$500,000 Term Life Insurance Rates

by Jeff Rose on September 19, 2016 · 2 comments

500000 term life policy ratesTerm life insurance is the most affordable form of life insurance.  When you buy a term life insurance policy, you are entering into a contract with your insurance provider.

The insurance provider promises to cover certain expenses and losses in exchange for a monthly premium payment. The contract covers a specific period of time and the rates are locked in during the life of the contract.

At the end of the contract, the policyholder may renew the policy and enter into a new contract or simply allow the policy to expire. If you renew the policy, the monthly premium payment will be updated and locked in for the life of the new contract. Many term life policies can be written to automatically renew with adjustments in premium payments while the amount of coverage remains the same.  These plans are usually the most affordable of the different types of life insurance policies.

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

Term life insurance premiums are based on the length of the term and the health and age of the person covered by the policy. While term life insurance becomes more expensive with age, it still remains a viable and one of the cheapest forms of insurance even for the elderly. Even as you age, the premiums remain relatively low. If you’re still at a younger age, it could be wise to purchase a longer policy so you lock in those lower rates for a longer time before you have to renew your policy and have the premiums recalculated. Even purchasing life insurance at 50 is better than waiting until you are 60!

$500,000 Term Life Rates Men

SexAge$500,000 20 year Term
Male30$20.88/mo
Male40$30.45/mo
Male50$81.35/mo
Male60$218.48/mo
Male70$830.81/mo

$500,000 Term Life Rates Women

SexAge$500,000 20 year Term
Female30$18.71/mo
Female40$26.54/mo
Female50$59.08/mo
Female60$149.16/mo
Female70$532.88/mo

Term life insurance policies are good for people that don’t have a lot of money to invest and need a way to protect their families from the financial burdens of a funeral and loss of income due to a sudden death.  The average funeral can costs as much as $10,000 which can be difficult for a grieving family to pay.

Health And Age Consideration?

Insurance providers that issue life insurance policies will review your medical history for serious medical conditions and might send you for a medical examination if a condition is questionable. The insurance company then analyzes any medical condition to determine its possible influence on your death.

If you have a medical condition that seriously impacts your health and is potentially shortening your life expectancy, your policy application might be denied or higher premiums may be required. This is typically referred to as high risk life insurance.  You can see here for one of these types of high risk conditions. If you are a high risk applicant, for whatever reason, it’s important that you find the company that will give you the policy that you need at an affordable price.

If you have a condition that can be controlled by treatments or medication and is not potentially shortening your life expectancy, your policy should be accepted and there should be no huge impact on your premium payments. If you want to get the lowest rates, it’s important that you focus on your health. Losing weight, lowering blood pressure, lowering cholesterol, etc. The results from the medical exam are going to have a significant impact on your monthly premiums and chances of being accepted. A healthy diet and regular exercise can work wonders for your body, energy levels, and even your wallet. The more excess weight that you carry, the higher risk you’ll pose to the insurance company. Losing the extra weight will put extra money in your wallet. It’s a win-win scenario.

The key is being up front with your agent and letting them know everything about your health.  Just because you don’t disclose it up front, doesn’t mean that the life insurance company won’t find out about it.  Every one of the top 10 life insurance companies will find out a condition and will adjust your quotes accordingly.

Do I really need a $500,000 policy?

Everyone has different needs but a term life insurance policy with enough coverage to cover the funeral, pay off debt and have enough left over to live on for a while is always a good idea. Especially if you have children.

If you’re not sure exactly how much life insurance you need, please use our free term life insurance calculator to see the amount your family deserves. There are so many different factors that you have to consider when you’re deciding how much life insurance you need. You have to consider how many people rely on your income, how much debt you have, and what you want to leave to your family.

A good 500,000 dollar term life policy will provide the secure your family needs as it adjusts to the loss of a loved one and learns to make it without your income.

Why you need Life Insurance

After you use the calculator you may realize that you actually need a bigger policy. A lot of applicants are surprised at just how large of a policy they should purchase. Before you ever purchase a plan though, you should realize the importance of one of these policies.

If you were to pass away, what would happen to all of your debt? It would be left to your family. With a mortgage, car payment, credit cards, and much more, your family could be left with thousands and thousands of dollars of debt. This isn’t the legacy that you want to leave to your loved ones. This is where your life insurance policy comes in.

These policies give your family members the resources they need to pay off any debt that you would leave behind. They won’t have to worry about covering those expenses. They won’t have to worry about finding money to pay off your credit card bills or have to force themselves back to work because of finances. These plans give them coverage, even if something tragic were to happen to you.

Every year there are countless families that are suffering through the loss of a family member. While going through all of their suffering, they find themselves under a mountain of debt that they have no way to pay for. Don’t let your family become one of these stories.

Getting the life insurance coverage is extremely important, but you want to get the best rates available for your age. Having life insurance coverage shouldn’t cost a fortune every month. The only way to ensure that you’re getting the best rates for your live insurance policy is to receive quotes from dozens of companies before you pick the lowest rates. Sure, you could spend hours and hours talking to different companies and agents getting quotes. Instead, let us do all of the work for you. Fill out the quote form to the right and the best rates from the highest rated companies will come to you. We will provide you with quotes that match your specific situation and preferences.

Not only can we give you the best rates, but we can also answer any questions that you have about life insurance. Understanding all of the rules, policy types, and terms can be confusing. We understand and we are here to help.

photo credit: karen horton via photopin cc

{ 2 comments… read them below or add one }

Joan Davis September 19, 2014 at 3:19 am

I would like to know how much it cost to get 500,000 of life insurance for my husband? He is very healthy but he smokes, and I wonder if that has anything to do with the amount we would pay for the insurance? Thanks Joan Davis!

Reply

Jeff Rose November 21, 2014 at 4:00 am

@ Joan Be sure to contact our office and we’ll happily give you some quotes

Reply

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