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How Much Does $5 Million Term Life Insurance Cost at Age 55? (Full 2026 Market Rates)
- mattmims
- 10 hours ago
- 7 min read
If you’re 55 years old and shopping for $5,000,000 of term life insurance, pricing can vary widely depending on the carrier and the length of the term. At this age and coverage amount, small underwriting differences between companies can change premiums by thousands of dollars per year.
The charts below show real, current monthly pricing from the full U.S. life insurance market for a 55-year-old male, broken out by 10-, 15-, 20-, 25-, and 30-year term lengths so you can clearly see how costs compare across carriers.
$5 Million 10-Year Term Life Insurance Cost at Age 55 (Full Market Comparison)
Company | Product | Monthly Premium |
Symetra | SwiftTerm | $575 |
Banner Life | OPTerm | $577 |
Pacific Life | Promise Term | $579 |
Principal | Term (Non-Convertible) | $586 |
Protective | Classic Choice Term | $582 |
Corebridge (AIG) | Select-A-Term | $581 |
Lincoln Financial | LifeElements | $613 |
Nationwide | Guaranteed Level Term | $632 |
Prudential | Essential Term Value | $637 |
Cincinnati Life | Termsetter | $631 |
North American | ADDvantage Term | $670 |
MassMutual | Term | $707 |
John Hancock | Vitality Term | $755 |
Minnesota Life | Advantage Elite Select | $739 |
United of Omaha | Term Life Answers | $788 |
Assurity | Term Life | $820 |
This chart shows the full U.S. life insurance market pricing for a $5,000,000 10-year term life insurance policy for a 55-year-old male. It compares monthly premiums across major carriers, highlighting the lowest-cost options for buyers who want short-term, high-limit coverage or are planning to reassess coverage before age 65.
$5 Million 15-Year Term Life Insurance Cost at Age 55 (All Major U.S. Carriers)
Company | Product | Monthly Premium |
Banner Life | OPTerm | $776 |
Symetra | SwiftTerm | $777 |
Corebridge (AIG) | Select-A-Term | $777 |
Protective | Classic Choice Term | $782 |
Pacific Life | Promise Term | $782 |
Principal | Term (Non-Convertible) | $787 |
Lincoln Financial | LifeElements | $827 |
John Hancock | Vitality Term | $826 |
Prudential | Essential Term | $874 |
Cincinnati Life | Termsetter | $872 |
Nationwide | Guaranteed Level Term | $903 |
MassMutual | Term | $942 |
Minnesota Life | Advantage Elite Select | $968 |
National Life | LSW-15G | $997 |
United of Omaha | Term Life Answers | $1,007 |
Assurity | Term Life | $1,085 |
This chart breaks down monthly premiums for $5 million 15-year term life insurance at age 55, using rates from all major national carriers. It’s designed for individuals who want coverage through their late 60s or early 70s and shows how pricing changes when extending protection beyond a 10-year term.
$5 Million 20-Year Term Life Insurance Cost at Age 55 (Nationwide Carrier Pricing)
Company | Product | Monthly Premium |
Banner Life | OPTerm | $1,051 |
Symetra | SwiftTerm | $1,052 |
Corebridge (AIG) | Select-A-Term | $1,051 |
Protective | Classic Choice Term | $1,057 |
Pacific Life | Promise Term | $1,064 |
Principal | Term (Convertible) | $1,088 |
Lincoln Financial | LifeElements | $1,124 |
John Hancock | Vitality Term | $1,138 |
Nationwide | Guaranteed Level Term | $1,179 |
Cincinnati Life | Termsetter | $1,188 |
Prudential | Essential Term | $1,232 |
MassMutual | Term | $1,268 |
National Life | LSW-20G | $1,296 |
Minnesota Life | Advantage Elite Select | $1,337 |
United of Omaha | Term Life Answers | $1,416 |
Assurity | Term Life | $1,446 |
This chart displays nationwide pricing for $5,000,000 20-year term life insurance for a 55-year-old, comparing carriers that still competitively price longer terms at this age. It’s most useful for buyers looking to lock in coverage until age 75 and understand how much longer-term protection costs relative to shorter options.
