How Much Is A $500,000 Life Insurance Policy?
Worried about the cost of life insurance? You can find a policy to fit every budget. Consider whether a $500,000 life insurance policy would be sufficient to protect your family in case of the unexpected.
Average Costs of $500K Online Term Life Policies
Discover how you can obtain up to a $500,000 Term life insurance policy at an affordable rate. This chart displays average premiums for a 10- to 30-year term, $500,000 life policy for healthy, non-smoking 35-year-old males and females.
Start Protecting Loved Ones Today with an Instant Quote
Start Protecting Loved Ones Today with an Instant Quote
Secure your family’s financial future with life insurance that covers expenses like burial costs, outstanding debt, mortgage payments, tuition, and daily expenditures. Start today with an instant online quote. By answering a few health questions, you can obtain life insurance with no medical exam—it’s the easiest and fastest way to protect your loved ones.
Is a $500K Policy Enough?
A $500K life insurance policy can help protect your family if the unexpected happens. But is it enough? Experts recommend you carry at least ten times your annual salary. Another useful way to determine your coverage calculations is the DIME formula (debt + income + mortgage + education). Add these four factors together to give you a better idea of your coverage needs.
Debt: The total of any outstanding debt, such as student loans or credit cards bills
Income: Multiply your salary by the estimated number of years your family would need support ($50k salary x 10 years = $500k)
Mortgage: Mortgage balances or housing expenses
Education: Estimate the costs to pay for your children’s tuition
How can I qualify for a $500,000 life insurance policy?
Age: Life insurance coverage costs more the older you get. The younger you are, the higher amount of coverage you’ll qualify for.
Health: The better your health status, the better your chance of being approved for a higher policy.
Income: Many applicants can qualify for coverage up to 30 times their annual salary. Depending on how much you make and your financial situation, you may want to consider increasing your coverage.
Why Choose Legacy Life Group?
Instant online quotes for $500k policies
Complete our online application in minutes. It’s quick, straightforward, and no paperwork or phone calls are necessary (but we’re always here to help if you need us).
Affordable, personalized coverage
Our agents offer a wide variety of coverage options to fit your budget and provide the coverage you need.
Honest advice, non-pushy agents
You don’t need to talk to an agent – unless you want to. Our agents are experts in finding you the coverage that best suits your family’s needs.
Easy, hassle-free cancellation
If you change your mind within the first 30 days of activating your coverage, we’ll refund your payment in full. And with us, you can cancel your policy anytime with no extra fees.
Personalized
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See estimated prices for up to $500K in life insurance coverage.