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Can I Really Afford $500k of Life Insurance To Protect My Family?

by Scott G on August 31, 2013 · 4 comments

Prices for a $500k term life insurance policy right now

How Much Does $500k Term Life Insurance Really Cost?

The fact is the majority of Americans are either uninsured or under-insured when it comes to their life insurance coverage.  Life insurance is not mandatory such as auto insurance is, but if you have a family it is just as important or even more so.  Have you ever thought of what would happen to your loved ones if you suddenly died?  How would they pay the monthly bills?  Would they have enough money to continue living in the same house as you do right now?  How would their life change?  How would you be remembered?

The good news is you can insure your family against this type of uncertainly by purchasing a good life insurance policy.  Many Americans believe life insurance costs too much money but with new medicines and people living longer, life insurance is very affordable right now.  Take a look at the table below.

Prices for a $500k term life insurance policy right now

Age
Preferred Plus
Preferred
Standard Plus
Standard
30$15$19$26$29
40$19$26$31$38
50$44$57$67$93
60$118$137$162$216

 

Bottom Line

Life insurance rates are very inexpensive right now.  If you want the peace of mind knowing your family will be OK if anything were to suddenly pass away, now is the time to lock in the rate on a policy. 

See how much $500k coverage will cost you

*Rates as of 08/31/2013 for a $500k 10-year level term policy. The information in this post is for informational purposes only and is not a guarantee of rates and insurability.  Rates and eligibly are subject to the underwriting guidelines of the insurance companies and state in which you live.