$5 Million 25-Year Term Life Insurance Cost at Age 55 (Extended-Term Market Rates)
Company | Product | Monthly Premium |
Corebridge (AIG) | Select-A-Term | $1,737 |
Banner Life | OPTerm | $1,745 |
Protective | Classic Choice Term | $1,747 |
Pacific Life | Promise Term | $1,758 |
Cincinnati Life | Termsetter | $1,903 |
Protective | Classic Choice w/ CER | $1,976 |
Foresters | Your Term | $2,036 |
MassMutual | Term | $2,221 |
This chart presents extended-term pricing for $5 million 25-year term life insurance at age 55, focusing on carriers willing to offer longer guarantees at higher face amounts. It helps buyers see which companies remain viable for coverage lasting into their early 80s and how premiums increase as term length stretches.
$5 Million 30-Year Term Life Insurance Cost at Age 55 (Longest Term Options Available)
Company | Product | Monthly Premium |
Corebridge (AIG) | Select-A-Term | $2,211 |
Banner Life | OPTerm | $2,218 |
Symetra | SwiftTerm | $2,220 |
Protective | Classic Choice Term | $2,223 |
Pacific Life | Promise Term | $2,238 |
Principal | Term (Non-Convertible) | $2,331 |
Cincinnati Life | Termsetter | $2,473 |
Prudential | Essential Term | $2,562 |
National Life | LSW-30G | $2,655 |
North American | ADDvantage Term | $2,672 |
MassMutual | Term | $2,882 |
John Hancock | Vitality Term | $2,958 |
United of Omaha | Term Life Answers | $2,951 |
Assurity | Term Life | $2,673 |
This chart shows the longest available term life insurance options for a $5,000,000 policy at age 55, comparing monthly costs across the full market. It illustrates the upper pricing range for locking coverage through age 85 and makes clear how dramatically premiums rise when choosing maximum duration at this age.
At this age and face amount, choosing the wrong carrier can cost thousands per year. Reviewing the full market is the only way to see where true pricing breaks exist.
What This Data Shows — and Why It Matters at Age 55
The pricing above shows how $5 million term life insurance costs change at age 55 across the full U.S. market, not just one or two companies. At this age, life insurance pricing becomes far less uniform. Some carriers still price age 55 similarly to early-50s applicants, while others sharply increase premiums or restrict longer term lengths.
What’s most important — and often misunderstood — is that the difference between the lowest-cost and highest-cost carriers can exceed tens of thousands of dollars over the life of the policy, even when health profiles look similar on paper. The charts make those gaps visible in a way most consumers never see when they’re only shown one quote.
This data is especially useful for online shoppers because it shows:
How premiums scale as term length increases from 10 to 30 years
Which carriers remain competitive for high face amounts at age 55
Where pricing begins to accelerate due to age-based mortality assumptions
Why longer terms become disproportionately expensive after 55
These patterns are not obvious without side-by-side market data, which is why many applicants overpay when they only compare a limited set of insurers.
Why $5 Million Policies Are Underwritten Differently After 55
At a $5 million coverage level, underwriting is no longer just about age. Carriers begin to evaluate financial justification, longevity risk, and long-term exposure more closely. This is why pricing spreads widen as term length increases — especially at 20 years and beyond.
The data above shows that:
Shorter terms often offer the best cost efficiency at this age
Fewer carriers remain competitive past 20 years
The longest terms reflect a steep tradeoff between duration and affordability
For many buyers, understanding these tradeoffs is more valuable than simply seeing a single “best rate.”
How LifeStein Helps Shoppers Use This Information Correctly
This is where working with LifeStein makes a measurable difference. Instead of pushing one carrier or one term length, LifeStein uses full-market pricing like this to identify which insurers are most favorable for your age, coverage amount, and timeline.
