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How Much Does a $500,000 Term Life Insurance CostHow Much Does $500,000 Term Cost

Are you thinking about buying a $500,000 term life insurance policy? This is an excellent choice because term policies are very inexpensive, which means you can get a lot of coverage for a little bit of money.

I have a very large term policy and it does provide tremendous peace of mind to know that you your loved ones will receive a sizable amount of money if anything ever happens to you.

The Basics of a $500,000 Term Policy

If you purchase a half million dollar term life insurance policy, then it will provide a death benefit to your beneficiaries for a certain period of time, or a term.

The term of your policy can range anywhere from one year, such as annually renewable term insurance, or up to 40 years of continuous coverage. One of the beneficial features of a term policy is that your rate is locked in for the duration of the policy. So if you get a 30 year term policy at age 25, then your rate will be fixed for 30 years, or until you reach 55.

This brings up a common question - what term do I choose?

Choosing the Right Term for Your Policy

If you are looking for rates on a $500,000 policy, then you probably already figured out how much life insurance you need, but now you need to think about how long you want the coverage to be in place.

Term life insurance is popular because of its flexibility in term amounts. When determing the length of time to choose, you should take into account why you are buying life insurance in the first place. 

Maybe you are trying to ensure that your income is replaced. If so, figure out how many working years you have left until retirement and that is your term length. For example, if you are 35 years old. You figure you'll retire at 65, then a 30 term policy would be a good choice.

What if you are concerned about large debts such as a mortgage? Then you determine how many years are left on your mortgage and buy a term policy to cover it.

Keep in mind that the longer the term you choose, the higher the rate will be. But one word of advice - because term coverage is so inexpensive it wise to get the longest term that you can afford. It will provide peace of mind for many years to come.

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

The cost of life insurance is based on many factors, but you can get a general idea of what a policy may cost you. If you want exact rates, then use our easy quote page to compare companies online.

Here are some sample rates for you to consider. These rates are based on a non-smoker with a preferred health rating. Your rate may be higher or lower depending on your health, your smoking status, and which company you choose.

10 Year Term

20 Year Term

30 Year Old Male

$255 / Year

$365 / Year

30 Year Old Female

$175 / Year

$270 / Year

40 Year Old Male

$450 / Year

$670 / Year

 40 Year Old Female

$335 / Year

$520 / Year

50 Year Old Male

$985 / Year

$1,650 / Year

50 Year Old Female

$680 / Year

$1,105 / Year

60 Year Old Male

$1,985 / Year

$4,175 / Year

60 Year Old Female

$1,375 / Year

$2,715 / Year

Rates for term life insurance are very affordable because it is temporary coverage.
This type of coverage fits the budget and goals for many situations.

If you need a permanent policy then you may want to consider whole life insurance. For comparison purposes, you can also view sample rates for a $500,000 whole life insurance policy. If you are unclear about the different between these coverage types, then please read term life vs whole life.

What If You Have Some Health Issues?health-issues-500k-life-insurance

If you have some minor health issues, such as high blood pressure or high cholesterol, and it is controlled well with medication, then you should have no problem getting approved for a half million dollar term policy.

If you have some more serious health problems such as a recent heart attack, cancer treatment, or diabetes, then you want to be sure that you carefully choose which company that you apply for. This is important because all carriers have different criteria and some companies will charge much more or even decline a policy based on certain health issues, while other companies may approve you with a more affordable rate.

Don't Put It Off Any Longer - Compare Rates Today

The first step is to shop around. Rates can vary by as much as 70% from one company to another so it definitely pays to compare multiple rates from several different carriers. Get a free no obligation quote today and compare multiple rates from top rated companies.