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How Much Does a $500,000 Life Insurance Policy Cost?

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A $500,000 life insurance policy can help ensure that your family is financially secure after you are gone. For most people, the death benefit is often more than enough to cover funeral expenses while providing income replacement to a spouse and relief from unpaid debts and everyday expenses.

With a $500,000 death benefit, you can choose from various insurance products, including term life, whole life, and universal life insurance options. You may also qualify for accelerated non-medical underwriting instead of traditional underwriting, depending on your health.

Use the following guide to learn more about getting a $500,000 life insurance policy and how much it will cost. Find out what to look for, what factors can affect premiums, and how to compare quotes to get the best value.

What is a $500,000 Life Insurance Policy?

500000 life insurance policyA $500,000 life insurance policy is a contract that pays a death benefit payout of $500,000 if you pass away while the contract is active.

Contract options may include both temporary plans that are good for a specific timeframe and permanent life insurance plans that remain active for life.

$500,000 was often the maximum limit for term life insurance coverage that offered a simplified non-medical underwriting application process. However, maximum amounts can now range upwards of $1,000,000 with a few different providers. You can also obtain death benefits in more significant amounts when a medical exam is required. 

Some of the primary considerations when comparing $500,000 life insurance policies include:

  • Type of insurance
  • Age limit
  • Medical eligibility 
  • Underwriting process

Your age impacts the types of insurance you can choose. Term insurance policies with $500,000 in coverage are not always available with longer contract lengths for older applicants. For example, beyond age 65, you may need to choose a shorter contract length or a permanent life insurance product.

Pre-existing health conditions can also determine eligibility for different life insurance policies and non-medical underwriting options. For example, if you receive treatment for any severe medical conditions, you are more likely to require traditional underwriting requiring a medical exam.

Types of Life Insurance Plans with $500,000 in Coverage

You can choose from various life insurance plans that offer death benefits valued at $500,000 or more. Here are some of the most common life insurance options:

  • Term life insurance
  • Whole life insurance
  • Universal life insurance

Each type of life insurance policy comes with different advantages. For example, term life insurance is often the most affordable for families looking for a budget-friendly option to ensure their loved ones are completely protected financially should an unexpected death occur.

However, whole life and universal life insurance may keep you from needing to obtain another policy later in life, as these plans do not have contract lengths. Here’s a closer look at how these three life insurance plans work.

Term Life Insurance

Term insurance is temporary life insurance coverage designed around different contract options. The life insurance coverage offers a guaranteed death benefit payout if you pass away within the contract’s term period.

For example, suppose you purchase a $500k life insurance policy for 10-years and pass away anytime during the first ten years. In that case, the life insurance provider will pay exactly $500,000 in one lumpsum payment to the beneficiary you have named on the life insurance contract.

Contract options, also referred to as term lengths, can range from 10 years to 30 years. Term life policies also include level premiums meaning that your rates stay the same throughout the contract length.

A term insurance policy is generally the best option for families with high financial risks that need financial protection in a life insurance policy. Typically, you can obtain a large death benefit amount such as $500,000 for significantly less cost than any other type of life insurance.

Term life tends to cost much less than any other type of life insurance, as most people outlive their coverage, reducing the risk of the insurance company having to pay out on a death claim. However, if you outlive your term coverage, there are generally available renewal options.

Most term life policies also allow an expired term policy to be renewed annually or converted to a permanent plan without medical underwriting.

Conversions typically need to be completed by a certain period, such as your 75th birthday or before the term period expires. The conversion rules will depend on the provider.

If you choose to renew an expired term contract after the original term length expires, it will be at an increased cost that will continue to increase every year you decide to keep renewing.

Whole Life Insurance

Whole life insurance provides lifetime coverage with guaranteed cash value growth. It is a type of permanent life insurance that lasts until you pass away or reach the cutoff age. For example, most policies remain in force until you reach the age of 100 or 121.