That approach helps shoppers:
Avoid carriers that overprice age-55 risk
Choose term lengths that balance cost and coverage duration
Structure $5 million policies efficiently, including split-carrier strategies when appropriate
Understand how underwriting decisions actually affect pricing before applying
For high-value policies, accuracy matters more than speed. The goal isn’t just to get approved — it’s to get approved at the right price, with the right carrier, for the right length of time.
Why This Page Is Useful for Life Insurance Shoppers
This page exists to answer one specific question clearly:
What does $5 million of term life insurance actually cost at age 55 across the entire market?
By publishing real pricing data, broken out by term length and carrier, this guide allows shoppers to make informed decisions instead of relying on estimates or averages. That transparency is what helps consumers avoid overpaying — and it’s why full-market comparisons like this are critical when coverage amounts and age increase.
Frequently Asked Questions About $5 Million Term Life Insurance at Age 55
How much does a $5 million term life insurance policy cost at age 55?
The cost depends on the term length and the insurance company. At age 55, monthly premiums can range widely, with shorter terms costing significantly less than 20- or 30-year options.
Can a 55-year-old still qualify for $5 million in term life insurance?
Yes. Many carriers still offer $5 million term policies at age 55, but underwriting becomes more selective, especially for longer terms.
Is $5 million of life insurance considered a large policy at age 55?
Yes. At age 55, a $5 million policy is considered a high face amount, which can trigger additional underwriting review compared to smaller policies.
Which term length is cheapest for a $5 million policy at age 55?
Ten-year term policies typically offer the lowest monthly premiums, followed by 15-year terms. Costs rise sharply for 20-year and longer terms at this age.
Do all life insurance companies offer $5 million term policies at age 55?
No. Some carriers limit face amounts or stop offering longer terms at this age, which is why comparing the full market is important.
Can I get a 20-year or 30-year term policy at age 55 for $5 million?
Yes, but fewer carriers offer these terms, and premiums are significantly higher due to the longer coverage period.
Why do life insurance rates increase so much after age 55?
Rates increase because insurers price in higher mortality risk and longer exposure periods, especially for large policies like $5 million.
Will I need to prove income or net worth for a $5 million policy?
Often yes. At this coverage level, insurers may request financial documentation to justify the amount of coverage.
Does health matter more than age for a $5 million policy at 55?
Both matter. Age sets the baseline price, but health history can significantly raise or lower premiums or affect eligibility.
Can I still get preferred or top health ratings at age 55?
Some applicants do qualify for preferred classes at 55, but the standards are stricter than at younger ages.
How does nicotine use affect $5 million life insurance at age 55?
Nicotine use often results in higher premiums and may limit carrier options, especially for larger policies.
Are medical exams required for a $5 million term policy at 55?
In most cases, yes. High face amounts usually require a medical exam and full underwriting.
Is it better to choose a shorter term and re-apply later?
For some buyers, shorter terms offer better cost efficiency, but re-applying later can mean higher rates due to age.
Can I split a $5 million policy between multiple insurers?
Yes. Splitting coverage across carriers is sometimes used to manage underwriting limits or pricing.
Do all carriers price age 55 the same way?
No. Each carrier has its own underwriting guidelines, which is why pricing differences can be substantial.
What happens if I wait until age 56 or 57 to apply?
Waiting usually results in higher premiums, as life insurance rates typically increase with each additional year of age.
Is term life insurance better than permanent insurance for $5 million at age 55?
Term insurance is generally more affordable, but permanent insurance may be considered for estate or legacy planning.
How long does underwriting take for a $5 million policy?
Underwriting timelines vary but often take several weeks due to medical and financial reviews.
Can I convert a $5 million term policy to permanent coverage later?
Some term policies include conversion options, but availability and timing depend on the specific policy and carrier.
Why does working with a broker matter for a $5 million policy at age 55?
A broker can compare carriers, underwriting rules, and term options to help avoid overpaying or applying to the wrong insurer.
Matt Mims
Founder of LifeStein.com, A National Life Insurance Broker
Call/Text (601)-218-7854
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