In this article, we’ll provide an overview of the cost of a $500,000 Life Insurance Policy —whether it’s Term Life, Whole Life, or No Medical Exam— and provide sample rates, from ages 20 to 80: healthy or on medication, male or female.
10, 15, 20 and 30 Year Term Quotes for $500,000 Policies
Term life insurance offers a guaranteed level premium for a fixed period of years such as 10, 15, 20, or 30 years.
Rates don’t change once the policy has been issued for the duration of the initial term and is non-cancelable, so life expectancy and underlying health doesn’t affect life insurance rates as long as you keep your premiums up to date.
A healthy person in his or her thirties can purchase a 10 year term life insurance policy for as little as $13/month.
It costs more for longer terms like 20 or 30 years. We’ve provided some sample $500,000 quotes at various term lengths below.
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$500,000 10 YEAR TERM LIFE INSURANCE POLICY
| 500K 10 Year Term | Male | Female |
|---|---|---|
| Age 30 | $13.33 | $11.44 |
| Age 40 | $17.20 | $15.11 |
| Age 50 | $39.86 | $33.88 |
| Age 60 | $102.91 | $72.68 |
| Age 70 | $294.56 | $197.20 |
* It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $500,000 10 Year Term Life Insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, Age 65, and Age 75.
$500,000 15 YEAR TERM LIFE INSURANCE POLICY
| 500K 15 Year Term | Male | Female |
|---|---|---|
| Age 30 | $14.62 | $13.18 |
| Age 40 | $20.49 | $19.78 |
| Age 50 | $52.81 | $41.13 |
| Age 60 | $131.81 | $94.92 |
| Age 70 | $439.16 | $283.36 |
* It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $500,000 15 Year Term Life Insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, Age 65, and Age 75.
$500,000 20 YEAR TERM LIFE INSURANCE POLICY
| 500K 20 Year Term | Male | Female |
|---|---|---|
| Age 30 | $19.23 | $16.23 |
| Age 40 | $26.99 | $23.80 |
| Age 50 | $66.36 | $55.59 |
| Age 60 | $183.81 | $141.64 |
| Age 70 | $790.62 | $660.60 |
*It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $500,000 20 Year Term Life Insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, Age 65, and Age 75.
$500,000 30 YEAR TERM LIFE INSURANCE POLICY
| 500K 30 Year Term | Male | Female |
|---|---|---|
| Age 30 | $30.13 | $25.57 |
| Age 40 | $50.57 | $40.47 |
| Age 50 | $128.16 | $95.56 |
*Updated for 2022: Rates above are monthly and for illustrative purposes only. Not an offer for insurance. Please note rates vary substantially depending on state of residence, unique medical history, height and weight, driving history, as well as other factors. It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $500,000 30 Year Term Life Insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, Age 65, and Age 75. We know all the ins and outs to get you the cheapest rates for a $250,000 Term Life Insurance Policy. Get a quote from us today to ensure you’re getting the lowest rates.
Understanding Health Classes- Underwriting Guidelines
Life Insurance companies have different life insurance rates for life insurance policies, based on the insured person’s gender, health, medications, state of residency, and more.
As for gender price differences, this is due to life expectancy being longer among women than men. Life insurance cost comparisons between males and females suggests that women tend to pay less than men do for life insurance coverage overall because they tend to live longer lives.
Rates will also depend on the health of the insured person and their smoking status.
In general, life expectancies are increasing so life insurance premiums have been going down in the last few years.
$500,000 WHOLE & UNIVERSAL LIFE QUOTES – TO AGES 90, 95, AND 100
These guaranteed universal life insurance quotes for ages 90-95 and 100 are only an example to get you thinking.
It is very possible that your guaranteed rate (if you qualify) could be better than what we’ve quoted below, especially if your guaranteed issue age is younger than 90.
It may make sense to buy a guaranteed policy if: You would like the security of knowing that you will be able to get coverage even if you have pre-existing medical conditions (with guaranteed universal life insurance).
If you want a guaranteed return on your premium (with income riders). If you need coverage before age 95 or 100.
