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Cheapest $10 Million Term Life Insurance Rates (2025) for a 40-Year-Old Male — Full Market Comparison Across All Major Carriers
- mattmims
- Nov 19
- 8 min read
If you’ve ever wondered how much a $10 million term life insurance policy costs at age 40, this is the full market breakdown you won’t find anywhere else online. Below, we compare the cheapest monthly rates from every major life insurance company—using only the lowest-priced product from each carrier with no duplicates. These charts give you a true, side-by-side look at real pricing for 10-year, 20-year, and 30-year term lengths, so you can instantly see which companies are most competitive in 2025 and what you should expect to pay. All data reflects a healthy, non-smoker 40-year-old male and represents the full independent brokerage market that LifeStein.com shops for you.
Cheapest $10 Million, 10-Year Term Life Insurance Companies for a 40-Year-Old Male
Company | Product | AM Best Rating | Monthly Price |
Principal National | Term – Non-Convertible | A+ | $208.47 |
Corebridge | Select-a-Term | A | $212.69 |
Pacific Life | Promise Term | A+ | $214.92 |
Nationwide | Guaranteed Level Term | A+ | $225.31 |
Symetra | Symetra Term 5.0 | A | $226.19 |
Protective | Classic Choice Term | A+ | $243.17 |
Prudential | Essential Term Value | A+ | $261.19 |
Minnesota Life | Advantage Elite Select Term | A+ | $266.20 |
North American | ADDvantage Term Gen 9 | A+ | $287.32 |
MassMutual | MassMutual Term | A++ | $293.63 |
Foresters | Your Term (Medical) | A | $321.13 |
United of Omaha | Term Life Answers | A+ | $323.58 |
National Life Group | LSW 10-G | A+ | $332.20 |
Lincoln Financial | LifeElements Term | A | $333.78 |
Cincinnati Life | Termsetter | A+ | $335.04 |
Banner Life | OPTerm | A+ | $346.79 |
John Hancock | Vitality Term | A+ | $467.84 |
Assurity | Term Life | A- | $484.59 |
This chart shows the cheapest $10 million, 10-year term life insurance companies for a 40-year-old male, using the lowest-priced product from each carrier. Prices are shown in monthly premiums to help readers compare companies quickly and accurately.
Cheapest $10 Million, 20-Year Term Life Insurance Companies for a 40-Year-Old Male
Company | Product | AM Best Rating | Monthly Price |
Protective | Classic Choice Term | A+ | $432.22 |
Corebridge | Select-a-Term | A | $435.85 |
Pacific Life | Promise Term | A+ | $436.14 |
Principal National | Term – Non-Convertible | A+ | $437.66 |
Symetra | Symetra Term 5.0 | A | $453.80 |
Nationwide | Guaranteed Level Term | A+ | $496.56 |
Banner Life | OPTerm | A+ | $497.31 |
Cincinnati Life | Termsetter | A+ | $537.84 |
Minnesota Life | Advantage Elite Select | A+ | $546.92 |
Foresters | Your Term (Medical) | A | $557.38 |
Prudential | Essential Term Value | A+ | $558.69 |
North American | ADDvantage Term | A+ | $560.12 |
National Life Group | LSW 20-G | A+ | $561.00 |
MassMutual | MassMutual Term | A++ | $563.33 |
United of Omaha | Term Life Answers | A+ | $624.58 |
Lincoln Financial | LifeElements | A | $617.45 |
John Hancock | Vitality Term | A+ | $654.84 |
Assurity | Term Life Insurance | A- | $780.39 |
This chart displays the lowest monthly prices for $10 million, 20-year term life insurance for a 40-year-old male. Each company appears only once, and only the cheapest available product per carrier is included to provide a clean, full-market comparison.
Cheapest $10 Million, 30-Year Term Life Insurance Companies for a 40-Year-Old Male
Company | Product | AM Best Rating | Monthly Price |
Banner Life | OPTerm | A+ | $849.22 |
Pacific Life | Promise Term | A+ | $851.78 |
Corebridge | Select-a-Term | A | $860.13 |
Protective | Classic Choice Term | A+ | $864.35 |
Symetra | Symetra Term 5.0 | A | $903.09 |
Principal National | Term – Non-Convertible | A+ | $948.16 |
Nationwide | Guaranteed Level Term | A+ | $969.06 |
Lincoln Financial | LifeElements | A | $980.17 |
Cincinnati Life | Termsetter | A+ | $985.69 |
Prudential | Essential Term Value | A+ | $996.19 |
North American | ADDvantage Term | A+ | $1,017.72 |
National Life Group | LSW 30-G | A+ | $1,071.40 |
Minnesota Life | Advantage Elite Select | A+ | $1,075.95 |
United of Omaha | Term Life Answers | A+ | $1,097.58 |
Foresters | Your Term | A | $1,108.63 |
MassMutual | MassMutual Term | A++ | $1,128.83 |
John Hancock | Vitality Term | A+ | $1,216.84 |
Assurity | Term Life Insurance | A- | $1,224.09 |
This chart outlines the cheapest $10 million, 30-year term life insurance options for a 40-year-old male, listing the lowest-cost product from every major carrier without repeating companies. Monthly pricing is shown to help readers compare long-term affordability across insurers.