Permanent life insurance coverage results in higher monthly premiums. The insurance company sets aside a portion of each premium payment into the cash account, which acts like a savings account that earns interest.

The cash value growth potential makes whole life insurance such a desired life insurance option. For example, if you were to purchase a $500k life insurance policy, the cash value should equal the death benefit at some point while owning the life insurance coverage.

After the value of your policy grows, you can borrow money from it and save money compared to personal or business loans. In addition, some whole life insurance plans are eligible to receive dividends, further enhancing the cash value growth potential.

While whole life insurance may sound like the best life insurance coverage to own, it is a very costly coverage option. 

Universal Life Insurance

A universal life policy is another type of permanent life insurance. With this type of life insurance, you have increased flexibility, as you can adjust the premiums and the death benefit when needed. In addition, universal life insurance offers cash value growth based on an interest rate declared by the insurance company.

However, the cash value growth potential is typically not as strong as whole life insurance. The coverage has a smaller premium, and interest rates are typically 4 percent or often lesser.

Suppose you’re looking for an all-around affordable permanent life insurance option. In that case, we recommend a second type of universal life insurance referred to as guaranteed universal life insurance or GUL.

With guaranteed universal life insurance, the coverage doesn’t focus on cash value growth, so you’re paying for the cost of coverage rather than the cost of coverage plus extra to build cash value growth.

Your premiums will be guaranteed up to the age of 121, and the cost of coverage will be typically double of rates for a term life insurance plan but much less than whole life insurance.

How Much Life Insurance Do I Need?

Is $500000 enough life insuranceFinding the right amount of life insurance is a process that takes a little time. It is not as easy as picking a random number and hoping for the best.

A $500,000 is a typical amount for a life insurance policy. However, it may not cover all the financial needs of every family. Most families, especially those with an annual salary over $50,000, may require more coverage.

How much life insurance coverage you should purchase will depend on a variety of factors, including:

  • Your annual salary
  • Medical debt
  • Credit card debt
  • Mortgages
  • The cost of college

When choosing an amount of life insurance coverage, a common rule is to start with an amount equal to 10 times your pre-taxable annual earnings. So, for example, if you make $50,000 per year, a multiple of 10 would give you a life insurance amount of $500,000.

Ideally, the $500,000 would provide your family with ten years of income paid in one lump sum payment. The multiple of ten years is an average multiplier, but it is your choice to go longer or less. It is best to sit down with your spouse and look at financials to plan how many years of income would be needed should either spouse pass away.

When choosing a coverage amount, you will also want to consider unpaid debts and future expenses that could arise. For example, you may want to ensure that your life insurance policy can cover the outstanding balance on your mortgage, medical bills, and credit cards. 

If you have children, you may also want to provide for their college education. The average cost of college is over $22,000 per year. Therefore, a four-year college degree may cost over $88,000. 

Besides financial protection for debts and living expenses, you need to add burial expenses. The average cost of burial and related services is $7,640. Burial costs are also higher in certain areas. 

Mortgages, college, funeral costs, debts, and final expenses quickly add up. Depending on your situation, $500,000 of life insurance coverage may not offer enough protection. However, you can also obtain multiple policies to cover different periods of your life and protect against financial hardship

For example, you may obtain a $500,000 whole life insurance policy as your main form of financial protection for your spouse and supplement retirement income. However, you can also add a smaller term insurance policy to cover the period left on your mortgage or your children’s education.

Do Seniors Need a $500,000 Life Insurance Policy?

$500000 life insurance policy for seniorsA senior may need a $500,000 life insurance policy if they have significant unpaid debts or are still in their working years. A large insurance policy can provide income replacement for a spouse, cover mortgage payments, pay estate taxes, and any other expenses.

If you are a senior without life insurance and don’t require a large sum of life insurance coverage, you may still want to consider your end-of-life expenses, including funeral costs, medical bills, and debts.

If these future costs become the responsibility of another loved one, you can help lessen the financial burden by looking into a small final expense life insurance policy.

