In short
A $1,000,000 term life policy over 20 years costs about $56 a month for a healthy 30-year-old man ($44 for a woman) and $87 at 40 ($70) with Nectar Term, as estimates in the preferred non-tobacco class. A 10-year term is about 28 percent less, a 30-year term about 45 percent more. The final premium is set during underwriting.
A million dollars sounds like a lot until you do the arithmetic for a family: a $300,000 mortgage, ten years of a $60,000 income, and school for two children already adds up to it. It is the amount most two-income households with a house and young children land on, and it is cheaper than most of them expect because the price per thousand dollars keeps falling as coverage rises.
$1,000,000 term life insurance rates by age
Estimated monthly premiums for $1,000,000 of Nectar Term coverage in the preferred non-tobacco class. Every figure is an estimate; the issuing insurer sets the final premium during underwriting.
| Age | Man, 10 yr | Man, 20 yr | Man, 30 yr | Woman, 10 yr | Woman, 20 yr | Woman, 30 yr |
|---|---|---|---|---|---|---|
| 25 | $33 | $46 | $67 | $28 | $39 | $56 |
| 30 | $40 | $56 | $80 | $32 | $44 | $64 |
| 35 | $45 | $63 | $91 | $37 | $52 | $75 |
| 40 | $63 | $87 | $126 | $51 | $70 | $102 |
| 45 | $93 | $130 | $188 | $77 | $107 | $156 |
| 50 | $163 | $226 | $327 | $133 | $185 | $268 |
| 55 | $264 | $366 | $531 | $216 | $300 | $435 |
| 60 | $432 | $599 | $869 | $354 | $492 | $714 |
At every age $1 million costs less than twice $500,000, about 1.85 times in our estimates. That is the strongest argument for buying the amount you actually need instead of a round number that feels safe: the second half-million is the cheaper half. Published averages from NerdWallet for comparable applicants fall in the same range; our guide to term life insurance cost explains what sits behind the numbers.
Buy the amount the plan needs, not the amount that sounds responsible. The coverage calculator turns your mortgage, income and family into a number, and the Nectar Term application shows your price, approval odds and expected decision time before you apply.
Is $1,000,000 the right amount?
If the calculator lands near $1 million, buy it while you are on the flat part of the price curve. Healthy applicants under 60 can usually get it without an exam, since $1 million is within every issuing partner's accelerated-underwriting limit for clean records. The guide to how much life insurance you need walks through the method, and the pages for term life insurance rates by age show every amount side by side at your age.
See what Nectar Term would cost you
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Frequently asked questions
How much does a $1 million term life policy cost?
About $56 a month at 30, $63 at 35, $87 at 40 and $130 at 45 for a healthy man on a 20-year term in the preferred class, as estimates. Women pay about 18 percent less.
Can I get $1 million of life insurance without a medical exam?
Usually, if you are under 60 with clean prescription and driving records. Several issuing partners go to $2 million without an exam for the same profile.
Is $1 million too much life insurance?
Not for a household with a mortgage, two incomes and young children; the calculator often lands there. It is more than a single renter with no dependents needs.
Is a 30-year $1 million policy worth it?
For a newborn or a new 30-year mortgage, often yes: about $81 a month at 30 for a man, as an estimate, locked for three decades. If the need ends sooner, 20 years saves about a third.
Nectar Term policies are issued by Nectar's partner insurers, each rated A or better by A.M. Best, and serviced by Nectar. Prices in this article are estimates calibrated to published 2026 averages and are not an offer of coverage. Final rates are set during underwriting.
Keep reading
Cost & PricingHow Much Does Term Life Insurance Cost in 2026?
Term life costs about $25 to $35 a month for a healthy 30-year-old with $500,000 of coverage. See rates by age, what moves the price, and how to pay less.
Cost & PricingTerm Life Insurance Rates at 55: What You Will Pay
At 55, $500,000 of 20-year term life costs about $198 a month for a man and $162 for a woman (preferred class). Estimates for $250,000 to $1 million.
Cost & PricingTerm Life Insurance Rates at 60: What You Will Pay
At 60, $500,000 of 20-year term life costs about $324 a month for a man and $266 for a woman (preferred class). Estimates for $250,000 to $1 million.