What This Data Means for You
When you look across all three charts, one thing becomes clear: pricing for a $10 million policy varies massively depending on the company and term length. For a healthy 40-year-old male, monthly premiums can start in the low $200s for a 10-year term but push past $1,200 for a 30-year term with some carriers. These differences aren’t random—each company has its own underwriting style and risk appetite, which is why shopping the full market matters. LifeStein makes that easy by comparing every major insurer at once so you don’t overpay.
Why Someone Buys a $10 Million Life Insurance Policy
A $10 million policy isn’t just for high-income earners—it's for anyone whose financial obligations and future goals require a protected legacy. Common reasons include:
Income replacement: A $10M policy replaces roughly $250,000–$350,000 a year of income for decades.
Business protection:Â Many business owners use large policies for buy-sell agreements or key-person coverage.
Estate planning:Â High-net-worth families often need seven-figure policies to offset estate taxes.
Debt payoff:Â Mortgages, business loans, and investment debts can stack quickly.
Family legacy:Â Ensures your children and spouse maintain their lifestyle without financial stress.
Most people who buy coverage this size aren’t showing off—they’re planning ahead.
What Determines the Cost of $10 Million Life Insurance?
Pricing for high-limit coverage depends on several underwriting factors, and each one can move your rates up or down:
Age: Life insurance becomes more expensive every year past 35–40.
Health:Â Blood pressure, cholesterol, family history, and medical records are all reviewed.
Nicotine use: Cigarettes, dip, vapes, and nicotine pouches all impact pricing differently—LifeStein specializes in this.
Height and weight (BMI):Â A high or low BMI can change your class rating.
Term length:Â Longer terms = more risk for the insurer.
Company underwriting style:Â Some carriers are friendly on build, others on nicotine, others on medical issues.
This is exactly why comparing only one or two companies can cost you thousands per year.
Best $10 Million Life Insurance Companies at Age 40
While price is important, underwriting strength and overall approval smoothness matter just as much—especially at $10 million coverage amounts. Here are the top carriers based on a mix of pricing, underwriting flexibility, and high-limit experience:
1. Principal
Often the overall cheapest for 40-year-old males and one of the easiest companies for high-income earners, executives, and applicants with clean health histories.
2. Corebridge (AIG)
Extremely competitive pricing on 10-, 20-, and 30-year terms. Known for flexible underwriting and strong approval speed for larger policy sizes.
3. Pacific Life
Frequently among the lowest prices for high-limit policies. Very friendly to applicants with good labs and strong medical records.
4. Protective Life
A consistent top performer for long-term pricing stability, especially on 20- and 30-year term policies.
5. Banner Life
Excellent for very long term lengths and known for forgiving build charts (BMI). Consistently competitive at $10M.
6. Nationwide
Strong for top-tier health classes and great for applicants looking for a straightforward approval process.
7. Symetra
Good for non-nicotine users and offers clean, fast underwriting for larger cases.
Financial Underwriting: How Carriers Approve High-Limit Coverage
For large policies like $10 million, financial underwriting is equally important as medical underwriting. Carriers typically evaluate:
Current annual income
Future projected income
Overall net worth
Liquidity and assets
Existing insurance coverage
Business ownership or equity
Estate planning needs
Carriers want to ensure the coverage amount is appropriate and not excessive. This protects both the insured and the insurance company.
How Much Coverage You Can Qualify For (Income Multiples)
Life insurance companies use income multipliers to determine the maximum amount of coverage a person qualifies for:
Age | Typical Income Multiple |
18–30 | 30–40× income |
31–40 | 25–35× income |
41–50 | 20–25× income |
51–60 | 15–20× income |
61–65 | 10–15× income |
66–70 | 5–10× income |
Example:
A 40-year-old earning $300,000/year can typically qualify for: $7.5 million to $10.5 million in coverage.
Exceptions apply for:
Business owners
High-net-worth individuals
People with large real estate holdings
Estate planning
Key-person coverage
Buy-sell agreements
With proper justification, carriers approve $10M–$30M+ policies regularly.
