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How Much Does a $250,000-$500,000-$1,000,000 Term Life Insurance Policy Cost?

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term life insurance policy cost

At I&E, we offer both exam and no exam term life insurance options.

In the following review article, we provide the best term life insurance rates available for $250,000, $500,000 and $1,000,000 of coverage below.

All the sample rates below are from top rated insurance companies. You can click the button up top to switch between term life quotes for both males and females.

Convertible

Last thing we would like to mention is all the term life providers we work with offer convertible term life insurance. The value of convertible term is that you can convert all or a portion of your death benefit to a permanent policy. That way, if you cannot get more life insurance down the road because your health has declined, you can always convert some term to permanent and keep it for the rest of your life.

$250,000 Term Life Insurance Policy

MaleFemale
$250,000 Life Insurance Rates for Men
The following sample life insurance quotes are based on a preferred plus male wanting ordinary whole life insurance to age 70 with an A- rated insurance company or better. Monthly Rates are for informational purposes only and must be qualified for.
250,00010 Year Term15 Year Term20 Year Term30 Year Term
Age 20$9.77$10.19$12.51$18.04
Age 30$9.77$10.38$12.69$18.77
Age 40$11.89$13.08$17.03$28.66
Age 50$24.17$31.26$39.33$68.68
Age 60$59.11$77.74$77.74N/A
Age 70$178.86$251.59$409.53N/A
All sample quotes are based on a monthly premium as of 05/20/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus male. Rates are for informational purposes only and must be qualified for.
$250,000 Life Insurance Rates for Women
The following sample life insurance quotes are based on a preferred plus female wanting ordinary whole life insurance to age 70 with an A- rated insurance company or better. Monthly Rates are for informational purposes only and must be qualified for.
250,00010 Year Term15 Year Term20 Year Term30 Year Term
Age 20$8.53$9.33$11.03$14.97
Age 30$8.71$9.68$11.24$16.10
Age 40$10.86$12.67$15.27$23.59
Age 50$20.78$23.95$30.44$52.10
Age 60$41.50$53.55$76.13N/A
Age 70$109.97$155.87$349.13N/A
All sample quotes are based on a monthly premium as of 05/20/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus female. Rates are for informational purposes only and must be qualified for.

$500,000 Term Life Insurance Policy

MaleFemale
$500,000 Life Insurance Rates for Men
The following sample life insurance quotes are based on a preferred plus male wanting ordinary whole life insurance to age 70 with an A- rated insurance company or better. Monthly Rates are for informational purposes only and must be qualified for.
500,00010 Year Term15 Year Term20 Year Term30 Year Term
Age 20$14.02$14.76$18.97$28.87
Age 30$13.76$15.13$19.29$30.92
Age 40$18.43$20.49$27.76$50.52
Age 50$42.22$55.58$71.54$127.73
Age 60$110.46$143.00$199.07N/A
Age 70$327.89$481.70$799.86N/A
All sample quotes are based on a monthly premium as of 05/20/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus male. Rates are for informational purposes only and must be qualified for.
$500,000 Life Insurance Rates for Women
The following sample life insurance quotes are based on a preferred plus female wanting ordinary whole life insurance to age 70 with an A- rated insurance company or better. Monthly Rates are for informational purposes only and must be qualified for.
500,00010 Year Term15 Year Term20 Year Term30 Year Term
Age 20$11.22$12.96$15.91$22.50
Age 30$11.44$13.33$16.51$25.89
Age 40$15.72$19.78$24.48$41.39
Age 50$34.27$40.80$54.39$94.24
Age 60$73.62$94.71$137.57N/A
Age 70$198.74$283.36$644.14N/A
All sample quotes are based on a monthly premium as of 05/20/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus female. Rates are for informational purposes only and must be qualified for.

