It goes without saying that for many people the decision to buy or not to buy a life insurance policy comes down to the amount of money they will have to spend for coverage. While today’s economy has made more and more people’s budgets a lot tighter than they used to be, there are many affordable life insurance options available.
So how much is a $500,000 life insurance policy? While rough estimates can be given, the amount of money an individual would have to pay for a policy that would provide $500,000 worth of coverage really depends on the person for whom the policy is intended. Life insurance companies price their policies on a case-by-case basis, according to the age and/or health of the individual applying. Other factors, such as lifestyle, will also go into the cost equation as the insurance provider will give you a price for life insurance based on the level of risk they deem you to present as an insurance applicant.
For instance, if you were a 48-year old male living in Alaska, you could expect to pay somewhere between $1,240 a year for a 25-year term life policy with $500,000 coverage and $2,805 for the same policy and amount of coverage, depending on the insurance provider you choose. Or, if you were a 32 year old woman who is a smoker, also living in Alaska, your rates are estimated between $945 a year and $1,537 a year. Even though the female applicant smokes and the male applicant does not, the male’s age puts him in a higher-risk category than the female and, therefore, his life insurance quotes for a policy with $500,000 in coverage are more expensive.
A healthy 42 year old males could see rates like these below.
To find out how much it would cost you for a policy with $500,000 worth of coverage, you should check out TermLife-Insurance.com and use the rate estimator. In mere seconds, you can have a list of quotes for policies from a large range of life insurance companies at your fingertips.
There’s no time like now to purchase the life insurance coverage you need. Run some quotes to find the life insurance company and policy that will best suit your needs.