Your guaranteed issue age must be under 80 in order to buy this type of policy, but with preferred rates it’s possible to get guaranteed whole life insurance quotes under 70 years old.
Guaranteed universal life insurance can be expensive, sure. You may pay more for guaranteed coverage than you would if you were healthy enough to qualify for standard health rates, but guaranteed rates are still much cheaper than un-guaranteed ‘standard’ rates (if you’re able to get approved at all).
Notice that guaranteed universal life insurance quotes ages 90, 95, and 100 here are very affordable . These guaranteed universal life upgrades keep your premium payment the same for up to 5 years without an increase! This is because guaranteed policies know they will not make any money on your investment returns or dividends like insurers do with fully-loaded guaranteed indexed life (GIL) policies.
$500,000 LIFE INSURANCE POLICY UNIVERSAL GUARANTEED TO AGE 100
| 500K Guaranteed Age 95 | Male | Female |
|---|---|---|
| Age 30 | $2,035.01 | $1,008.00 |
| Age 40 | $2,925.70 | $2,391.02 |
| Age 50 | $4,111.57 | $3,506.94 |
| Age 60 | $7,007.52 | $5,858.23 |
| Age 70 | $13,588.41 | $11,394.80 |
*Updated for 2022: Rates above are monthly and for illustrative purposes only. Not an offer for insurance. Please note rates vary substantially depending on state of residence, unique medical history, height and weight, driving history, as well as other factors. It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $500,000 Universal Guaranteed to age 100 life insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, Age 65, and Age 75. We know all the ins and outs to get you the cheapest rates for a $500,000 Term Life Insurance Policy. Get a quote from us today to ensure you’re getting the lowest rates.
$500,000 LIFE INSURANCE POLICY UNIVERSAL GUARANTEED TO AGE 121
| 500K Guaranteed Age 95 | Male | Female |
|---|---|---|
| Age 30 | $2,035.00 | $1,758.57 |
| Age 40 | $3,194.62 | $2,790.40 |
| Age 50 | $4,696.37 | $4,243.01 |
| Age 60 | $7,929.94 | $7,050.69 |
| Age 70 | $14,826.36 | $12,929.00 |
*It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $500,000 Guaranteed to age 121 life insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, Age 65, and Age 75.
NO EXAM LIFE INSURANCE: HOW MUCH DOES A $500,000 POLICY COST WITH NO MEDICAL EXAM?
A life insurance policy with no medical exam is an inexpensive life insurance policy that consists of life insurance coverage without a health exam, life insurance doctor’s visit, or life insurance blood test.
No medical exam life insurance policies cost more because they save you time and money by skipping the physical examination process. Although it is still possible to be denied a life insurance policy for health reasons, many customers can get affordable term life cover in as little as 15 minutes. In addition to saving you time, no medical life insurance policies may also give you access to cheaper life cover rates than what you would get from a traditional life plan with a medical exam.
$500,000 15 YEAR NO MEDICAL EXAM TERM LIFE INSURANCE POLICY
| 500K 15 Year Term No Exam | Male | Female |
|---|---|---|
| Age 30 | $16.11 | $14.95 |
| Age 40 | $22.91 | $19.94 |
| Age 50 | $64.68 | $47.89 |
| Age 60 | $157.00 | $109.90 |
*Updated for 2022: Rates above are monthly and for illustrative purposes only. Not an offer for insurance. Please note rates vary substantially depending on state of residence, unique medical history, height and weight, driving history, as well as other factors. It is possible to estimate the costs for additional ages by averaging the costs of the two ages for a $500,000 No Medical Exam life insurance policy to get estimated rates for Age 25, Age 35, Age 45, Age 55, and Age 65. We know all the ins and outs to get you the cheapest rates for a $500,000 Term Life Insurance Policy. Get a quote from us today to ensure you’re getting the lowest rates.
Comparing $500,000 Policies to $750,000 or $1 MILLION Coverage
One interesting factor that happens in life insurance pricing is something called “banding.”
Banding basically means you pay less for more coverage a certain levels.
In the life insurance world, $500,000 is a popular band.
