$500,000 Term Life Insurance [2022 Guide/Rates] - PinnacleQuote
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$500,000 Term Life Insurance [2022 Guide/Rates]

Danny RayPosted in Affordable Life Insurance last updated on July 18, 2022

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Many seniors know that life insurance is important, but for some, it can be hard to take the first step. They may not know what type of policy they need or how much coverage they should get.

This blog post will help you answer those questions and more so you can be sure your family is protected in case something happens to you!

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500k Term Life Insurance Policy

How much is a $500 000 life insurance policy? We will go over this more in this article!

In addition, we will go over the underwriting process between a medical exam life insurance and simplified issue life insurance. Above all, getting a life insurance quote that is accurate will depend on medical records, an existing medical condition, or current health issues. This will determine whether you will require a medical exam.

For instance, a 500k life insurance no exam policy will be limited on the amount of coverage depending on the life insurance company you use. In addition, the term length will also be limited per carriers as the longer the term the more risk it is to the insurance carrier.

Furthermore, if you are in excellent health and under 60 years of age then you will be able to get an accelerated underwriting product that will be very competitive with a fully underwritten policy price. In some cases, it may be cheaper.

Again, this will determine the death benefit, and how long term policy is picked. In fact, the 500000 dollar life insurance policy is very common and will be more than enough for final expense, income protection.

Below in this article, you will also learn the difference between a 500 000 whole life insurance cost and a term life insurance cost. So enjoy the article and feel free to ask any questions in the comments below.

If you have severe health issues, then you can still get life insurance with no medical exam. These policies are called guaranteed issue life insurance.

Why I Need A $500,000 Term Life Insurance

What You Really Need To Know

When shopping for a $500,000 term policy one could think it is challenging to get, however, in reality, this couldn’t be more false. 

In fact, a half-million term life policy is quite easy to get. 

SBLI insurance company offers a no medical exam policy up to 500k. In fact, 99% of carriers will require a medical exam above $500,000.  

Ultimately, that comes down to your agent to help you choose the best term life insurance policy!!

With that said, there are many carriers that offer no exam policies. Usually from $25,000-$500,000. But most companies offer up to $250,000.

However, we have a carrier that will go up to a million-dollar policy with a no medical exam. However, even applying for a million in coverage, this carrier can still require an exam.

This carrier is American National, so if in extremely good health there is a possibility to get no exam coverage.

In most cases, you will need to take a medical exam if you have preexisting medical conditions like type 1 diabetes, epilepsy or past cancer diagnosis.

With regards to a half-million term life policy, it is the most basic and affordable kind of plan. You’ll pay a fixed rate monthly premium, and the company will provide death benefit coverage for a designated amount of time. These terms are usually 5, 10, 15, 20 years, or even 30 years in length.

​​​​​​​​​​​​​​​Towards the end of the contract, you may opt to renew. There are also permanent life policies ($500,000 whole life ) that cover you for your entire life, but it will be more expensive. You’ll have to decide between the two.

Remember, shopping is your best chance to get the most affordable life insurance quotes.

500000 term insurance policy

How Much is a 500,000 Life Insurance Policy

When it comes to a half-million-dollar policy ($500,000 term policy) there are many factors that will determine what sort of rates you’ll be paying for your half-million term life policy. 

Including your age, general health, occupation, and the length of time for which you choose to be covered. As a matter of fact, in order to get the cheapest life insurance, you’ll want to get it as early as possible. Don’t wait to get coverage at 50!

Below, we’ll show you some of the average rates for a $500,000 term life policy for men and women of different ages and how much should a  policy cost, how much does it cost per month: Remember this is based on your age, health, and lifestyle.  

Contact your Independent Agent to Find Out What This Truly Means To YOU!!!!

Males 

  • 30 years old: ~$21/month
  • 40 years old: ~$30/month
  • 50 years old: ~$81/month
  • 60 years old: ~$220/month
  • 70 years old: ~$830/month

Females 

  • 30 years old: ~$19/month
  • 40 years old: ~$27/month
  • 50 years old: ~$59/month
  • 60 years old: ~$149/month
  • 70 years old: ~$533/month

Can I Get A 500k No Medical Exam Life Insurance Policy

Getting no exam life insurance coverage can be really easy if you are young and healthy. In fact, life insurance carriers such as SBLI and Sagicor will offer up to 500000 no exam life insurance.

SBLI underwriting process will require health questions to be answered about medical history, possible medical records depending on what they find with the prescription check. 

