A $500,000 life insurance policy is often enough for most middle class people. It's always better to be over-insured than under-insured.
Prices of a $500K 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 $75,000 dollars per year, you should get a policy in the amount of $375,000 to $750,000. So 500,000 dollars will most likely be a good 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 Years Old||$29.35|
|45 Years Old||$50.42|
|50 Years Old||$77.09|
|55 Years Old||$123.90|
|60 Years Old||$211.02|
|65 Years Old||$402.14|
If you are taking medication for diabetes, high blood pressure (hipertension), 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.