Requirements and Sample Rates

Securing a 10 Million Dollar Life Insurance Policy

Clifford PendellWritten by Clifford Pendell
Louis LopesReviewed by Louis Lopes, CLU ChFC

Let's be honest, not everyone needs a $10 million life insurance policy, but there are cases where it's smart to have one.

If you've got a sizeable net worth, business debts, or you're a high-earning breadwinner with dependents, a big policy might be necessary.

This article explains the process of securing $10 million life insurance policy and provides some sample rates to help you estimate the cost of your coverage. Additionally, we’ve explored some scenarios where having a sizable policy makes sense.

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Can I Get A 10 Million Dollar Life Insurance Policy?

Every life insurance company has its own set of underwriting guidelines to determine who qualifies for coverage. Your overall health, age, and gender are key factors that impact your eligibility and rates. Fortunately, if you’re under 75 and generally in good health, getting life insurance should be relatively easy.

Even if you have a few health issues, you should still qualify for a policy. Many insurers are understanding of health concerns, and some specialize in covering high-risk individuals. For more details on how your health affects coverage costs, check out our guide, 'Here's What Each Life Insurance Rate Class Means.'

Aside from health considerations, insurers also require financial justification for larger policies. They estimate an individual’s lifetime earning potential and coverage limits by using income multipliers based on pre-tax income and age. Below is a table illustrating common income multipliers used by many providers.

Applicant's AgeIncome Multiplier
18 to 29Up to 40x Gross Annual Earnings 
30 to 39Up to 40x Gross Annual Earnings
40 to 49Up to 30x Gross Annual Earnings
50 to 59Up to 20x Gross Annual Earnings
60 to 69Up to 10x Gross Annual Earnings
70 to 75Up to 5x Gross Annual Earnings

For instance, a person in their 40s might qualify for up to 30 times their annual income. Therefore, if someone earns $334,000 or more annually, they financially qualify for a $10 million life insurance policy. In cases where income isn’t sufficient, insurers may consider factors like net worth or the policy’s purchase, such as for business use.

Insurance companies also consider various additional factors when assessing eligibility, including your occupation, residency, hobbies, criminal record, and driving history. While many occupations are not deemed hazardous, a few professions such as being a logger or commercial fisherman will pose challenges in obtaining coverage.

Similarly, most hobbies are acceptable, except for extreme activities like base jumping and cave diving. To learn more about which hobbies life insurance provides consider the most dangerous, see our article, ‘Riding a Motorcycle Won’t Affect Your Life Insurance Rates but These 12 Things Will.

How Much Does A $10 Million Life Insurance Policy Cost?

As previously discussed, life insurance rates are primarily determined by the applicant’s age, gender, and overall health. Because women tend to outlive men, they typically pay less for their coverage. Additionally, the younger and healthier you are, the less expensive your policy will be.

In the following section we’ve provided some sample monthly rates. These rates are known as ‘preferred best’ and they are reserved for those that are considered to be in excellent health for their age group.

$10 Million Term Life Insurance Rates by Age for an Individual in Excellent Health

AgeFemaleMale
30$102.41$128.10
35$111.62$145.26
40$187.51$212.86
45$322.11$395.46
50$514.01$637.89
55$846.40$1,150.30
60$1,305.40$1,837.40
65$2,181.27$3,505.65
70$3,611.29$5,833.19

*Displayed monthly rates are accurate as of 05/01/2024 and are provided for illustrative purposes only.

If you have a few health issues, you'll likely be approved at a lower rate class such as preferred, standard plus, or standard. Preferred is the second-best rate class for individuals with minor health concerns like high cholesterol or being up to 50 pounds over their ideal weight. Applicants with well-controlled diabetes should qualify for standard or standard plus rates.

If you need help determining which rate class you are, our experts can provide you with free advice at 855-247-9555. You can also compare life insurance rates and coverage options from dozens of providers in less than a minute by entering your information below. We represent 63 insurance companies, and our comparative shopping services are completely free.

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Best 10 Million Dollar Life Insurance Policy

The best life insurance policy for your situation will depend on your reason for purchasing coverage. If you need life insurance to preserve or establish an estate, a permanent policy is ideal. Permanent life insurance is designed to last your entire lifetime so you don't have to worry about outliving your policy.

The best permanent life insurance policy for estate planning is called guaranteed universal life (GUL). GUL policies do not have any investment risk and they not build a cash value. They offer guaranteed rates and coverage until the age 90, 95, 100, 105, 110, or 120.

This makes these policies a preferable choice for estate planning because as long as you pay your premiums, you dont have to worry about your policy becoming underfunded if the market does not perform well. To learn more about GUL insurance, see our insider's guide: 'What is Guaranteed Universal Life Insurance?'

For those buying life insurance to collateralize business debt or provide loved ones with a replacement income if you pass away before your planned retirement age, a term policy should suffice. Term life insurance is sold in 5-year increments for 10 to 40 years, allowing you to customize your coverage around significant life events such as your children graduating from college, paying off the mortgage, or reaching retirement age.

How We Can Help

JRC is an independent life insurance agency that represents 63 top-rated providers. Having access to so many companies allows our experts to shop the market on your behalf and match you with the best option available. Our shopping service is completely free, and our agents offer at least a decade of experience.

Most of our competitors are limited to less than 10 life insurance providers which severly limits their options, especially for individuals that are in less than perfect health. Additionallly, our agents do not have sales goals or quotas to meet which allows them to provide the best customer service in the industry.

Connect with us today at 855-247-9555 or you can select your state from the map below to instantly compare life insurance quotes from dozens of highly rated providers. Our services are available in all 50 states and there is no cost to apply for life insurance.

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Written by:

Clifford Pendell

Clifford Pendell

Managing Partner and Co-founder

Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.

Expert reviewed by:

Louis Lopes

Louis Lopes, CLU ChFC

Chartered Life Underwriter, Licensed Life and Health Agent

Louis has been in the insurance business for over 30 years. He specializes in “high risk” cases as well as more complex coverages for long term care, disability, and estate planning.

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