How much does a $500,000 term life insurance policy cost?

The cost of a $500,000 term life insurance policy will be dictated by your age, health, smoking habits, lifestyle, and policy type. On average, a 30-year-old non-smoker male will pay $18.44 a month for a 10-year term and $24.82 for a 20-year term.

Is $500,000 term life insurance enough coverage for me?

The amount of coverage that is right for you depends on your personal situation. While the rule of thumb is 10x to 12x your salary, the actual amount of coverage that is right for you should be based on your personal financial situation. Factoring items, such as debt and ongoing living expenses, and future expenses, such as tuition for dependents, can help you determine the right amount of coverage.

What’s the cost difference between whole life and term life insurance?

Term life insurance is generally far less expensive than whole life insurance. Term life insurance has a set number of years and pays out a death benefit only, but whole life insurance can be used to supplement retirement assets and investment income. A $500,000 policy of term life insurance for a 30-year-old, non-smoker male can be as low as $18.44 a month, but a whole life policy can be closer to $500 a month.

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Managing Your Life Insurance Policy

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What does a $500,000 life insurance policy cost?

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Ready to compare quick life insurance quotes?

Managing Your Life Insurance Policy

Ready to compare quick life insurance quotes?

What does a $500,000 life insurance policy cost?

Can you sell your life insurance policy?

Collateral Assignment of Life Insurance (Explained)

Life Insurance and Financial Planning: How They Work Together

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Can you reduce the coverage amount on your term life insurance policy?

Ready to compare quick life insurance quotes?

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