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How Much Does $1 Million Term Life Insurance Cost at Age 55? (Full 2026 Market Rates)
- mattmims
- 1 day ago
- 11 min read
If you’re 55 years old and looking for $1 million of term life insurance, pricing in 2026 varies more than most people expect. At this age, small differences in underwriting, term length, and carrier rules can change your monthly premium by hundreds of dollars — and over the life of the policy, that can mean tens of thousands in total cost.
The charts below show real, current 2026 term life insurance rates pulled from the full U.S. market for a healthy 55-year-old male. Each table compares major life insurance companies side by side, broken out by 10-, 15-, 20-, 25-, and 30-year term lengths, so you can see exactly how pricing changes as coverage duration increases.
Age 55 is a critical pricing threshold. Many insurers tighten underwriting guidelines, limit available term lengths, or reprice sharply starting at this age. That’s why comparing the entire market — rather than relying on a single carrier or online quote engine — is essential if you want to lock in the lowest possible rate.
Use the charts below to understand what the market is offering today, then decide which term length best fits your timeline, income horizon, and long-term financial goals.
$1 Million 10-Year Term Life Insurance Cost at Age 55 (2026 Full Market Rates)
Company | Product | Monthly |
Banner Life | OPTerm | $120.82 |
Corebridge (AIG) | Select-a-Term | $120.50 |
Symetra | SwiftTerm | $120.83 |
Protective | Classic Choice Term | $120.84 |
Pacific Life | Promise Term | $121.21 |
Principal | Term (Non-Convertible) | $122.26 |
John Hancock | Vitality Term | $127.32 |
Nationwide | Guaranteed Level Term | $131.69 |
Prudential | Essential Term Value | $133.44 |
Lincoln Financial | LifeElements Term | $133.87 |
MassMutual | MassMutual Term | $146.60 |
National Life Group | LSW 10-G | $151.80 |
This chart shows 2026 full-market pricing for a $1 million 10-year term life insurance policy at age 55. Rates are based on a 55-year-old male in excellent health qualifying for top underwriting classes. The table compares monthly premiums across major U.S. life insurance companies, highlighting how competitive short-term coverage remains at age 55 for buyers who want high coverage with the lowest possible cost.
$1 Million 15-Year Term Life Insurance Cost at Age 55 (2026 Full Market Rates)
Company | Product | Monthly |
Banner Life | OPTerm | $160.74 |
Corebridge (AIG) | Select-a-Term | $159.81 |
Symetra | SwiftTerm | $160.75 |
Protective | Classic Choice Term | $160.75 |
Pacific Life | Promise Term | $161.75 |
Principal | Term (Non-Convertible) | $162.66 |
John Hancock | Vitality Term | $167.32 |
Lincoln Financial | LifeElements Term | $179.65 |
Nationwide | Guaranteed Level Term | $185.94 |
Prudential | Essential Term Plus | $195.57 |
MassMutual | MassMutual Term | $195.32 |
National Life Group | LSW 15-G | $206.36 |
This chart displays full-market 2026 pricing for a $1 million 15-year term life insurance policy at age 55. The rates reflect preferred and super-preferred health classes and compare pricing across leading carriers. Many buyers at this age choose 15-year term coverage to balance affordability with protection through retirement or peak earning years, making carrier comparison especially important.
$1 Million 20-Year Term Life Insurance Cost at Age 55 (2026 Full Market Rates)
Company | Product | Monthly |
Corebridge (AIG) | Select-a-Term | $214.51 |
Banner Life | OPTerm | $215.75 |
Symetra | SwiftTerm | $215.77 |
Protective | Classic Choice Term | $215.76 |
Pacific Life | Promise Term | $217.10 |
Principal | Term (Non-Convertible) | $218.32 |
John Hancock | Vitality Term | $220.72 |
Nationwide | Guaranteed Level Term | $241.06 |
Lincoln Financial | LifeElements Term | $242.86 |
Prudential | Essential Term Value | $252.44 |
MassMutual | MassMutual Term | $265.79 |
National Life Group | LSW 20-G | $267.08 |
This chart breaks down 2026 full-market rates for a $1 million 20-year term life insurance policy at age 55. Premiums are shown by carrier and product for a healthy 55-year-old male. At this age, pricing differences between carriers widen significantly, and this chart highlights how shopping the entire market can result in meaningful long-term savings.