Final expense life insurance is permanent life insurance with smaller coverage amounts of $25,000 or less. They are designed for seniors of different ages and require no medical exams to qualify.

With the smaller coverage amounts, these plans are often affordable and are an excellent option for ensuring burial, cremation, and other smaller end-of-life expenses are covered.

How to Buy a $500,000 Life Insurance Policy

You can buy a $500,000 life insurance policy online or over the phone with a licensed agent. You can also compare rates through a broker or contact multiple life insurance companies. 

Remember that any quotes received before applying are not guaranteed. The life insurance quotes you receive are based on a rate classification for which you must qualify through an underwriting process.

Compare rates from at least three different life insurance companies, which is one of the advantages of working with an online broker. You can fill out a few details and instantly receive quotes from several companies. 

Steps to Getting a $500,000 Life Insurance Quote

Here are the general steps involved in getting a quote for a life insurance policy:

1. Decide How Much Life Insurance Coverage You Will Need

It would help if you had a general idea of how much coverage you want before requesting a quote. You can request multiple life insurance quotes to see rates for different coverage amounts.

You may decide that $500,000 is too much or not enough for your specific needs. Consider your current financial responsibilities and income when choosing the death benefit amount.

If you’re having trouble figuring out an amount, you can use a helpful tool referred to as a life insurance calculator or speak with a licensed professional.

2. Choose the Right Type of Insurance

You can choose from temporary or permanent life insurance plans. Term life insurance offers multiple contract lengths based on your age. Therefore, younger applicants will have a wider range of contract lengths, whereas older applicants will be limited to fewer options.

Coverage expires at the end of the contract, but most term insurance plans may be renewed or converted to permanent coverage before turning age 75. 

Universal and whole life insurance are permanent insurance policies. Obtaining one of these policies at a younger age can save life insurance costs more than waiting to get a policy in your later years.

3. Consider Policy Riders

Most life insurance products offer optional policy riders. Common riders include:

  • Accelerated death benefits rider
  • Accidental death benefits rider
  • Child term rider
  • Return of premium rider
  • Living benefits
  • Waiver of premium rider

The accelerated death benefit rider allows you to receive a percentage of the death benefit in advance if you become diagnosed with a terminal illness.

The accidental death benefit rider pays an additional death benefit if your death results from an accident. The death benefit is typically equal to the base policy amount. For example, with a $500,000 life insurance policy, the insurance company pays a total of $1,000,000 for accidental death.

A child term rider offers coverage for dependent children. The child rider is often offered as an option on term insurance policies. If the child dies before reaching a specified age, it pays a death benefit. However, the rider is often convertible to permanent coverage without a medical exam.

Living benefits are a newer policy feature that can advance a percentage of the death benefit if diagnosed with a chronic or critical health condition. Life insurance plans that offer these benefits have become increasingly popular as they can help replace the income from time off of work.

The return of premium rider is available with some term life insurance policies. If you outlive the contract length of the term life policy, you receive a return of the premiums that you have paid. The return of premium rider is commonly found only on term lengths of 20 and 30-years and a few guaranteed universal life insurance options.

The waiver of premium rider is used if you become permanently disabled or lose your income because of illness or injury. The rider exempts you from paying the premiums until you resume work. 

4. Use an Online Brokerage to Receive Multiple Quotes

You can start comparing life insurance quotes using an online brokerage. Brokers offer access to dozens of life insurance companies and their rates

You only need to submit an inquiry once to receive quotes from multiple companies. You may get instant quotes and the option to apply online.

5. Contact an Insurance Agent to Compare Quotes

Instead of using an online brokerage, you can contact a licensed insurance agent. Licensed agents often work with specific insurance companies but can provide a more personalized approach to selecting the right plan than using an online service.

Do I Need a Medical Exam for a $500,000 Life Insurance Policy?

Many companies offer accelerated underwriting with coverage amounts of $500,000 and higher. As a result, you may skip the medical exam without facing higher premiums depending on your age and health.

