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How Much Does $3 Million Term Life Insurance Cost at Age 55? (Full 2026 Market Rates)
- mattmims
- 1 day ago
- 7 min read
What This Pricing Data Is Designed to Help You Decide
If you’re 55 years old and looking at a $3 million term life insurance policy, you’re usually not shopping casually. At this stage of life, coverage decisions are tied to retirement timing, estate planning, business interests, and protecting a surviving spouse — not just replacing a paycheck.
The pricing data below is meant to answer a specific question:
How much does $3 million of term life insurance actually cost at age 55, and how does the cost change based on how long you keep the policy?
Rather than showing one “average” number, this article breaks pricing down by term length, because at age 55 the length of coverage is the single biggest factor in what you’ll pay.
$3 Million Term Life Insurance at Age 55 – 10-Year Term (Monthly Cost)
Company | Product | Monthly Price |
Banner Life | OPTerm | $349 |
Pacific Life | Promise Term | $349 |
Symetra | SwiftTerm Instant Issue | $349 |
Principal | Term (Non-Convertible) | $354 |
Protective Life | Classic Choice Term | $351 |
Corebridge Financial | Select-a-Term | $351 |
Principal | Term (Convertible) | $361 |
Lincoln Financial | LifeElements Level Term | $370 |
Nationwide | Guaranteed Level Term | $382 |
Prudential | Essential Term Value | $385 |
MassMutual | MassMutual Term | $427 |
John Hancock | Vitality Term | $459 |
This chart shows the monthly cost of a $3 million 10-year term life insurance policy for a 55-year-old, comparing pricing across major U.S. life insurance companies. A 10-year term is often used for short-term needs such as bridging income to retirement, covering remaining debt, or protecting a spouse during peak earning years. At age 55, this term length typically offers the lowest monthly premiums available for $3 million in coverage.
$3 Million Term Life Insurance at Age 55 – 15-Year Term (Monthly Cost)
Company | Product | Monthly Price |
Banner Life | OPTerm | $469 |
Symetra | SwiftTerm Instant Issue | $469 |
Pacific Life | Promise Term | $471 |
Protective Life | Classic Choice Term | $471 |
Corebridge Financial | Select-a-Term | $469 |
Principal | Term (Convertible) | $485 |
Lincoln Financial | LifeElements Level Term | $498 |
John Hancock | Vitality Term | $501 |
Prudential | Essential Term Value | $527 |
Nationwide | Guaranteed Level Term | $545 |
MassMutual | MassMutual Term | $573 |
National Life Group | LSW-15G | $601 |
This chart compares the monthly premiums for a $3 million 15-year term life insurance policy at age 55 across leading national carriers. A 15-year term is commonly chosen by individuals who want coverage extending into their early 70s, often to protect retirement income, a surviving spouse, or estate obligations. Pricing increases compared to a 10-year term, but still remains manageable for many healthy applicants.
$3 Million Term Life Insurance at Age 55 – 20-Year Term (Monthly Cost)
Company | Product | Monthly Price |
Corebridge Financial | Select-a-Term | $633 |
Banner Life | OPTerm | $634 |
Symetra | SwiftTerm Instant Issue | $634 |
Pacific Life | Promise Term | $640 |
Protective Life | Classic Choice Term | $636 |
Principal | Term (Convertible) | $655 |
Lincoln Financial | LifeElements Level Term | $677 |
John Hancock | Vitality Term | $688 |
Nationwide | Guaranteed Level Term | $710 |
Prudential | Essential Term Value | $742 |
MassMutual | MassMutual Term | $784 |
National Life Group | LSW-20G | $780 |
This chart displays monthly pricing for $3 million 20-year term life insurance policies for a 55-year-old, highlighting how longer coverage periods impact cost. A 20-year term is frequently used for long-range estate planning, business succession, or ensuring income replacement well into retirement. At age 55, this term length represents a major pricing step-up due to the increased risk period for insurers.
$3 Million Term Life Insurance at Age 55 – 25-Year Term (Monthly Cost)
Company | Product | Monthly Price |
Corebridge Financial | Select-a-Term | $1,044 |
Banner Life | OPTerm | $1,050 |
Protective Life | Classic Choice Term | $1,050 |
Pacific Life | Promise Term | $1,057 |
Cincinnati Life | Termsetter | $1,144 |
Foresters | Your Term | $1,224 |
MassMutual | MassMutual Term | $1,366 |
This chart shows the monthly cost of $3 million 25-year term life insurance at age 55, comparing carriers that offer extended-duration term coverage. A 25-year term is less commonly selected but may be appropriate for individuals seeking coverage into their early 80s for estate planning or legacy goals. Premiums rise significantly at this term length, reflecting the higher likelihood of a claim during the policy period.
$3 Million Term Life Insurance at Age 55 – 30-Year Term (Monthly Cost)
Company | Product | Monthly Price |
Corebridge Financial | Select-a-Term | $1,329 |
Banner Life | OPTerm | $1,334 |
Symetra | SwiftTerm Instant Issue | $1,334 |
Protective Life | Classic Choice Term | $1,336 |
Pacific Life | Promise Term | $1,345 |
Principal | Term (Convertible) | $1,472 |
Cincinnati Life | Termsetter | $1,486 |
Prudential | Essential Term Value | $1,540 |
National Life Group | LSW-30G | $1,596 |
MassMutual | MassMutual Term | $1,750 |
John Hancock | Protection Term | $1,916 |
This chart outlines the monthly premiums for a $3 million 30-year term life insurance policy for a 55-year-old, representing the longest standard term available in the market. A 30-year term provides lifetime-length protection into the mid-80s and is typically used for advanced estate planning or high-net-worth strategies. At age 55, this is the most expensive term option, as it carries the greatest long-term risk for insurers.