If you are healthy, 500000 term life insurance quotes will not be far from the rates for a fully underwritten policy.

Sagicor sage terms will go to a max of 1 million dollars as the amount of life insurance for no exam. These accelerated underwriting products are the best types of life insurance coverage if you are looking for a conventional approach. 

What Is My Class Rating For A No Exam 500,000 DollarLife Insurance Policy

For No Exam policies, How much does no exam coverage cost?  With no exam policies, although prices tend to be more expensive due to the risk the life insurance company is taking not knowing your cholesterol levels or blood pressure readings.

They are taking your word for it. Your word could cost you money. Remember, 90% of your rating class is determined by:

  • Height and Weight
  • Blood Pressure
  • Blood Sugar Levels
  • Cholesterol Levels and Ratios

They need your blood for that!!

How Much Does A Half Million Dollar Term Life Insurance Policy Cost [NO MEDICAL EXAM]

Here are the best rates for a $500,000, half-million term life, 20-year term no medical exam policy, monthly cost:

Males 

  • 30 years old: ~$21/month
  • 40 years old: ~$37/month
  • 50 years old: ~$96/month
  • 60 years old: ~$287/month
  • 65 years old: ~$680/month

Females 

  • 30 years old: ~$19/month
  • 40 years old: ~$30/month
  • 50 years old: ~$66/month
  • 60 years old: ~$173/month
  • 65 years old: ~$430/month

See, you probably are surprised at how affordable a $500,000 term policy could be.  With this in mind, the younger you are, the cheaper the rates will be for that $500,000 term life policy.

PINNACLEQUOTE TIPs FOR SAVING  

There is a great way to save over 50% on your policy.  You might want to look into layering term policies. 

This enables you to buy multiple terms policies. For example, buying three terms, 10, 20 or a 30-year term with different face amounts. Remember, the most expensive term is 30 years.

So what you need today, you might not need after your kids are grown and the mortgage paid off.

SO WHY PAY FOR IT!!!

WHAT WOULD BE THE REASONS FOR GETTING A HALF MILLION TERM LIFE POLICY

500,000 is really not all that much in terms of life insurance,  HERE IS WHY…

To point out, you might think that getting a half-million policy may be too much. The amount of coverage usually is based on multiples of annual income. Because, in the scheme of things, a half-million term life insurance policy in reality, really doesn’t go along way. It is 2019!! 

The average cost of a child from first breath to graduating college can be easily $250,000-$400,000. Now if you die, most of the time your paycheck dies with you.

What is your child or children going to do in the event of your death? The death benefit will take care of your family as you envisioned. Buying life insurance makes that possible.

HERE ARE A FEW THINGS THAT A HALF MILLION POLICY WILL COVER

  • Income Replacement— First, If you’re the primary breadwinner and you pass away, how is your family going to financially handle that. If you have multiple children, you might need a one million dollar life insurance policy, a half million might not be enough.  In the long run, it is always better to be over-insured then under!
  • Mortgage Payment— Second, one of the biggest bills you will ever have to pay in your life is a mortgage for your home. The national average for a home mortgage is $222,261.00, with an average mortgage payment of $1,061.00 a month.
  • Homemaker— Third, if you’re a homemaker and you have a spouse that has a $1,000,000 policy, then a half million term policy would be the maximum with most carriers. Remember, as a homemaker, you are the glue that holds the bricks together.  Finally, If you pass away and have kids, the money spouse will lose time at work. Furthermore, there is a possibility of daycare costs, nanny care etc. These costs can add up and be a burden on most.  With this in mind, speak to your Agent, half million term life may indeed not be enough to cover all expenses.

    • OTHER REASONS…… For A 500000 life insurance policy

    How to tell your family you love them! 

    • Legacy— Important to realize, in some cases, leaving a legacy is the best way to let your family know that you love them. Even when you’re not around anymore. It’s a great way to let your kids, grandchildren know that you thought of them.  Getting a half-million term life insurance policy will give the security to your family that can give them a boost.
  • Key Man Life Insurance— Having a business can have its up and downs. Business life insurance is essential for a company.  For this reason, the most important assets of a company are its employees. Just like in every sports arena there is a franchise player or an all-star that puts fans in the seats, so does a corporation. We call this a key man.  With this in mind, a key man is an employee that is vital to a company. In most cases these employees are irreplaceable. So getting a Key Man Life Insurance policy will protect the company for the time to find a replacement. A half million term life policy or even a million dollar policy would make the most sense in a key man policy.

