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.
| 500,000 | 10 Year Term | 15 Year Term | 20 Year Term | 30 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 | $199.07 | N/A |
| Age 70 | $327.89 | $481.70 | $799.86 | N/A |
| 500,000 | 10 Year Term | 15 Year Term | 20 Year Term | 30 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 | $137.57 | N/A |
| Age 70 | $198.74 | $283.36 | $644.14 | N/A |
$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.
| Age | Male | Female |
|---|---|---|
| 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:
- Annually,
- 5 years,
- 10 years,
- 15 years,
- 20 years,
- 25 years,
- 30 years,
- 35 years and
- 40 year term life insurance
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.