$1,000,000 Term Life Insurance Policy

MaleFemale
$1,000,000 Life Insurance Rates for Men
The following sample life insurance quotes are based on a preferred plus male wanting ordinary whole life insurance to age 70 with an A- rated insurance company or better. Monthly Rates are for informational purposes only and must be qualified for.
1,000,00010 Year Term15 Year Term20 Year Term30 Year Term
Age 20$19.57$22.66$30.96$49.25
Age 30$19.57$22.66$31.46$54.50
Age 40$29.23$35.19$48.80$93.49
Age 50$72.38$103.33$135.88$244.79
Age 60$209.09$279.64$387.60N/A
Age 70$597.95$931.69$1,537.27N/A
All sample quotes are based on a monthly premium as of 05/20/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus male. Rates are for informational purposes only and must be qualified for.
$1,000,000 Life Insurance Rates for Women
The following sample life insurance quotes are based on a preferred plus female wanting ordinary whole life insurance to age 70 with an A- rated insurance company or better. Monthly Rates are for informational purposes only and must be qualified for.
1,000,00010 Year Term15 Year Term20 Year Term30 Year Term
Age 20$16.66$19.29$23.76$37.37
Age 30$16.66$18.92$25.38$42.88
Age 40$26.51$33.37$42.14$75.38
Age 50$59.02$75.18$98.04$179.34
Age 60$137.13$181.46$262.98N/A
Age 70$597.95$931.69$1,537.27N/A
All sample quotes are based on a monthly premium as of 05/20/2020 from an A- Rated Carrier and higher. Sample quotes are for a preferred plus female. Rates are for informational purposes only and must be qualified for.

How Much Term Life Insurance Do I Need?

Different people get term life insurance for different reasons. Each of us has our own unique life circumstances, so the reason I need life insurance will differ from your reason. Below are a few of the more typical reasons someone needs life insurance.

Alternatively, you can also use our life insurance calculator to determine how much coverage you may need.

Replace Lost Income

For the majority of people looking for life insurance, the main motivation is to provide income replacement for a primary breadwinner in the household.

A general rule of thumb is to be insured for around 10X you take home income, after taxes. So, if you make $50,000 a year, but Uncle Sam takes $10,000 in taxes, you would want $40,000 of coverage multiplied by 10, or $400,000 of term life insurance coverage.

Another way to determine how much coverage you need is the human life value approach. The human life value approach takes other factors besides simply income into account, such as inflation, future earning potential, age of spouse and age of dependents.

Cover a Mortgage

With the advent of the 30 year mortgage came the need to provide a longer term life insurance policy option. If you have a 30 year mortgage, it is easy to see that a 30 year term policy would be ideal.

However, you have to take into account that most people will move well before they have paid down their mortgage.

Either way, getting a term life policy that covers your mortgage is a great way to make sure your loved ones are taken care of financially if you should die with a mortgage.

Decreasing Term

Many people in the past would purchase a deceasing term life insurance policy to cover their mortgage, as the term policy’s death benefit would decrease as the mortgage was being paid down.

Today, most people simply elect level term life insurance because the premium is very similar to decreasing term insurance, but with level term life your death benefit remains the same.

How Are My Term Life Insurance Rates Determined?

Life insurance companies look at your health and lifestyle to determine what your life insurance health rating will be. The process of giving you a rate class is called life insurance underwriting.

There are five health ratings you can qualify for. They include-

  1. Preferred Plus/Preferred Best
  2. Preferred
  3. Standard Plus
  4. Standard
  5. Table Rated

The better your health rate class, the lower your premium payment will be.You can check out our life insurance exam tips here.

How Can I Get The Best Term Life Insurance Rates?

Choosing the right agency, such as I&E, where we have access to dozens of the top life insurance companies, offering exam and no exam term life insurance options, is the best route to take to put yourself in the best position to get the cheapest life insurance available.

We will take the time to work with you and the company’s underwriting staff to make sure you get the best deal possible.

And if we are not satisfied with what we are being offered, we can always shop around to competing companies and see what they would be willing to offer.

So, what are you waiting for? Give us a call today and experience the I&E difference!

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