September, 23 2017

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$500,000 Life Insurance- Best Companies and Prices

$500,000 Life Insurance- Best Companies and Prices

A $500,000 life insurance policy may sound like a lot of coverage, but in reality this is the amount of insurance that is needed to adequately insure the main breadwinner.  When you factor outstanding debs; such as credit card, student loan and a mortgage balance,costs of raising children including; daycare and education costs, add in everyday living expense such as food, utility and other living expenses it becomes evident why $500k of life insurance is needed for many families to replace the breadwinners’ current income and future earnings.

How much life insurance do I need?

Many preeminent financial advisors recommended the insured have a minimum of 5x to 20x one’s annual gross income in life insurance.  For example, a man or woman earning $50,000 a year should have at the low end $250,000 in life insurance, but ideally depending on factors such as; mortgage balance, number of children, the income of the spouse, etc. 10x= $500,000 life insurance or even more would be appropriate to replace the insured’s income and future earnings. 

$500,000 Life Insurance- Best Companies and Prices

Let’s take a look at the best companies and rates for a 40 year old woman seeking a $500,000 term life policy on a 20 year term at the best health class. To compare the rates for you just use our rate comparison quote engine.

  1. Protective Life Insurance Company=$26.43 month
  2. SBLI-Savings Bank Life Insurance=$26.54 month
  3. Banner Life Insurance Company=$27.13  month
  4. Genworth Life & Annuity=$27.13 month
  5. Pacific Life=$27.51 month
  6. Penn Mutual=$29.15 month
  7. One America=$29.37 month
  8. Nationwide= $29.37 month
  9. MTL Insurance Company=$30.15 month
  10. American National=$30.24 month

Let’s take a look at the same client looking for permanent no-lapse universal life insurance to age 121:

  1. American General Life Insurance Company=$190.69
  2. Transamerica Life Insurance Company=$191.84
  3. Nationwide=$195.00
  4. Penn Mutual=$195.81
  5. Midland National=$206.50

Conclusion

It’s important to have enough life insurance to properly protect your spouse and children if anything were to unexpectedly happen to you. It’s tragic when the breadwinner suddenly passes away and the family doesn’t have any or enough income to allow them to stay in the home or have money to pay everyday bills.  All this can be easily adverted by purchasing a good life insurance policy.

As we saw above in this article, $500,000 life insurance- best companies and prices, a $500k policy 20 year term policy for a 40 year old woman in excellent was less than $27 month.  Make sure you shop around and compare multiple companies (or use a quote engine like the one on this site) to ensure you a getting the best deal.

Summary
Review Date
Reviewed Item
$500,000 Life Insurance
Author Rating
5