$1 Million 25-Year Term Life Insurance Cost at Age 55 (2026 Full Market Rates)
Company | Product | Monthly |
Corebridge (AIG) | Select-a-Term | $351.71 |
Banner Life | OPTerm | $353.79 |
Protective | Classic Choice Term | $353.80 |
Pacific Life | Promise Term | $355.92 |
Cincinnati Life | Termsetter | $384.90 |
Foresters | Your Term | $412.13 |
MassMutual | MassMutual Term | $459.80 |
This chart shows available 25-year term life insurance options for $1 million of coverage at age 55, based on 2026 market pricing demonstrated across all eligible carriers. Fewer companies offer 25-year terms at this age, which makes pricing more limited and underwriting more selective. This chart illustrates which insurers still compete in this term length and how pricing escalates compared to shorter terms.
$1 Million 30-Year Term Life Insurance Cost at Age 55 (2026 Full Market Rates)
Company | Product | Monthly |
Corebridge (AIG) | Select-a-Term | $446.48 |
Banner Life | OPTerm | $449.10 |
Protective | Classic Choice Term | $449.11 |
Symetra | SwiftTerm | $449.11 |
Pacific Life | Promise Term | $451.81 |
Principal | Term (Non-Convertible) | $471.28 |
Prudential | Essential Term Value | $518.44 |
National Life Group | LSW 30-G | $541.64 |
MassMutual | MassMutual Term | $587.69 |
John Hancock | Vitality Term | $597.12 |
This chart presents 2026 full-market pricing for a $1 million 30-year term life insurance policy at age 55, where availability is most restricted. Rates shown reflect top health classes for a 55-year-old male and demonstrate how long-duration coverage becomes significantly more expensive at this age. This chart is useful for buyers evaluating whether locking in longer coverage outweighs the higher lifetime cost.
What This 2026 Data Actually Shows About Buying $1 Million of Coverage at Age 55
At age 55, the life insurance market changes in ways most consumers don’t see until they compare the full carrier landscape side by side. While $1 million of term life insurance is still very attainable, pricing dispersion widens sharply depending on term length, underwriting philosophy, and carrier risk tolerance.
Here are the most important takeaways from the 2026 market data above:
1. Shorter Terms Remain Surprisingly Competitive at Age 55
The 10- and 15-year term charts show that multiple top-rated carriers cluster tightly at the low end of pricing. This tells us that insurers still view healthy 55-year-olds as manageable short-duration risks, especially when coverage ends before the late 60s or early 70s.
For buyers who primarily want coverage through:
Final working years
Remaining mortgage balance
Business transition periods
Shorter terms can provide very high leverage per premium dollar at this age.
2. The Pricing “Cliff” Begins at 20 Years
Once you move into 20-year terms, the data shows a noticeable jump — not just in price, but in carrier separation. Some insurers remain aggressive, while others price conservatively or quietly exit competitiveness.
This happens because:
A 20-year policy issued at 55 runs to age 75
Mortality assumptions become less forgiving
Small health differences matter more
This is where shopping the full market becomes critical, because the wrong carrier choice can cost tens of thousands more over the policy life.
3. Fewer Carriers Compete Beyond 25 Years
The 25- and 30-year charts reveal something important: availability shrinks before price even becomes the main issue.
Many carriers either:
Cap maximum issue ages for longer terms
Restrict health classes
Or remove certain products entirely
As a result, buyers considering long-duration coverage at 55 are choosing from a narrower, more selective pool, which naturally drives premiums higher.
4. Health Class Has an Outsized Impact at This Age
At younger ages, underwriting differences are often marginal. At age 55, they are not. Two applicants with the same height and weight can land in different classes based on:
Blood pressure trends
Cholesterol ratios
Medication history
Nicotine classification
That’s why the charts reflect best-case underwriting outcomes — and why real-world pricing can vary widely without proper guidance.