Accelerated underwriting is often only available to those under a certain age, such as 65, without serious health issues. The process is generally completed through a quick online ticket process followed by a telephone interview in some cases.

If approved for accelerated underwriting, you can bypass the medical exam altogether and receive approval for coverage within a few days to, in some cases, instantly.

However, you will likely need to complete a medical exam if you have a history of pre-existing health conditions such as heart disease, cancer, diabetes, strokes, or other major medical conditions.

Guaranteed issue life insurance policies also allow you to skip the medical exam. However, these plans only offer a maximum death benefit of $25,000 or less. They are also costly as they accept everyone regardless of their past or present medical history. 

How to Get A $500,000 No Exam Life Insurance Policy

Non-medical exam life insurance is a popular option for applying for life insurance. In fact, according to life insurance studies conducted by LIMRA, 48% of Americans would be likely to purchase life insurance if the process offered simplified underwriting, meaning no medical exams.

So is a medical exam required for a $500,000 life insurance policy?

No medical exam life insurance options are offered on many of today’s term insurance plans and guaranteed universal life insurance options.

Several providers offer coverage up to $500,000 with no medical exam needed. However, your health status and meeting the underwriting requirements for these plans will significantly depend on the provider you choose to apply for coverage with.

Some of our best life insurance providers offering up to $500,000 or more in life insurance coverage include:

Banner Life

Banner term life insurance plans offer two potential options for non-medical underwriting. To qualify, you need to be between 20 and 50 years old and in good health. You must complete a telephone interview which will determine if you are eligible for a no medical exam approval or a traditional medical exam.

If you have completed a medical exam with your physician within the last 18 months, Banner may waive the life insurance exam altogether as a second underwriting option.

If you need more than $500k, Banners offers coverage up to $2 million with accelerated no exam guidelines to qualifying applicants.

Pacific Life

Pacific term life insurance is another top choice for no exam life insurance for $500,000 and higher. Pacific Life offers a similar process to Banners no exam offerings but with higher issues for ages 18-60.

The standard application process is completed utilizing a quick drop ticket submission and a quick telephone application. As a result, applicants who qualify for the accelerated non-medical underwriting process will often receive approval in less than 72 hours.

The second no exam option is offered to applicants age 50-69 that have completed a medical exam with their primary physician within the last 18 months. Pacific Life will utilize a copy of your lab results from your doctor to underwrite your life insurance coverage, allowing you to skip the life insurance medical exam.

$500,000 Instant Decision Providers

If you’re looking for the fastest way to get life insurance coverage, check out some of the latest instant decision providers. These tech-focused life insurance agencies have partnered with major life insurance companies to offer a streamlined application process that requires no medical exam and fast approval.

Companies such as Ethos and Bestow can offer $500k life insurance plans with a total turnaround time of 10 minutes or less. In addition, both the application and payment for coverage are completed entirely online, with your policy sent directly to your inbox.

While instant decision life insurance can offer a convenient way to get fast life insurance coverage, you are not likely to get the cheapest rates for coverage as you are usually only offering rates from one company rather than an agency that can provide rates from multiple providers.

How Quickly Can I Be Approved for a $500,000 Insurance Policy?

You can get instant approval for a $500,000 life insurance policy from many top insurance companies. However, you still need to wait for the underwriting process for your policy to become active. 

If you choose a life insurance product with accelerated underwriting, you may receive approval within minutes. Some companies may even activate your policy the same day. 

Traditional underwriting takes longer. The average time frame for approval with traditional underwriting is about four to eight weeks. After the underwriting process is complete, the insurance company will send you a life insurance contract offer. The offer will specify the rates and all other details of the policy.

Average Rates for $500,000 Life Insurance Policy

The average rate for a $500,000 life insurance policy depends on the type of policy and the rate classification an applicant can qualify for based on the underwriting guidelines set forth by the life insurance company.