In other words, you might get a break per thousand if you buy $500k. In fact, it might cost you less to buy $500k (due to the lower cost per thousand, than $450,000 or $475,000.)
Two other popular bands are $750,000 and $1 million. So if you’re looking at a high amount of coverage, get quotes for those amounts too. You might be suprised to find that $1 million of coverage won’t cost double that of $500k. No! It will be far less!
Comparing Companies That Offer $500,000 Policies
Please see quotes from some of the top no medical exam companies below who offer up to $500,000 of coverage. Note that we are showing monthly rates.
$500,000 15 Year Term Life Insurance – Haven VS Ladder VS Bestow VS Ethos VS Fabric VS Sagicor
| Male | Age 30 | Age 40 | Age 50 | Age 60 |
|---|---|---|---|---|
| Haven | $16.45 | $22.91 | $64.68 | $167.61 |
| Ladder | $24 | $32 | $81 | N/A |
| Bestow | N/A | N/A | N/A | N/A |
| Ethos | $24 | $39 | $89 | $157 |
| Fabric | $24.26 | $36.18 | $77.10 | $231.66 |
| Sagicor | $16.11 | $23.08 | $69.34 | $226.92 |
Frequently Asked Questions About $500,000 Policies
WHAT’S THE AVERAGE PRICE FOR $500K OF LIFE INSURANCE?
The average cost of life insurance varies depending on the type of policy that is purchased, the age of the beneficiary, tobacco usage and whether or not there are any preexisting conditions.
The average cost also depends on the type of insurance company that is chosen. In general, average life insurance costs start between $15 and $30 a month for a short term policy valued in the $500k range.
Insurance companies have specific underwriting procedures when selling a life insurance policy. The insured person, in most cases a healthy 25–year-old male must pass an exam to show his overall health. Once passed he becomes eligible to be issued a policy where he will pay premiums that are determined from the average price of these policies from each state’s average rate that was filed with regulators according to age and tobacco usage.
Although this average rate exists, there is usually about a 300% difference in premium prices for any individual.
CAN I GET $500,000 OF GUARANTEED ISSUE LIFE INSURANCE?
There are a couple types of “guarantees” to discuss here.
- Guaranteed Issue – Means they won’t deny you for health reasons. Typically, the biggest policy you can get for guaranteed issue, though, is for $50,000 of coverage.
- Guaranteed premiums and death benefit – Some policies have flexible premiums and death benefits. I prefer level guaranteed premiums and death benefits, however, such as term or guaranteed unviersal life.
Imagine that you have guaranteed life insurance and nothing bad happens to you, but then you become seriously ill or injured. If there were no guaranteed life insurance, your beneficiaries would not receive anything because the policy would have ended or lapsed before your death due to no claims being made on it. However, guaranteed life policies make sure that this does not happen since they guarantee coverage for a certain period of time (usually twenty-five years), even if nothing bad should happen to the insured person during this period. For this reason, guaranteed life insurance is popular with people who wish their loved ones to be provided for that have preexisting conditions.
HOW MUCH IS $500 THOUSAND LIFE INSURANCE POLICY FOR SENIORS?
Anyone who has life insurance knows it is not easy to get if you are older than 65.
But you can certainly buy $500,000 of coverage as a senior!
The most important factor as a senior is actually not your age so much as your health. If you’re in good health, there are many A-rated companies willing to offer coverage all the way up to age 80 or 85, in many cases.
One of our favorite companies that has a lot of options for seniors is AIG Direct.
The question of life insurance at age 65 or 70 becomes critical when there are dependents depending on your life insurance coverage, if you have a family history of life-threatening medical conditions and other factors that make the risk higher.
Life expectancy for seniors is problematic in our society because life expectancy is going up so fast illness patterns change so rapidly and older people put more strain on health care cost projections according to a report from USA Today. The problem starts with life expectancy figures commonly used to determine life insurance rates for senior citizens but these numbers don’t consider many important variables such as obesity, smoking habits, cancer screening programs, effective treatments and other treatments.
The Bottom Line?
Let’s discuss your interest in —and eligibility for— $500,000 Life Insurance Coverage.
We can help you determine the best fit for you, based on your goals and your individual circumstances.
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