Do You Know How Much Is A $500,000 Life Insurance Policy?

A $500,000 life insurance policy may provide you enough coverage to take care of your family and all the things.

The cost of life insurance is often overestimated, so don’t think that you can’t afford a $500,000 life insurance policy.

Now, Know How Much Does a $500,000 Term Life Insurance Policy Cost? If you are buy for a 10-year, $500,000 term life policy is $200 a year.

The average cost is around $275 a year for a 20-year term—if you buy life insurance in your 30s while in good health.

Age is one important factor in the cost of life insurance. Life insurance quotes will go up each year as you get older.

Buying Younger Means Lower Life Insurance Costs

Buying $500,000 term life insurance costs finds substantial savings if you buy coverage while in your 30s.

Waiting until your 50s or 60s to purchase a 20-year term life policy results in paying considerably more than if you buy coverage at a younger age.

At age 30, males pay 19% more than females, nearly $50 more annually. At age 40, males pay 21% more, which calculates to $72 more annually than females.

How Gender Affects the Cost of $500,000 Life Insurance

At age 50, males pay 34% more than females, an extra $240 annually. At age 60, males pay 41% more, which comes in at $732 more annually than females.

When you are looking for $500,000 life insurance cost than you first make sure that $500,000 meets your life insurance needs.

Tips For Buying $500,000 Life Insurance

Determine what debts and other obligations your family would have if they no longer had you around. Your review of finances should include credit card balances, car loans, your home’s mortgage and other financial obligations.

Decide if you want to provide additional life insurance money to cover lost income, college tuition and funeral expenses.

If you want coverage no matter how long you live, consider whole life insurance or universal life insurance.

Life insurance companies often require an exam so that they can get a detailed picture of your health. No-exam life insurance policies are becoming more widely available, but if you aren’t in excellent health, you may not qualify.