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$500,000 Term Life Insurance

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.

Prices for a half-million dollar policy will vary according to the insured's person age, health status, risk factors, medical history, family history, etc.

Your Age Bracket For $500,000 Life Insurance Policy:

“A properly matched life insurance policy will make sure your family can continue to live as they are accustomed to”

How Much Coverage Should I Get

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.

Insured $500,000
40 Year Old Man $29.45
45 Year Old Man $50.52
50 Year Old Man $77.19
55 Year Old Man $123.80
60 Year Old Man $211.12
65 Year Old Man $402.15

10/6/2020 - These premiums are just gross estimates. Your average 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.

Insured $500,000
65 Year Old Woman $148.25
66 Year Old Woman $162.35
67 Year Old Woman $177.33
68 Year Old Woman $194.45
69 Year Old Woman $221.60
70 Year Old Woman $248.25
71 Year Old Woman $274.15
72 Year Old Woman $307.80
73 Year Old Woman $353.75
74 Year Old Woman $399.35
75 Year Old Woman $454.80
10/6/2020 - These premiums are just an estimate. Your average prices will be different.

$500,000 life insuranceIf you are taking medication for diabetes, high blood pressure (hypertension), or high cholesterol, you still may qualify for the preferred rates above. 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.

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.

Common Reasons For Denial of Life Insurance Coverage

  • 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.

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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!