A Million Dollar Term Life Insurance Policy offers a simple yet powerful way to ensure that your loved ones are financially protected, even if the unexpected happens. Whether you're a homeowner with a mortgage, a parent planning for your child's education, or someone with long-term financial goals, a $1 million term policy can provide the security your family needs to move forward without financial strain.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
A Million Dollar Term Life Insurance Policy is a type of insurance that provides a $1,000,000 death benefit to your beneficiaries if you pass away during the policy term. This term insurance plan is designed to offer strong financial protection for families, especially those with dependents, mortgages, or long-term financial commitments. This policy type is popular among U.S. households seeking a high coverage amount at affordable term life insurance quotes, helping ensure that loved ones can continue their lifestyle, pay off debts, and handle future expenses without financial stress.
Term Plans
A one million dollar life insurance policy may be right for you if:
You have a large mortgage or significant debts
You are the primary source of household income
You have children and want to fund their future education
You are planning for estate protection or business continuity
You are a high-income earner and want to match your family income with coverage
Even if you're young and healthy, buying higher coverage early can lock in low premiums for 10, 20, or 30 years.
The $1 million term life insurance quotes depend on several factors:
| Factor | Impact on Term Life Insurance Quotes |
| Age | Younger applicants pay less |
| Health History | Medical conditions may increase rates |
| Term Length | Longer terms cost more |
| Tobacco Use | Smokers pay significantly higher premiums |
| Gender | Women often pay less due to longer life expectancy |
| Lifestyle & Occupation | High-risk jobs or hobbies can raise rates |
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To qualify for a 1 million dollar term life insurance in the U.S., you would usually have to go through:
Application process with detailed financial and health disclosures
Medical exam (in most cases)
Underwriting review by the insurer
Some no-exam policies are available, but may come with higher premiums or coverage limits
Income also plays a role. Insurers usually follow the income replacement rule, approving coverage up to 10–25 times your annual income, depending on your age.
Here is how a million dollar term life policy can benefit you:
High financial protection for your family
Affordable premiums when purchased early
Tax-free benefits as per the prevailing tax laws
Flexible policy term lengths (10, 20, 30 years)
Peace of mind knowing your loved ones are covered
If you want lifelong coverage or a policy with cash value, you can also consider buying the following type of 1 million dollar life insurance policy:
Whole Life Insurance – Whole life insurance offers permanent coverage with fixed premiums
Universal Life Insurance – Universal life insurance provides more flexibility in premiums and death benefits
Indexed Universal Life (IUL) – Indexed Universal Life insurance includes market-linked growth potential
However, term insurance remains the most cost-effective option for high coverage needs like $1 million.
The following best life insurance providers offer million dollar term life policy in the USA:
| Insurer | Policy Term | Notable Features |
| Ethos Life Insurance | 10 – 30 years | No-exam options, fast approval, tech-driven process |
| Globe Life Insurance | 5 – 30 years (Limited) | No exam, limited term lengths, starts at $1 premium |
| State Farm Life Insurance | 10 – 30 years | Strong local support, bundled discounts, trusted brand |
| Pacific Life Insurance | 10 – 30 years | Competitive pricing, flexible riders, high ratings |
| MetLife Insurance | 10 – 30 years | Mostly offered through employers, strong group plans |
| TruStage Life Insurance | 10 – 30 years | No medical exam term options, credit union members |
| Aflac Life Insurance | 10 – 30 years (Limited) | Known for supplemental insurance, expanding offerings |
Compare million dollar life insurance policy costs through licensed brokers or digital platforms for the best rates.
If you're an NRI (Non-Resident Indian) living in the U.S., you can also explore term life insurance for NRIs offered by Indian insurers. These plans offer:
Much more affordable term life insurance quotes compared to International term plans
GST waiver on term insurance of 18% and additional 5% annual discount on premiums
Compare term insurance policies based on the CSR, solvency ratio, and other factors
Your family would have easier claim process in your absence if the insurer was Indian
Various Indian insurers offer global coverage and pre-approved cover for NRIs and PIOs
The tele/video medicals in term insurance allow medical clearance and easy issuance
This can be a cost-effective option for financial planning, especially if you have ongoing ties in India or want to maintain coverage across geographies.
Let us take a look at how you can buy the best million dollar term life insurance policy for NRIs from India:
Step 1: Visit the term insurance for NRI page of Policybazaar
Step 2: Fill in the required details like your name, gender, contact information, and country of residence
Step 3: Select the right occupation type, annual income, smoking habits, and educational qualifications
Step 4: Choose the best term life insurance for NRIs and proceed to pay
A Million Dollar Term Life Insurance Policy is a smart move if you want strong, tax-free financial protection for your family at a reasonable cost. Whether you are based in the U.S. or an NRI exploring international term plan options, securing the coverage is a responsible step toward long-term peace of mind.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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