How to Choose the Right Term Length for a $3 Million Policy at Age 55
At age 55, choosing the right term length is often more important than choosing the cheapest carrier. The wrong term can add tens of thousands of dollars in unnecessary premiums over time.
A simple way to think about term selection:
10-Year Term – Best for short-term income replacement, debt payoff, or bridging coverage until retirement assets mature
15-Year Term – Common for protecting a spouse through early retirement years
20-Year Term – Often used for estate planning, business obligations, or long-term income security
25–30-Year Term – Typically reserved for advanced legacy planning or complex wealth transfer needs
The goal is not to keep coverage forever. The goal is to keep coverage only while it’s actually needed.
Who Typically Needs $3 Million of Coverage at Age 55?
A $3 million life insurance policy at age 55 is usually purchased by individuals with specific financial responsibilities, not by casual shoppers.
This coverage amount is commonly used by:
Business owners planning a sale, succession, or buy-sell agreement
Professionals with peak earnings and a younger spouse
Families with significant assets that would be difficult to liquidate quickly
Individuals with estate equalization or tax-planning concerns
For most buyers at this age, the policy is part of a broader financial strategy — not a standalone purchase.
What These Charts Don’t Show (But You Should Know)
While the charts above show baseline pricing, they don’t capture every factor that affects final approval and cost.
For example:
Underwriting treatment varies by carrier for cholesterol, blood pressure, and medications
Some policies include conversion options that increase pricing
Small health details can shift an applicant into a different pricing tier
Rates increase meaningfully with each passing year after age 55
This is why two applicants of the same age and coverage amount can receive very different final offers.
A Common Mistake 55-Year-Old Buyers Make
One of the most common mistakes I see at age 55 is buying the longest term “just to be safe.” In reality, many people end up paying for coverage they no longer need once retirement assets stabilize or obligations disappear. A properly structured 15- or 20-year policy often solves the real problem without unnecessary cost.
Frequently Asked Questions About $3 Million Term Life Insurance at Age 55
How much does $3 million term life insurance cost at age 55?
The cost depends primarily on term length. Shorter terms like 10 or 15 years are significantly less expensive than 20–30 year policies, which extend coverage into later retirement years and carry higher insurer risk.
Is $3 million a lot of life insurance at age 55?
For many people, yes — but it’s common for business owners, high earners, or families with estate planning needs. At age 55, this coverage amount is usually tied to long-term financial strategy rather than basic income replacement.
What term length is best for a $3 million policy at age 55?
There’s no universal answer. The right term depends on how long the financial obligation exists. Many 55-year-olds find 15- or 20-year terms balance cost and coverage effectively without overpaying.
Does life insurance get more expensive every year after 55?
Yes. Pricing increases with each year of age, and the increases become more noticeable after age 55 — especially for longer-term policies.
Is it better to buy life insurance at 55 or wait until 56 or 57?
Waiting usually costs more. Even if health stays the same, age alone increases premiums, particularly for 20-year or longer terms.
Can I qualify for $3 million of coverage at age 55 without a medical exam?
Some carriers offer accelerated or no-exam underwriting, but availability and pricing vary. For larger policies like $3 million, traditional underwriting is still common.
Why does a 20-year term cost so much more than a 15-year term at age 55?
A 20-year term extends coverage into higher-risk age ranges for insurers. The additional risk years are the main reason for the pricing jump.
Is a 30-year term worth it at age 55?
In most cases, a 30-year term is only appropriate for advanced estate or legacy planning. Many buyers pay significantly more for coverage they won’t need long-term.
What happens to the policy after the term ends?
Once the term expires, coverage ends unless the policy is renewed or converted. Renewals are typically very expensive, which is why term length selection matters.
Can a $3 million term policy be converted to permanent life insurance later?
Some policies offer conversion options, but conversion rules and timelines vary by carrier. These features often increase the initial premium.
Is term life insurance still a good idea if I’m close to retirement?
Yes — if the policy is tied to a specific financial need, such as protecting a spouse, covering estate liquidity, or ensuring debts don’t impact retirement assets.
Does my state affect how much $3 million life insurance costs at age 55?
State regulations can influence availability, but pricing differences are usually small compared to age, term length, and underwriting factors.
Can I allow my retirement assets to replace the need for life insurance?
Sometimes — but many people prefer life insurance to avoid liquidating retirement accounts or triggering taxes during a difficult time.
How do insurers decide pricing for someone age 55?
Pricing is based on age, term length, health profile, and how long coverage extends into later life. At 55, duration becomes a major pricing factor.
Is it better to buy one $3 million policy or multiple smaller policies?
Some people ladder policies to reduce cost, but this adds complexity. A single policy is simpler, while laddering can offer flexibility.
Will my premium ever increase during the term?
No. Term life insurance premiums are level for the entire term, assuming the policy remains active.
What’s the biggest mistake people make buying life insurance at 55?
Buying more term length than they realistically need. This often leads to overpaying for coverage that becomes unnecessary later.
How quickly do rates change after age 55?
Rates can change annually and sometimes sharply, especially for longer terms. Delaying even one year can materially increase cost.
Can I lower the cost of a $3 million policy at age 55?
Choosing a shorter term, applying sooner, and working with an independent broker who compares the full market can all reduce cost.
Is $3 million enough for estate planning purposes?
It depends on asset structure and goals. For many families, $3 million provides sufficient liquidity without over-insuring.
Matt Mims
Founder of LifeStein.com
Call/Text (601)-218-7854
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