Cheapest $1 Million Term Life Insurance Policy (Male vs. Female)

Q: How much does a $1 million term life insurance policy cost?

For a healthy 40-year-old, men often pay around $45–$55 per month and women often pay around $35–$45 per month. Actual pricing depends on age, health, term length, and the carrier underwriting the policy.

Q: Why is $1 million term life insurance cheaper than I expected?

Term life insurance is coverage for a set period with no cash value. If you are healthy and apply at the right age, insurers price these policies aggressively because competition is high and the risk is lower.

Q: Why do women pay less for life insurance than men?

Life insurance pricing is actuarial. Women, on average, have longer life expectancy and lower early-claim risk, which typically results in lower premiums for the same coverage amount.

Q: Is the cheapest $1 million life insurance policy always the best option?

Not always. Some of the lowest-priced policies may have limited conversion options, less flexibility later, or fewer long-term features. Sometimes paying slightly more per month can provide better conversion or future planning value.

Q: How many life insurance companies were compared for this pricing?

This pricing is based on a full-market comparison using data from 50+ life insurance companies. The charts show the lowest-priced options for the specific example profile used.

Q: Why do prices vary so little between the cheapest companies?

When an applicant qualifies for top health classes, many insurers compete closely. Small differences in underwriting guidelines and pricing models can cause carriers to be only pennies apart for the same profile.

Q: Will my rate be higher or lower than the prices shown?

Your rate could be lower if you are younger or exceptionally healthy, and higher if you have medical history, nicotine use, unfavorable build, or other risk factors. The charts are example pricing, not guaranteed rates.

Q: Does term length affect the cost of a $1 million policy?

Yes. Shorter terms usually cost less per month, and longer terms cost more because the insurer is taking on risk for a longer period of time.

Q: Can I get a $1 million term life policy without a medical exam?

Sometimes, yes. Many carriers offer no-exam or accelerated underwriting for qualified applicants, but it is not always the cheapest option. Fully underwritten policies can be less expensive for healthy buyers.

Q: What happens when a $1 million term life policy expires?

When the term ends, coverage typically stops unless the policy is renewed at a much higher rate or converted to permanent life insurance if the policy includes a conversion option.

mattmims
3 days ago
5 min read

Life Insurance at 40 Years Old - Cheapest Policy — $1 million term life insurance at 40-year old

If you’re shopping for a $1 million term life insurance policy, the good news is this: even at age 40, healthy applicants can still lock in very affordable rates — especially if the policy is shopped correctly.

Below is a full-market comparison using pricing from 50+ A-rated life insurance companies, broken out by male vs. female, showing the cheapest $1M term life insurance options available today.

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What This Pricing Data Is Based On

To keep this comparison clean and accurate, every chart below uses the same assumptions:

Coverage amount: $1,000,000
Term length: 20 years
Age: 40
Health class: Preferred Plus / Super Preferred
Tobacco status: Non-tobacco
Market scope: Nationwide pricing from 50+ life insurance companies

Only the lowest-priced options are shown in the charts — not because other companies are excluded, but because these are the best values for this specific profile.

Cheapest $1 Million Term Life Insurance for a Male

Healthy men often assume a $1M policy will be expensive. In reality, multiple carriers compete within a few dollars of each other.

Cheapest $1M Term Life Insurance (Male, Age 40 – Top 5)

Company	Product	Monthly Cost
Banner Life	OPTerm	$48.18
Symetra	SwiftTerm	$48.19
Protective	Classic Choice Term	$48.19
Pacific Life	Promise Term	$48.45
Corebridge (AIG)	Select-a-Term	$48.45

What this chart tells you

The difference between the cheapest carriers is pennies per month
No single company is always “the cheapest”
Underwriting details determine which carrier wins for you

For a healthy 40-year-old male, $1M of coverage can cost under $50 per month when the market is fully shopped.

Cheapest $1 Million Term Life Insurance for a Female

Women benefit from lower mortality risk, which directly translates into lower life insurance premiums.

Cheapest $1M Term Life Insurance (Female, Age 40 – Top 5)

Company	Product	Monthly Cost
Banner Life	OPTerm	$39.93
Symetra	SwiftTerm	$39.94
Protective	Classic Choice Term	$39.95
Pacific Life	Promise Term	$40.17
Corebridge (AIG)	Select-a-Term	$40.22

What this chart tells you

Female rates are typically 20–25% cheaper
The same carriers dominate the low-cost tier
Lifetime savings over 20 years can exceed $2,000

For many healthy women, $1M of term life insurance costs less than $40 per month.

