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How Much Does a $500,000 Life Insurance Policy Cost?

500k life insurance

When searching out the best life insurance rates by age, it is important to understand that a key ingredient in finding the lowest rates is to apply with the right company from the start.

Sure, if you are young and healthy, and live a pretty boring life void of travel and dangerous hobbies, you can simply apply for the lowest life insurance quote you see.

But for anyone else who might have a pre-existing condition or lifestyle, travel the world, work in a high risk job, or pursue dangerous hobbies, applying with the right company from the start is going to get you the best chance at the lowest price on a $500,000 life insurance policy.

$500,000 Term Life Insurance Rates

The following rates are from many of the highest rated life insurance companies in the USA, with an A.M. Best rating of A-, (Excellent) or higher.

MaleFemale
$500,000 Life Insurance Rates for Men
The following sample life insurance quotes are based on a preferred plus male wanting ordinary whole life insurance to age 70 with an A- rated insurance company or better. Monthly Rates are for informational purposes only and must be qualified for.
500,00010 Year Term15 Year Term20 Year Term30 Year Term
Age 20$14.02$14.76$18.97$28.87
Age 30$13.76$15.13$19.29$30.92
Age 40$18.43$20.49$27.76$50.52
Age 50$42.22$55.58$71.54$127.73
Age 60$110.46$143.00$199.07N/A
Age 70$327.89$481.70$799.86N/A
All sample quotes are based on a monthly premium as of 05/20/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus male. Rates are for informational purposes only and must be qualified for.
$500,000 Life Insurance Rates for Women
The following sample life insurance quotes are based on a preferred plus female wanting ordinary whole life insurance to age 70 with an A- rated insurance company or better. Monthly Rates are for informational purposes only and must be qualified for.
500,00010 Year Term15 Year Term20 Year Term30 Year Term
Age 20$11.22$12.96$15.91$22.50
Age 30$11.44$13.33$16.51$25.89
Age 40$15.72$19.78$24.48$41.39
Age 50$34.27$40.80$54.39$94.24
Age 60$73.62$94.71$137.57N/A
Age 70$198.74$283.36$644.14N/A
All sample quotes are based on a monthly premium as of 05/20/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus female. Rates are for informational purposes only and must be qualified for.

$500,000 Whole Life Insurance Rates

The following $500,000 whole life insurance quotes are based on a preferred best rate class from top rated carriers rated A- or higher by A.M. Best. All rates are subject to change and must be qualified for.

AgeMaleFemale
20$293$255
25$347$304
30$422$368
35$522$450
40$639$543
45$788$685
50$982$843
55$1239$1082
60$1582$1381
65$2060$1800
70$2835$2479
75$3964$3534
80$5541$4801

What $500,000 Life Insurance Policy is Best?

Term life insurance is the lowest cost policy available. It is ideal for anyone on a budget that is looking to secure coverage, but only has a little wiggle room in their budget to work with.

A term life policy can be set up with a term that extends:

Term life insurance is often favored because it is more affordable life insurance, particularly when you are younger and need the biggest death benefit with the lowest price tag.

And no exam term life insurance might be the better choice if you prefer to avoid taking the exam. You can qualify for up to $500,000 no exam term life insurance from several of the top companies.

Permanent life insurance policies, such as whole life insurance, last you entire life and build cash value.

Over the long term, whole life might be the better option if you need your life insurance to provide both a savings vehicle and death benefit.

Which type of policy is best for you will depend on your unique needs, goals and objectives.

For example, if you are looking for a $500,000 life insurance policy to cover your mortgage, then perhaps a 30 year term is the best choice.

Alternatively, if you need $500,000 of permanent life insurance coverage to protect your income for a younger spouse or a special needs child, then maybe permanent life insurance, such as whole life or universal life insurance, might be the better option.

The good news is the team at IBUSA can help walk you through the different types of coverage out there and align you with the best policy that meets your specific criteria.

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