Term life is often the most affordable option, followed by guaranteed universal life (GUL). Whole life insurance will cost the highest but offers coverage for life and cash value accumulation that can be helpful for future costs than may arise. 

Here is a closer look at how much a $500,000 life insurance policy costs for each coverage option at different ages.

$500,000 Term Life Insurance Rates

The cost of term life insurance depends largely on the policy length. You can typically choose a length of 10 to 30 years. Other factors include your age, gender, and health.

A $500k term life policy with a contract length of 10 years costs an average of $20 for healthy males between the ages of 35 and 45. The same policy may cost $67 per month for a healthy 55-year-old male. 

A $500,000, 10-year term life policy costs an average of $17 per month for healthy females between the ages of 35 and 45. A 55-year-old female may pay about $50 per month for the same policy.

Increasing the term length to 20 years increases the average cost to $32 per month for men between the ages of 35 and 45 and $26 per month for women. 

Male Rates10-Year $500,00020-Year $500,00030-Year $500,000
Age 30$13.17 / monthly$19.13 / monthly$29.73 / monthly
Age 35$14.01 / monthly$20.81 / monthly$34.74 / monthly
Age 40$17.84 / monthly$28.90 / monthly$50.49 / monthly
Age 45$27.61 / monthly$46.06 / monthly$48.58 / monthly
Age 50$39.86 / monthly$66.36 / monthly$127.83 / monthly
Age 55$67.15 / monthly$114.33 / monthly$231.96 / monthly
Age 60$109.18 / monthly$200.77 / monthlyNot Available
Age 65$188.68 / monthly$384.79 / monthlyNot Available
Age 70$313.21 / monthly$790.32 / monthlyNot Available
Female Rates10-Year $500,00020-Year $500,00030-Year $500,000
Age 30$11.05 / monthly$16.15 / monthly$25.06 / monthly
Age 35$11.89 / monthly$17.63 / monthly$29.19 / monthly
Age 40$15.29 / monthly$24.21 / monthly$39.68 / monthly
Age 45$23.80 / monthly$36.48 / monthly$60.11 / monthly
Age 50$32.71 / monthly$55.25 / monthly$95.49 / monthly
Age 55$49.73 / monthly$83.73 / monthly$175.98 / monthly
Age 60$72.60 / monthly$142.23 / monthlyNot Available
Age 65$121.85 / monthly$257.41 / monthlyNot Available
Age 70$197.14 / monthly$697.41 / monthlyNot Available

*Sample rates shown in the above table are based on males and females in excellent health with no nicotine use. The monthly $500k term life insurance rates are current as of 4/5/2022 and were pulled directly from our online quote tool of over two dozen life insurance providers.

$500,000 Guaranteed Universal Life Insurance Rates

A guaranteed universal life (GUL) offers less cash value accumulation than other permanent life insurance types, resulting in a lower premium. Most plans do not offer any cash value accumulation at all.

A $500,000 GUL policy costs $221 per month for a 35-year-old male and $185.46 per month for a 35-year-old female.

Male Rates$500,000 Guaranteed Universal Life
Age 30$171.92 / monthly
Age 35$212.01 / monthly
Age 40$265.50 / monthly
Age 45$324.50 / monthly
Age 50$409.50 / monthly
Age 55$521.00 / monthly
Age 60$683.50 / monthly
Age 65$924.50 / monthly
Age 70$1,272.00 / monthly
Female Rates$500,000 Guaranteed Universal Life
Age 30$148.53 / monthly
Age 35$185.46 / monthly
Age 40$231.50 / monthly
Age 45$272.50 / monthly
Age 50$350.50 / monthly
Age 55$452.00 / monthly
Age 60$586.00 / monthly
Age 65$773.50 / monthly
Age 70$1,118.00 / monthly

*Sample rates shown in the above table are based on males and females in excellent health with no nicotine use. The monthly $500k guaranteed universal life insurance rates are current as of 4/5/2022 and were pulled directly from our online quote tool of over two dozen life insurance providers.

