How Much Is A $250k Life Insurance Policy 2024?

Best rates and companies for $250,000 term and whole life insurance

If you’re looking to learn more about a $250,000 term or whole life insurance policy than this article is for you. Two hundred and fifty thousand dollars is one of the most common life insurance face amounts in America today because it’s the amount of coverage that would pay off an outstanding mortgage balance, replace lost income in the event of a premature death before retirement, cover an SBA loan life insurance requirement or cover a divorce agreement.

How Much Is A $250,000 Term Life Insurance Policy?

Now let’s take a look at exactly how much a $250k term life insurance policy costs. These rates are for a 50-year old female, in excellent health.

  • A $250,000 10-year term life insurance policy is priced at $236 in annual premiums, and a 20-year term costs $357 a year.
Insurance CarrierAnnual Premium
Banner Life$357
Protective Life$357
American General$357
Symetra Life$357
Pacific Life$359
Transamerica$362
Lincoln National$364
SBLI$364
Thrivent$370
North American$372
Nationwide$385
Penn Mutual$386
Cincinnati Life$392
Prudential$410
Foresters$422
AAA Life$425
Guardian$445
State Farm$447
MassMutual$455
Guardian$457
Mutual of Omaha$467
Ethos$468
John Hancock$509
Assurity$512
Bestow$660
Annual premium rate chart for a $250k 20-year level term life insurance policy, preferred plus health class for a 50-year old female

*Date of birth 6/1/1974, 50-year old female, excellent health, non-smoker $250k 20-year level term policy.

$250k Term Life Insurance Policy Rate Charts

Below are the rate chart spreadsheets for the best 19 priced A and A+ rated life insurance companies and their premiums for a $250,000 10-year fixed term life insurance policy. The table shows the rates for all four payment mode options; monthly, quarterly, semi-annual and annually. Companies shown are; American General, Banner Life, Protective Life, SBLI, Symetra Life, Pacific Life, Transamerica, Lincoln National, North American, Cincinnati Life, Nationwide, Securian Financial, Columbus Life, Prudential, MassMutual, Mutual of Omaha, John Hancock and Assurity Life.

American General, Banner Life, Protective Life, SBLI and Symetra Life $250k 20-year term life insurance rate sheet. Also, shows 4 payment mode rates: monthly, quarterly, semi-annual and annual.
Nationwide, Securian, Columbus Life, and Prudential $250k 20-year term life insurance rate sheet. Also, shows 4 payment mode rates: monthly, quarterly, semi-annual and annual.
MassMutual, Mutual of Omaha, John Hancock, and Assurity Life $250k 20-year term life insurance rate sheet. Also, shows 4 payment mode rates: monthly, quarterly, semi-annual and annual.

*Rates for a 50-year old female for a $250k 20-year level term policy at the top health class.

How Much Is A $250k Universal Life Insurance Policy?

Now lets take a look at exactly how much a $250,000 whole life insurance policy costs. The rates below are for a 50-year old female, non-smoker in excellent health.

Company
Monthly Premium
Instant Quote
Protective Life
Protective Lifetime Assurance UL to age 121
$177
Nationwide
NGL UL II to 121
$186
Penn Mutual
Guaranteed Protection UL gtd to 121
$189
Pacific Life
PL Promise GUL to 121
$222
Rate chart for a 50-year old female in excellent health, $250k guarantee universal life insurance policy to age 121

Pro Tip: Choose a life insurance company with an A (Excellent) or A+ (Superior) financial rating from A.M. Best.

Underwriting A $250,000 Life Insurance Policy

The underwriting for a two hundred and fifty thousand life insurance policy is very straightforward. The majority of applicants that had a physical with labs in the last 12 months will not need a medical exam with several top companies for both term and guarantee universal life. Several top companies such as Symetra Life, Assurity and Banner Life even offer instant-issue term life insurance for those between 20-60 years old in average to excellent health. For those that do not qualify for a no-exam application, the insurance company will just require a quick 30-minute no-cost paramedical exam that includes taking your height and weight, blood pressure and a small blood and urine sample.

Choosing The Correct Term Length

Choosing the right term length length is essential when purchasing a life insurance policy. The policy durations available for a $250,000 level term life insurance policy are: 10, 15, 20, 25, 30, 35 and 40 years (depending on age). The best way to select the correct policy term to choose the one that will best match your needs and goals. Most people choose their term based on; the date when their mortgage is paid off, the children are out of college or until retirement age to protect their income.

For those that are looking for a permanent life insurance policy that will pay out at any age you pass away, a guarantee universal life insurance (GUL) policy will offer a fixed death benefit and premium for the rest of your life. This is ideal for those needing estate protection, have a special needs child or anyone that wants a guarantee pay out even if you live into your 100’s.

Quoting A $250,000 Life Insurance Policy

Receiving instant quote comparisons for a $250k term and universal life insurance policy is simple and instantly available online. The quote tool on our site lists the top life insurance companies and their rates for exam and no-exam policies.

How To Get A $250,000 Life Insurance Policy

5 Steps To Get The Best $250,000 Life Insurance Policy

  1. Receive multiple quotes

    The first step in securing the best $250k life insurance policy is to receive multiple rate quotes from top companies. Life insurance rates can vary greatly from insurer to insurer so it’s important to compare rate quotes from many different companies. You can use an instant life insurance quote tool like this one here or use a broker who can do the shopping for you.

  2. Apply

    Once you find the best insurer for you, the next step is to complete an application. For a $250,000 term life insurance policy many companies will not require a medical exam, however for those that do need the exam it will consist of a 30-minute no-cost parmedical exam which a nurse takes your height and weight, a blood pressure reading and a small blood and urine sample.

  3. Underwriting

    The underwriting for a $250k life insurance company can take as quick as 15 minutes for an instant-decision life insurance application or up to 8 weeks if a medical exam and medical records (APS) are requested.

  4. Final decision

    Once the underwriting is complete, the insurance company will present the final approval with the health class you were approved at. At this time you can choose to accept the policy and activate the coverage, modify or change the coverage amount or term duration or decline the policy.

  5. Place the policy in force

    After you accept the policy the last step is to activate the policy. The life insurance company will email you the policy and final forms to review and if you accept esign and provide payment information which will active the policy (also known as in force).


Resource Center FAQ

What income do I need to qualify for a $250,000 life insurance policy?

To qualify for a $250k life insurance policy most insurance companies will allow 5x to 40x your annual gross income, depending on your age.


Which term lengths are available for a $250k life insurance policy?

All term lengths are available for a $250k life insurance policy, 10-40 years (depending on age) and universal life insurance to age 121 and whole life.


Can I cancel a $250k term life insurance policy without a penalty?

Yes, term life insurance policies will allow you to cancel at anytime without a penalty.


Will I need a medical exam for a $250k term life insurance policy?

There are many top life insurance companies that will not require a medical exam for a $250,000 term life policy. For those under the age of 60, there are several companies that offer instant-approval life insurance if you qualify. Also, if you are 70 years old and younger and had a physical in the last 12 months with labs then you may qualify for a no-exam application from one of the oldest, largest and best life insurance companies in the country. This same insurer also offers a guarantee universal life insurance (GUL), permanent life insurance policy for $250,000 without a medical exam if a checkup with labs were completed in the last year for ages 18-70.


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