/Text)

mattmims@LifeStein.com