$500,000 Whole Life Insurance Rates

The average cost of whole life insurance can range anywhere from 10 to 40 times the amount of term life insurance for applicants of the same age and death benefit amount.

A 35-year-old male may spend $14.01 per month on a $500,000 10-year term life policy. A whole life insurance policy with the same death benefit may cost $570 per month.

However, the whole life insurance coverage will last forever, whereas the term policy will last ten years.

Male Rates$500,000 Whole Life Insurance
Age 30$472.41 / monthly
Age 35$570.72 / monthly
Age 40$705.57 / monthly
Age 45$866.08 / monthly
Age 50$1,080.97 / monthly
Age 55$1,379.82 / monthly
Age 60$1,802.20 / monthly
Age 65$2,393.80 / monthly
Age 70$3,114.16 / monthly
Female Rates$500,000 Whole Life Insurance
Age 30$408.03 / monthly
Age 35$481.11 / monthly
Age 40$588.12 / monthly
Age 45$716.01 / monthly
Age 50$920.46 / monthly
Age 55$1,173.19 / monthly
Age 60$1,539.90 / monthly
Age 65$1,996.21 / monthly
Age 70$2,797.05 / monthly

*Sample rates shown in the above table are based on males and females in excellent health with no nicotine use. The monthly $500k whole life insurance rates are current as of 4/5/2022 and were pulled directly from our online quote tool of over two dozen life insurance providers.

$500k Life Insurance Family Case Study

500000 life insurance for familyMost people start thinking about getting life insurance in their 30s. For this example, let’s look at a husband and wife aged 38 and 36 looking for life insurance.

They are both in good health and have two young children, $7,000 in credit card debt, $10,000 on a car loan, 15 years, and $100,000 left on a mortgage. Their household income is $100,000 per year.

A $500,000, 15-year term life policy would cover the family’s financial obligations and income for several years if one of the parents were to pass away. This policy would cost about $25 per month for the husband and $19 per month for the wife.

A whole life policy can cost 10 to 40 times more than the typical term life insurance policy with the same death benefit. Using the same family from our example, the husband’s whole life policy would cost $570 to $705 per month. The wife’s $500,000 whole life policy would cost $480 to $588 per month.

A guaranteed universal life insurance policy would likely cost less than the whole life policy and more than the term life policy. In this situation, the most affordable option would involve obtaining a $500,000 term life insurance policy.

How Are Rates Determined for a $500,000 Life Insurance Policy?

Rates are determined during the underwriting process. An underwriter reviews your application and evaluates various factors before assigning you a final underwriting class. Some of the criteria used to determine rates include:

  • The length of coverage
  • Age 
  • Gender
  • Height and weight
  • Health history
  • Driving record

The amount of the death benefit also determines life insurance rates. Purchasing more coverage increases your monthly premiums, while less coverage lowers the cost of insurance.

Length of Life Insurance Coverage

Term life is often more affordable than whole life and universal life, as it covers a shorter time frame, reducing the insurance company’s risk of paying out a future death claim.

A 10-year term life policy will cost significantly less than a 30-year term life policy or a permanent life insurance policy with the same face value. 

For example, a $500,000 10-year term life policy for a 40-year-old male may cost about $17 per month. Increasing the term length to 30 years increases the average cost to $50 per month.

Age and Gender

Rates also increase as you age as life expectancy reduces. For example, a $500,000 10-year term life policy for a 60-year-old male may cost $109 per month. 

Gender plays more of a role in your rates as you age. For example, a 30-year-old female and a 30-year-old male in excellent health are likely to pay close to the same rates for a $500,000 policy. However, a senior female will often pay less than a senior male of the same age. 

Height and Weight

Life insurance applications often require you to list your height and weight. Companies use a build chart, which uses your height, weight, and age to estimate your health and underwriting class. 