5. Locking Coverage at 55 Can Be a Strategic Move
This data also highlights a key planning insight: rates generally accelerate after age 55, not gradually, but in steps.
Waiting even one or two years can:
Eliminate certain term lengths
Push applicants into higher pricing bands
Reduce carrier options
For buyers who know they’ll need coverage into retirement years, locking in a policy at 55 can be a long-term cost-containment decision, not just a short-term purchase.
Why Full-Market Comparison Matters More at Age 55
The charts above are valuable because they show the entire landscape, not just the cheapest teaser rate.
At age 55:
Carrier underwriting philosophies diverge
Product features matter more
Mistakes become expensive
This is exactly where working with a broker who shops every major insurer, instead of steering toward a single company, can materially change outcomes.
How to Choose the Right $1 Million Term Length at Age 55
Choosing the right term length at age 55 is less about finding the cheapest monthly price and more about matching coverage to your remaining financial obligations. At this stage of life, the wrong term choice can either leave you underinsured later or cost significantly more than necessary.
Here’s how most 55-year-olds should think about each option:
10-Year Term
A 10-year term is often used as bridge coverage.
It works well for people who:
Are within a decade of retirement
Have a shrinking mortgage balance
Need temporary income replacement
This option offers the lowest monthly cost, but coverage ends quickly. If you still expect to need life insurance after age 65, this can become expensive to replace later.
15-Year Term
A 15-year term is one of the most popular choices at age 55.
It typically covers:
The transition into retirement
Remaining high-earning years
Final years of child or spousal dependency
Pricing remains relatively efficient while extending coverage long enough to reduce the risk of re-underwriting later.
20-Year Term
A 20-year term carries coverage through age 75 and is often selected by buyers who:
Want income replacement into early retirement
Have a spouse relying on pension or investment income
Want more certainty as health risks increase with age
This is where premiums begin to rise more sharply, but it also provides the longest meaningful protection window for most buyers.
25- and 30-Year Terms
Longer terms are available at age 55, but they are more limited and significantly more expensive.
These options are typically used for:
Estate planning needs
Legacy or wealth transfer goals
Covering future tax or liquidity concerns
At this age, fewer carriers compete at longer durations, so availability and underwriting flexibility matter just as much as price.
Cheapest $1 Million Term Life Insurance Options at Age 55 (2026)
Based on the full 2026 market data shown above, here’s a summary of the lowest-priced $1 million term life insurance options at age 55, broken down by term length. These reflect best-case underwriting outcomes for healthy applicants.
10-Year Term: Banner Life and Corebridge offer pricing near $120 per month
15-Year Term: Corebridge and Banner Life remain competitive around $160 per month
20-Year Term: Corebridge and Banner Life lead the market near $215 per month
25-Year Term: Corebridge and Banner Life are among the lowest options around $350 per month
30-Year Term: Corebridge and Banner Life offer pricing near $445 per month
It’s important to note that the cheapest option isn’t always the best fit. At age 55, underwriting flexibility, renewal risk, and conversion features can matter just as much as monthly cost. This is why comparing the entire market — not just one or two companies — often leads to better long-term outcomes.
What Can Change Your $1 Million Life Insurance Rate at Age 55
The rates shown above reflect best-case pricing for a healthy 55-year-old applicant. In real-world underwriting, even small details can move someone into a different pricing tier at this age. Understanding these factors before applying can prevent surprises and help you choose the right carrier from the start.
Here are the most common variables that affect pricing at age 55:
Height and Weight (BMI)
At age 55, carriers tighten build guidelines. A body mass index that may have qualified for a top health class in your late 40s can result in a lower rating now. Some insurers are more flexible than others, which is why carrier selection matters.
Blood Pressure and Cholesterol
Slightly elevated blood pressure or cholesterol ratios are more common at this age, but they don’t affect all carriers equally. Controlled readings — even with medication — may still qualify for strong pricing with the right insurer.
Prescription History
Medications for blood pressure, cholesterol, sleep, or anxiety are evaluated more closely at age 55. The presence of a prescription doesn’t automatically increase rates, but frequency, dosage, and duration all factor into underwriting decisions.
