$500k Term Life Insurance Policy 2024

$500k dollar term life insurance policy rate chart 2024

If you’re reading this article then you are likely in the market for a $500k term life insurance policy. While 500,000 dollars may sound like a lot of money to some, it is right amount of life insurance coverage many Americans should have to properly protect their families or business. Below we’ll dive into the costs and details for a $500,000 term life policy.

How Much Does A $500k Term Life Insurance Policy Cost?

Now let’s take a look at exactly how much a five hundred thousand dollar term life insurance policy costs. The rates in the table below are for a 45-year old male, non-smoker in excellent health.

  • A $500,000 10-year term life insurance policy is priced at $319 in annual premiums, and a 20-year term costs $469 a year.
Insurance CarrierAnnual Premium
Pacific Life$319
Symetra Life$319
Transamerica$320
Protective Life$330
American General$330
Nationwide $335
Cincinnati Life$340
Prudential$340
North American$340
Banner Life$343
Penn Mutual$358
Lincoln National$361
Thrivent Financial$370
SBLI$371
Guardian Life$375
MassMutual$375
Foresters$375
AAA Life$384
Mutual of Omaha$387
Ethos$403
Ameritas$410
Primerica$430
State Farm$445
Assurity$475
John Hancock$509
$500k term life insurance policy rate chart

*Date of birth 6/1/1979, 45-year old male, excellent health, non-smoker for $500k 10 year level term.

$500k Term Life Insurance Policy Rate Table Spreadsheet

Below is a pricing table spreadsheet of the 18 best companies with the lowest rates for a $500,000 20 year term life insurance policy. The majority of these companies will not require a medical exam if you are 60 years old or under and in good health. The rates in the spreadsheet below are from: Banner Life, Protective Life, Symetra Life, Corebridge Financial, Pacific Life, Transamerica, SBLI, North American, Securian, Cincinnati Life, Prudential, Nationwide, Lincoln Financial, MassMutual, Columbus Life, Mutual of Omaha, John Hancock and Assurity.

$500k term life insurance rates by company and full 20 year term breakdown spreadsheet 2024
$500k term life insurance rates by company and full 20 year term breakdown spreadsheet 2024 (continued)
$500k term life insurance rates by company and full 20 year term breakdown spreadsheet 2024 (continued)
$500k term life insurance rates by company and full 20 year term breakdown spreadsheet 2024 (continued)

*Rates are for a 45-year old male for a $500k 20-year level term policy at the top health class.

Underwriting A 500k Dollar Term Life Insurance Policy

The underwriting for a $500,000 term life insurance policy is very straightforward for most companies. Today, many life insurance companies offer no-exam or accelerated underwriting without a medical exam if you are under 60 and have had a physical with labs in the last 12 months if you are applying for $500k term life policy.

Some companies offer an instant-issue life insurance application a $500k term life in coverage. If a no-exam or instant-issue policy is not available, then the traditional underwriting will include no-cost paramedical exam which includes: height and weight, blood pressure reading, and a small blood and urine sample.

Several of the best companies for a no-exam $500k instant-issue term life insurance policy include:

  • Symetra Life
  • Banner Life
  • Brighthouse Financial
  • SBLI
  • Ethos
  • Assurity
  • Ladder Life

Every life insurance has their own underwriting guidelines so it’s best to speak to your agent.

Quoting A $500k Term Life Insurance Policy

Receiving instant quote comparisons for a $500,000 term life insurance policy is very quick and easy. The quote engine on our site lists the top life insurance companies and their rates in order from lowest to highest. The quote engine goes up to ten million dollars in coverage, so feel free to compare several different coverage amounts and policy lengths.


$500k Term Life Insurance Policy FAQs

Do I need a medical exam for a $500,000 term life insurance policy?

There are many top life insurance companies that will offer a $500k term life insurance without a medical exam. The rates for a no-exam application are the exact same as with the paramed exam and with the same policy benefits such as the accelerated death benefit rider and conversion option.


How long can I have a $500k term life insurance policy?

Depending on your age, you can choose to lock in the rate for a $500,000 term life insurance for: 10, 15, 20, 25, 30, 35 or 40 years.


Do $500k term life insurance rates increase?

Once a $500k level term life insurance policy is active the premiums and death benefit are fixed for the term selected (10-40 years). You can cancel the policy at anytime without a penalty.


How is a $500,000 term life insurance policy paid out to beneficiaries?

The beneficiaries for a $500k term life insurance policy have the option to receive the full $500k death benefit amount in a one time lump sum payment or they have the option to take an annuity option where the insurance company will payout the full death benefits out on a monthly basis with interest.


Are there any exclusions on a $500k term life insurance policy?

There are two exclusions on a $500k term life insurance policy which are a 2 year contestability clause if there was misrepresentation (lied) on the application and death occurs in the first two years, and if suicide occurs in the first two years of the policy start date the policy will not payout.


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