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. Get your rates!
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.
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"
In this guide:
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.
|Age of Insured Male||$500,000 Death Benefit|
|40 Year Old Man||$39.45|
|45 Year Old Man||$59.53|
|50 year old man||$93.22|
|55 year old man||$150.84|
|60 Year Old Man||$262.32|
|65 Year Old Man||$472.25|
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|
|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, 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.
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.
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.
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.
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!