Estate Planning Considerations With a $10 Million Life Insurance Policy
Many families use $10M+ life insurance policies as a strategic estate planning tool. Here’s why:
Estate Tax Protection:Â Federal estate taxes can exceed 40% above current thresholds.
Liquidity for Heirs:Â Provides cash to pay taxes without having to sell property or investments.
ILITs (Irrevocable Life Insurance Trusts):Â Common vehicle for high-net-worth families (simple overview only).
Generational Wealth:Â Ensures assets pass cleanly to children, grandchildren, or charitable foundations.
Business Continuity:Â Life insurance can protect family businesses from liquidation.
Even individuals with substantial assets often use life insurance to cover tax burdens and preserve their wealth for the next generation.
Business Owner Use Cases for $10 Million Coverage
High-limit policies are extremely common for entrepreneurs and business owners. Typical uses include:
Buy-Sell Agreements:Â Ensures the business survives if a partner passes.
Key Person Coverage:Â Protects the company if a critical executive or founder dies.
Collateral for Loans:Â Banks regularly accept life insurance as security for financing.
Investor Protection:Â Startups and private companies sometimes require coverage for founders.
Business Continuation:Â Helps the company maintain stability during transition.
$10M–$20M policies are very normal in the business world, even for companies doing $2M–$10M in annual revenue.
Term vs. Permanent Life Insurance for Large Policies
While most people choose term insurance for $10 million coverage, permanent life insurance has its place too.
Term Life Benefits
Lowest cost for highest coverage
Simple, straightforward
Ideal for income replacement and debt protection
Best for families with young children
Great for business coverage
Permanent Life Benefits
Used for estate planning
Tax-advantaged wealth transfer
Provides lifetime coverage
Can be owned by a trust (ILIT)
Common with high-net-worth individuals
For most 40-year-olds, term is the best fit, unless the goal is legacy or estate protection.
$10 Million Life Insurance: Common Questions Answered
1. How much does a $10 million life insurance policy cost at age 40?
For a healthy 40-year-old male, $10 million in term life insurance typically ranges from about $208 to $350 per month for a 10-year term, $430 to $700 per month for a 20-year term, and $850 to $1,200 or more per month for a 30-year term. Your exact rate depends on your health, build, nicotine use, and which company you choose.
2. What income level is required to qualify for $10 million in coverage?
Most carriers require income of roughly $250,000 to $1,000,000 or more depending on your age. A 40-year-old typically qualifies for 25 to 35 times their annual income, meaning someone earning $300,000 a year could generally qualify for $7.5 million to $10.5 million in coverage. Exceptions exist for business owners, high-net-worth individuals, and real estate investors.
3. Do I need a medical exam for a $10 million policy?
Most applicants will need a paramedical exam along with bloodwork, a urine sample, a medical history review, and income verification. Some accelerated-underwriting carriers may waive the exam for exceptionally healthy applicants, but this is not common at the $10 million level.
4. Which life insurance company is best for a $10 million policy?
The best carrier depends on your health and underwriting profile. Based on current market pricing, companies such as Principal, Corebridge (AIG), Pacific Life, Protective, Banner Life, Nationwide, and Symetra are among the most competitive for healthy 40-year-old applicants.
5. What determines the price of a $10 million policy?
Rates are influenced by age, medical history, nicotine or tobacco use, height and weight, family health history, driving record, and the term length selected. Each carrier also has its own underwriting guidelines, which can make certain companies cheaper for different applicant profiles.
6. Can business owners get approved for $10 million of life insurance?
Yes. Business owners often qualify for even higher coverage amounts because they can justify the need through key-person protection, buy-sell agreements, business debts, future revenue expectations, or requirements from investors or lenders.
7. Is $10 million too much life insurance?
Not necessarily. Many high-income earners, business owners, and families with significant financial obligations require between $5 million and $15 million of coverage to properly protect their income, assets, and long-term financial goals.
8. How long does it take to get approved for $10 million of coverage?
Approval typically takes between 7 and 21 days, depending on how quickly medical records are obtained and how straightforward your health history is. Healthy applicants with clean medical files often move through underwriting faster.
9. Does nicotine use (including pouches) affect $10 million policy rates?
Yes. Cigarettes result in the highest pricing, while vapes and dip also increase rates. Nicotine pouch users may still qualify for non-smoker pricing with certain carriers, which is why matching your profile to the right company is important.
10. Can I get $10 million of coverage without a medical exam?
It is rare but possible. Some carriers may offer no-exam approval for applicants with extremely strong health histories and clean electronic medical records, but the majority of applicants at the $10 million level will need a medical exam and full underwriting.
Matt Mims
Owner/CEO of LifeStein.com
(601)-218-7854 (call/text)