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.
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.
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.
|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|
11/5/2020 - These premiums are just gross estimates. Your average costs will most likely be different.
The monthly premium below are for a female who is in excellent health and is a non-smoker.
|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|
If 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.
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.