$1,000,000 Term Life Insurance Cost in 2026 – Monthly Premiums by Age, Health & State

If you’re thinking about buying a $1 million term life insurance policy in 2026, one of the first questions most people ask is:

👉 “How much will it actually cost per month?”

The good news is that term life insurance — especially level term — remains one of the most affordable ways to protect your family financially. But your monthly premium will depend heavily on factors like:

· Your age

· Your health class

· Whether you smoke

· The length of the term

· Where you live

Let’s break down what you can expect for a $1,000,000 policy in 2026 — and show you how rates can vary by age, health, and even term length.

💡 What Is a $1,000,000 Term Life Policy?

A term life insurance policy provides a death benefit (in this case $1,000,000) if you pass away during the policy’s term — like 10, 15, 20, 25, or 30 years.

Your premium (how much you pay monthly) is fixed for the duration of the term — meaning it won’t go up as you age during that coverage period.

Unlike whole life insurance, term policies don’t build cash value and are generally much cheaper for the same amount of death benefit.

📈 Why Rates Vary So Much

Your monthly premium depends on several key factors:

1. Age – The older you are, the more expensive the premium.

2. Health – Insurance companies use health classes (Preferred, Standard, etc.) that can make huge pricing differences.

3. Smoking Status – Smokers can pay 2–3× more than nonsmokers for the same coverage.

4. Term Length – Longer terms (e.g., 30 years) cost more than shorter terms (e.g., 10 years).

5. State of Residence – Costs can vary slightly from state to state due to underwriting differences and risk assumptions.

📊 2026 Monthly Premiums by Age & Term (Typical Healthy Nonsmoker)

Here’s a clear breakdown of real market quotes in 2026 for a healthy, nonsmoking applicant — based on recent industry rate compendiums.

🧑‍💼 48-Year-Old Example

Term Length	Monthly Cost (Lowest Carriers)
10-Year	~$57–$60
15-Year	~$79–$83
20-Year	~$107–$115
25-Year	~$160–$191
30-Year	~$192–$217
Data from 2026 full market pricing tables

These are actual pricing examples from multiple top carriers including Banner Life, AIG, Protective, Symetra, Pacific Life, and more — showing that rates rise as the term length increases.

📉 General Age & Term Estimates (Healthy Nonsmoker)

Another pricing guide shows how costs vary across ages and term lengths for a $1M policy:

Age	10-Year Term	20-Year Term	30-Year Term
30	$31 – $71	$45 – $90	$55 – $142
40	~ $62	~ $94	~ $142
50	~ $148	~ $229	~ $390
60	~$380	~$590	(30-year not always available)
These ranges are averages across major carriers in 2026.

👉 For example, a 30-year-old non-smoker might see something like:

· ~$31 per month for a 10-year term

· ~$45 per month for a 20-year term

· ~$71 per month for a 30-year term

Whereas a 50-year-old healthy nonsmoker might see:

· ~$148/month (10-year)

· ~$229/month (20-year)

· ~$390/month (30-year)

These figures generally assume you qualify for preferred or standard health classes.

🩺 Health Matters — Big Time

Your health class makes a huge impact on costs.

Most insurers group applicants into categories like:

· Preferred Plus (best health)

· Preferred

· Standard

· Table ratings (health impairments)

Each step down in health class could mean paying 25–100% more per month. Smokers usually pay much higher premiums than nonsmokers for the same age and term.

📍 What About Differences by State?

While national averages are helpful, state factors can slightly influence your price.

Insurance premiums are influenced by:

· Local underwriting practices

· State regulations

· Insurer risk models

For term life, these state differences are often small relative to age and health, but they do exist — and national cost summaries show ranges rather than exact state prices.

💡 What You Can Expect Overall

To give you a practical snapshot for 2026:

🧒 Younger Applicants (30s)

· Around $30–$60/month for shorter terms

· ~$45–~$100/month for 20–30 year terms

🧑 Middle-Aged Applicants (40s–50s)

· ~$60–$150/month for shorter term coverage

· ~$90–$390/month for 20–30 year terms

👨 Older Applicants (60s+)

· ~$200–$590/month for typical 10–20 year term options

· 30-year term often unavailable or very expensive (many carriers stop offering at older ages)

💡 How Term Length Affects Price

Shorter terms cost less because the insurer’s risk period is smaller.

Rough example trends:

· 10-year term: lowest cost

· 15-year term: around 30–50% more than 10-year

· 20-year term: signficantly higher

· 30-year term: highest of all due to long coverage window

So choosing the right term length — matching your financial goals — helps balance price and protection.

🛠 Tips to Lower Your Premiums

Here are some ways to get the most affordable pricing:

✔ Start Younger

Lock in rates before you age into higher risk brackets.

✔ Improve Your Health

Quitting smoking, lowering BMI, and controlling blood pressure help your health class.

✔ Compare Multiple Quotes

Different carriers price the same policy differently — comparison can save you big.

✔ Use Online Quote Tools

Instant quotes are widely available now — and can show multiple companies side-by-side.

📌 Final Thoughts

A $1 million term life insurance policy in 2026 doesn’t have a one-size-fits-all price — but age, health, and term length are the biggest drivers of cost.

Here’s a quick summary:

· Young, healthy nonsmokers: ~$30–$100+ per month

· Middle age: ~$60–$390 per month

· Older adults: ~$200–$590+ per month

Your exact premium will vary depending on your underwriting class and state — so getting multiple instant quotes is always the best first step.