The build chart is often used to provide rate quotes. However, the rates that you are initially quoted may change during the underwriting process after the insurance company reviews your medical history.

Health History

The next consideration is your health history. Smokers and those with pre-existing health conditions often pay higher premiums for their life insurance coverage. As a result, they are at greater risk of premature death, which increases the insurance company’s chances of paying a death benefit.

Diabetes, high blood pressure, high cholesterol, strokes, anxiety, and chronic health conditions can increase your premium payments.

All life insurance applications will have a series of medical questions that need to be answered. Responses to the medical questions are often verified through the help of third-party sources such as LexisNexis, the Medical Information Bureau MIB, and prescription drug records.

For applications requiring a medical exam, blood pressure readings and a sample of blood and urine will look at any potential high lab results.

Driving Record

Insurance companies check your motor vehicle report to look for driving infractions, suspended licenses, DUIs, and DWIs. Most companies deny coverage to applicants with poor driving records.

Optional Riders

The cost of your insurance policy may also change due to the inclusion of optional riders. For example, some policy riders add to your premiums, whereas others are included at no additional charge.

For example, many insurance companies include the accelerated death benefit rider, which advances a percentage of the death benefit if you are diagnosed with a terminal illness and given a 12-24 life expectancy.

Best Life Insurance Companies Offering $500,000 Life Insurance Plans

If you’re wondering which is the best life insurance company for a $500,000 life insurance plan, that answer will not be the same for everyone. Over a hundred life insurance companies in America can offer a $500,000 life insurance policy.

However, not one company will consistently be the best for everyone. Life insurance companies stay competitive through rates, different policy features, and how they underwrite certain medical conditions.

The best life insurance company will depend on the individual applying for coverage and the one that can meet that person’s life insurance needs at the best cost.

It is always best to view quotes to get an idea of how much a $500,000 life insurance policy will cost before applying. Then once you have an idea of how much the coverage will cost, work with an experienced agent to find out if you are eligible for the quotes you received online. An agent can learn about you and your needs so they can fit you with the best life insurance company based on your responses.

The table below lists over two dozen of the country’s highly-rated life insurance companies offered by most independent life insurance agencies, including No Medical Exam Quotes.

These companies are often viewed as the best not only for the products they can offer but also for the ratings they have received from AM Best and other organizations. But which one you should apply with will depend on your individual needs.

CompanyAM BestJD PowerComdex
Banner LifeA+NA95/100
Cincinnati LifeA+NA89/100
John HancockA+781/100093/100
Lincoln FinancialA+773/100091/100
Minnesota LifeA+769/100096/100
Mutual of OmahaA+795/100090/100
North AmericanA+NA89/100
Pacific LifeA+801/100093/100

Conclusion – Is a $500,000 Life Insurance Policy Right for You?

A $500k life insurance policy is available with various life insurance policies, including term life, whole life, and universal life. One of these options is likely to meet your needs.

Whole life and universal life provide coverage for the rest of your life, while term life covers specific periods of your life. You can also choose from various policy riders to customize the plan to address your concerns.

Yet, a $500,000 policy will also come with higher premiums than a policy with a lower death benefit. So if you do not need $500,000 to protect your family financially, you may benefit from a policy with less coverage.

Consider your current financial obligations, such as a mortgage, credit card debts, and medical debts. Start with an instant quote to get an idea of how much life insurance costs, and then have one of our licensed agents help you find the perfect coverage.

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Picture of Jeffrey Manola - Life Insurance Expert
Jeffrey Manola - Life Insurance Expert

Jeffrey Manola is the founder of No Medical Exam Quotes, an online insurance agency that strongly focuses on helping people shop for the perfect life insurance policy. He is a licensed life insurance expert and content creator for the website.

Before becoming a life insurance agent, he served in the United States Marine Corps, transitioning from serving his country to helping families find affordable life insurance coverage beginning in 2009. Since starting a career as a licensed life insurance agent, Jeffrey has helped thousands of families with their life insurance needs.

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