Get $1M in Life Insurance for Only $25/mo, Quote.com Study Finds

Pacific Life offers the most affordable one-million-dollar life insurance policies, starting at just $25 a month

ST. PETERSBURG, Fla., Aug. 31, 2026 /PRNewswire/ -- According to a Quote.com report, Pacific Life offers the most affordable one-million-dollar life insurance policies, starting at just $25 a month.

Pacific Life boasts a competitive claims satisfaction rating and an average complaint score, making it Quote.com's top pick for life insurance.

Life Insurance Cost Comparison

The monthly rates of the top 10 least expensive providers for $1 million policies are as follows:

• Pacific Life – $25
• Prudential – $36
• Mass Mutual – $38
• Erie – $40
• Colonial Penn – $42
• State Farm – $44
• Allianz – $46
• Liberty Mutual – $47
• New York Life – $50
• Mutual of Omaha – $54

Each of these companies has claims satisfaction scores in the mid-to-upper 600s out of 1000.

Term vs. Whole Life Insurance

Term life insurance is an affordable way for people to get $1 million in coverage. Whole life insurance is 10 to 20 times more expensive than term, making a policy that significant out of reach for many individuals.

The least expensive whole life insurance policy for one million dollars is from Pacific Life, and the monthly premium starts at $550.

Melanie Musson, a life insurance expert with Quote.com, explains, "Term life insurance is the most realistic way for an average person to purchase enough life insurance to provide for their dependents adequately."

Risks and Life Insurance Rates

As people age, life insurance premiums increase. An individual in their 20s will pay significantly less than an individual in their 40s.

Smokers pay rates about twice as high as non-smokers. A smoker in their 40s may pay as much as $1,350 a month for $1 million in whole coverage.

Those in the best health qualify for preferred status. Individuals who don't qualify as preferred will pay higher premiums. If a high-risk individual qualifies for overage, they will likely pay more than twice the rate of a preferred individual.

Life Insurance Policy Options

Life insurance comes in many options. Some choose only $10,000 in end-of-life coverage; others choose $1M in term life insurance. Individuals need to evaluate their risks and goals and choose the appropriate policy for their needs.

Read Quote.com's entire report here: Cheapest Million-Dollar Life Insurance.

SOURCE Quote.com