A million dollar life insurance policy covers both needs: A term life insurance policy remains in force as long as the insured is living for the duration of the term, and then it will expire. 20 Million Dollar Life Insurance Policy - Policymutualcom Using the life insurance needs calculator on quotacy, here are some of the factors and costs that go into determining out how much life insurance coverage john and jane need. Million dollar life insurance policy payout . There are hundreds of life insurance providers in the united states and most of these companies offer 12 to 16 rate classes. That means $1 million in life insurance until you are 65, covering all those years of buying a house, settling down, and having children. This coverage can be used to help replace your income or to pay debts or cover other expenses. We have worked with individuals, doctors, executives, and business owners for years who need large coverage amounts. It’s possible to get inexpensive term pol...