    • WHAT KINDS OF THINGS WILL COMPANIES CONSIDER BEFORE GIVING ME A RATE ON COVERAGE

    In Life Insurance ~ Your Age MATTERS!!!   LET ME TELL YOU WHY…

    Notably, as you can see from the list above,  rates increase significantly with age. Also, you’ll see that men will need to pay more than women, on average.  For $500,000 term policies or in general any policy, there are several other things that will be factored into your rates.

    For most affordable policies, you’ll need to take a medical exam so that they can assess your risk level.

    Of course, for those with medical issues that may not want to take a medical exam, no medical exam policies are always an option. However, these plans will be more expensive.

    For those looking to get affordable coverage, such as $500,000 term life policies, then a medical exam will most likely be necessary.

    It’s important to make a good impression. In fact, the healthier you are at the time you apply, the less likely they will label you a high-risk applicant.

    THINGS TO DO BEFORE APPLYING FOR A HALF  MILLION DOLLAR TERM LIFE POLICY

    All things considered, here are some things you can do before applying for a $500,000 term policy that could help you save a lot on your life insurance:

    • Stop using tobacco products 
    • Eat healthier
    • Exercise
    • Take measures to lower your blood pressure
    • Lose excess weight

    It is also important to determine what is best for you, term life, whole life, universal life or even a long term care policy. It’s best to compare term life vs whole life. Furthermore, knowing if you’re going to use life insurance as an investment…

    Another key point, we always recommend comparing several quotes before choosing a half-million term life policy or any life policy. Make sure you only work with the best companies.

    These companies will offer a more reliable amount of coverage and will have the financial security to be able to insure those of higher risk. You want to make sure you get the best rates available for your age.

    WHY SHOULD I GET A $500,000 TERM LIFE INSURANCE POLICY? LETS RECAP!

    Below are some examples of why $500,000 term policy will benefit you and your family in the event of your death:

  • A mortgage on your home — a term life insurance policy is often bought in accordance with a mortgage. For example, someone that just took out a 30 year mortgage on their house will often want to take out a 30 year term life insurance policy, so that if something were to happen, loved ones won’t have to cover the mortgage.
  • Replacing your income — you probably want to replace any income you’re receiving, whether it be a salary or retirement income. This way, you can still support your family financially after you pass.
  • Final expenses — these expenses usually cost around $10,000.
  • Special events — perhaps you want to cover a few weddings or graduations with your policy.

    • Why we like Term Life for our clients…

    In the first place, term life insurance is our favorite to offer our clients,  Why?  Because we SAVE YOU MONEY!  

    Of course, if you choose a whole life policy,  we would make more from the sale. However, IN MOST CASES,  that is NOT the best product for YOU!  In fact,  whole life is more towards seniors and Final Expense

    Conclusion

    We hope you enjoyed our blog post on life insurance! If you need to get a quote, we can help. There are many different types of life insurance policies and it is important to know the differences between them in order to find the best plan for your needs. You will want one that fits your situation as well as your budget. Get an accurate quote from us today by clicking here or calling 855-380-3300. Be sure to read through this article so that you understand what each type means before making up your mind about which policy might be right for you!

    ABOUT  PINNACLEQUOTE LIFE INSURANCE SPECIALISTS  

    Term Life Insurance

    My name is Danny Ray.  I am the Owner/Independent Agent of PinnacleQuote.  We are based out of Jacksonville, Florida.  The sunshine state!

    My goal is to make sure you have all the education and tools you need to move forward in your purchase of half-million term life insurance or any type of coverage for your family.

    Additionally, we will go through some lifestyle questions to help determine which carrier/best rate you qualify for.

    Furthermore, our job is to walk you through the entire application process.

    On behalf of Lisamarie and myself and  PinnacleQuote, we look forward to speaking with you and providing you with the best service to protect your family, hands down!!!

    Contact us at PinnacleQuote (855) 380-3300.

    Best PRICE, Best CARRIER ~ GUARANTEED!!!!

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    About Danny Ray
    I am a life insurance expert that specializes in final expense, critical illness, Medicare Supplements, and term/UL policies. With almost 3 decades of dedication to thousands of clients, I share my knowledge with you so that you can feel comfortable fulfilling your needs and goals. I am licensed in all 50 states and represent almost three dozen A/A+ rated carriers. You can feel confident that you will not find a better option or a better agent than me.
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