Nicotine Classification
Nicotine use has a larger pricing impact at age 55 than at younger ages. Cigarettes, cigars, vaping, chewing tobacco, and nicotine pouches are not treated the same across carriers. Occasional or non-combustible nicotine use may still qualify for better rates with the right underwriting approach.
Alcohol Disclosure
Regular alcohol consumption is reviewed more carefully at this age, especially when paired with elevated liver enzymes or medication usage. Accurate disclosure is important, as inconsistencies can lead to re-rating or policy delays.
Family Medical History
Family history of heart disease, cancer, or stroke becomes more relevant once applicants reach their mid-50s. The age at diagnosis and relationship to the applicant can influence how much weight this factor carries.
Frequently Asked Questions About $1 Million Life Insurance at Age 55
How much does a $1 million term life insurance policy cost at age 55?
In 2026, a healthy 55-year-old male can expect to pay roughly $120–$160 per month for a 10- or 15-year term, with higher costs for longer terms depending on health and carrier.
What is the cheapest $1 million life insurance option at age 55?
The lowest-cost options are typically 10- or 15-year term policies from carriers that price aggressively for shorter durations, assuming top health classifications.
Is it hard to get $1 million of life insurance at age 55?
No. Many healthy 55-year-olds qualify for $1 million of coverage, but underwriting is more detailed and pricing varies more than at younger ages.
Does life insurance get more expensive after age 55?
Yes. Many carriers increase rates more sharply starting at age 56 or 57, and some limit available term lengths as age increases.
Can I still qualify for Preferred or Super Preferred rates at age 55?
Yes, if you are in good overall health. Blood pressure, cholesterol, build, and medication history all play a role.
Is a 10-year or 20-year term better at age 55?
It depends on how long you need coverage. Shorter terms cost less but expire sooner, while longer terms offer extended protection at a higher total cost.
What is the best term length for life insurance at age 55?
Many buyers choose 15- or 20-year terms to cover the transition into retirement, but the best term depends on income needs and long-term obligations.
Do I need a medical exam for $1 million of coverage at age 55?
Often yes, though some carriers offer no-exam or accelerated underwriting options depending on health and history.
Can I get $1 million of life insurance at 55 with high blood pressure?
Possibly. Controlled blood pressure, especially with stable medication use, may still qualify for competitive rates with the right carrier.
How does BMI affect life insurance rates at age 55?
Build guidelines tighten at this age, and higher BMI levels can impact health class and pricing more than they would at younger ages.
Does occasional nicotine use affect life insurance at age 55?
Yes. Nicotine use has a greater pricing impact at this age, though some non-combustible use may be treated more favorably depending on the carrier.
Can I get $1 million of life insurance at age 55 without income verification?
In many cases, yes, but insurers may ask for justification of coverage amount based on income, assets, or financial need.
Is term life insurance still worth it at age 55?
For many people, yes. Term insurance can provide affordable protection during remaining working years or early retirement.
What happens if my term policy expires after age 65 or 75?
Coverage ends unless you convert the policy, renew at a higher cost, or replace it — which can be difficult later due to age or health changes.
Can I convert a $1 million term policy to permanent insurance later?
Some term policies include conversion options, but deadlines and rules vary by carrier and product.
Are online life insurance quotes accurate at age 55?
Online quotes provide estimates, but final pricing depends on underwriting details that often matter more at this age.
Should I lock in life insurance at 55 or wait a few years?
Waiting can reduce options and increase costs. Locking coverage earlier often provides more flexibility and lower lifetime premiums.
How long does it take to get approved for $1 million of life insurance at age 55?
Approval timelines range from a few days to several weeks, depending on underwriting requirements and medical records.
Which companies are best for $1 million life insurance at age 55?
Different carriers excel at different term lengths and health profiles, which is why full-market comparison is important.
Can two 55-year-olds get very different life insurance rates?
Yes. Small differences in health, medications, or underwriting class can create large premium gaps at this age.
Matt Mims
Founder of LifeStein.com, A National Life Insurance Broker
Call/Text (601)-218-7854
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