What's The Average Cost For A $500,000 Life Insurance Policy?
A 50 year old man in good health can expect to pay around $94 per month for a $500K 20-year term life insurance policy. A healthy 65 year old woman can pay around $150 monthly for a $500,000 life insurance policy for a term of 10 years.
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Prices for a $500,000 dollar policy will vary according to the insured's age, health status, risk factors, medical history, family history, etc.
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A $500,000 life insurance policy is often enough for most middle class families. Remember, it's always better to be over-insured than under-insured.
"A properly matched life insurance policy will make sure your family can continue to live as they are accustomed to"
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In this guide:
Is $500,000 in Life Insurance Sufficient?
Rule of thumb is, that you should get 5 to 10 times the amount of your yearly salary in life insurance. So, for example, if you make $100,000 dollars per year, you should get a policy in the amount of $500,000 to $1,000,000. So, half a million dollars may be a sufficient amount of coverage.
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Example Premiums For Men | Example Premiums For Women
Example best rates for a 20 year term, $500K dollar policy for a man at different ages.
The monthly premium quotes below are for a male who is in excellent health and is a non-smoker. Note, however, that a man or woman in poor health and a smoker will pay significantly higher premiums.
| Age of Insured Male | $500,000 Death Benefit | $500K (yearly) |
| 40 year old man | $39.45 per month | $473.40 per year |
| 45 year old male | $59.53 per month | $714.36 per year |
| 50 year old man | $93.22 per month | $1118.64 per year |
| 55 year old male | $150.84 per month | $1810.08 per year |
| 60 year old man | $262.32 per month | $3147.84 per year |
| 65 year old man | $472.25 per month | $5667.00 per year |
10/21/2024 - This pricing table is just an estimate. Your actual costs will most likely be different.
Example 10-year term rates for a $500,000 dollar policy for women of different ages.
The monthly premium below are for a female who is in excellent health and is a non-smoker.
| Age of Insured Female | $500,000 Death Benefit |
| 65 Year Old Woman | $148.25 per month |
| 66 Year Old Woman | $162.35 per month |
| 67 Year Old Woman | $177.33 per month |
| 68 Year Old Woman | $194.45 per month |
| 69 Year Old Woman | $221.60 per month |
| 70 Year Old Woman | $248.25 per month |
| 71 Year Old Woman | $274.15 per month |
| 72 Year Old Woman | $307.80 per month |
| 73 Year Old Woman | $353.75 per month |
| 74 Year Old Woman | $399.35 per month |
| 75 Year Old Woman | $454.80 per month |
10/21/2024 - These life insurance premiums are just an estimate. Your average pricing will be different.
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Your Health Will Affect The Cost of Your $500,000 Policy
If you are taking medication for diabetes, high blood pressure (hypertension), or high
cholesterol, you still may qualify for the preferred rates above, thus, affordable rates. But, you'll have to prove to the insurance company that those conditions are well under control and your health is good. A visit from a nurse and a medical / blood test will be needed.
Smokers Always Pay More
If you smoke, even if your health is outstanding, your rates will be 3-4 times higher than a non-smoker. It really pays to stop smoking in more ways than one.
If you are an occasional cigar smoker, some companies will give you non-smoker rates, but it will be evaluated on an individual basis. Speak to your insurance advisor about it.
How can I lower my life insurance premiums?
Even if you do not have control over all factors affecting your rates, like family history and health issues, there are a few things you can do to lower your life insurance rates.
- If you smoke, quit ASAP. This will lower your premiums by 3 to 4 times.
- Cut down on your alcohol consumption.
- Lose weight and get in shape. A lower BMI equals lower insurance costs.
- Shop around. Don't settle on the first quote you get, use the internet to your advantage and get several quote.
Common Reasons For Denial of a $500,000 Life Insurance Policy
- Serious health problems like heart disease, cancer, unmanaged diabetes.
- Applying for too much coverage.
- Lying in the application.
- Bad driving record (DUIs, too many accidents, etc.).
- Age
In case you are denied typical life insurance coverage, you could try a guaranteed issue or no medical exam life insurance policy - these are easy to get, but they cost a lot more and the benefit amounts are usually low. But for higher amounts, like $500K, they are difficult to get.
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If you are wondering "How much does a $500,000 dollar life insurance policy cost?", no matter your age, 30, 40, 50, 60, 70, etc. It is easy to find out typical policy costs by clicking here!