How much is a $500,000 life insurance policy?
Average costs of $500K online term life policies
Discover how Hamilton can help get you up to a 500k term life insurance policy at an affordable rate. This chart shows average costs for a 10- to 30-year term, $500,000 life policy premiums for healthy, non-smoking 35-year-old males and females.
For example, a 40-year-old non-smoking male in good health could get a new, 20-year term policy with $1 million coverage for $2,172 a year.* However, if he were to purchase the same policy at age 41, his cost would rise to $2,340 a year—and he’d spend $2,508 annually if he waited another year.
Start protecting loved ones today with an instant quote
Help secure your family’s financial future with life insurance that can help cover expenses such as burial costs, outstanding debt, mortgage payments, tuition, and other day-to-day expenditures. Providing for your family can start today with an instant online life insurance quote. By just answering a few health questions, you can secure online life insurance with no medical exam. It’s the easiest and fastest method to protect loved ones.
In this scenario, the monthly cost of life insurance for a 35-year-old non-smoker would be $65. A 45-year-old non-smoker would pay a $135 monthly premium for the same policy.* By purchasing this policy at age 35 instead of 45, you could save $840 per year over the life of your policy.
Is a $500K policy enough?
While everyone’s situation is unique, there are
guidelines tohelp you determine how much
coverage you need.
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 Hamilton life for my
$500k policy?
Hamilton life makes it quick and easy to
apply for life insurance tailored to your budget and coverage needs.
Instant online quotes for $500k policies
Affordable, personalized coverage
Honest advice, non-pushy agents