Why Prices Are So Close Across Companies

Life insurance pricing is driven by:

Actuarial life expectancy
Claims history
Risk classification models

When an applicant fits a “clean” underwriting profile, pricing becomes extremely competitive.

That’s why the cheapest carriers often rotate based on:

Height and weight
Blood pressure history
Cholesterol ratios
Family medical history
Application structure (instant vs traditional)

This is also why quoting one company is a mistake.

Cheapest Doesn’t Always Mean Best (Important)

Some of the lowest-priced policies:

Are non-convertible
Have limited permanent conversion options
Offer less flexibility later in life

In many cases, paying $2–$4 more per month can unlock:

Longer conversion windows
Better permanent policy options
Stronger guarantees at older ages

That trade-off is invisible if you only look at one carrier.

Why LifeStein Compares 50+ Insurance Companies

LifeStein is an independent life insurance brokerage. That means:

No carrier bias
No single-company pricing
No guessing

Instead of showing “average costs,” LifeStein:

Compares 50+ A-rated and A+-rated insurers
Matches applicants to underwriting niches
Identifies which company is actually cheapest for each profile

The charts above represent real market pricing, not estimates.

Final Cost Summary

Profile	Approx. Monthly Cost
Male, Age 40	~$48
Female, Age 40	~$40

How to Find Your Exact $1 Million Rate

Your personal rate depends on:

Age
Health history
Height and weight
Nicotine use
State of residence
Term length

The only way to know which company is cheapest for you is to compare the full market.

That’s exactly what LifeStein does.

Frequently Asked Questions About $1 Million Term Life Insurance

How much does a $1 million term life insurance policy cost?

For a healthy 40-year-old:

Men typically pay around $45–$55 per month
Women typically pay around $35–$45 per month

Actual pricing depends on age, health, term length, and which insurance company underwrites the policy.

Why is $1 million term life insurance cheaper than I expected?

Term life insurance is pure death benefit coverage with no cash value. If you are healthy and buy at the right age, insurers price these policies very aggressively because the risk is low and competition is high.

Why do women pay less for life insurance than men?

Women statistically live longer and file fewer early claims. Life insurance pricing is actuarial, so longer life expectancy results in lower monthly premiums for the same coverage amount.

Is the cheapest $1 million life insurance policy always the best option?

Not always. Some of the lowest-priced policies:

Are not convertible to permanent insurance
Have limited flexibility later in life
Offer fewer long-term options

Sometimes paying a few dollars more per month provides significantly better future value.

How many life insurance companies were compared for this pricing?

This pricing comes from a full market comparison of 50+ A-rated and A+-rated life insurance companies.Only the lowest-priced options for this specific profile are shown in the charts.

Why do prices vary so little between the cheapest companies?

When an applicant qualifies for top health classes, insurers compete heavily.Small differences in underwriting guidelines can shift which company ends up being the cheapest, even when prices are only pennies apart.

Will my rate be higher or lower than the prices shown?

Your rate could be:

Lower if you are younger or exceptionally healthy
Higher if you have medical conditions, nicotine use, or unfavorable build

The charts show example pricing, not guaranteed rates.

Does term length affect the cost of a $1 million policy?

Yes. Shorter terms (10 or 15 years) cost less per month, while longer terms (25 or 30 years) cost more because the insurer is taking on risk for a longer period.

Can I get a $1 million term life policy without a medical exam?

Some companies offer no-exam or accelerated underwriting options, but they are not always the cheapest. Fully underwritten policies often provide better pricing for healthy applicants.

What happens when a $1 million term life policy expires?

When the term ends, coverage stops unless:

The policy is renewed at a higher rate
The policy is converted to permanent life insurance (if conversion is available)

This is why conversion options matter when choosing a carrier.

How do I find the cheapest $1 million term life insurance for my situation?

The only reliable way is to compare the full market.Rates depend on underwriting niches, and the cheapest company for one person may not be the cheapest for another.

Working with an independent broker ensures the entire market is reviewed.

Matt Mims

Founder of LifeStein.com

(601)-218-7854 (text)

(888)-612-7935 (call)

mattmims@lifestein.com

(888) 612-7935

(601)218-7854