Figuring out how much life insurance you need can be a bit overwhelming.
But truthfully, it's a quick equation:
Annual Income * 10x to 20x, this means if you earn between $50,000 to $100,000 per year, having a $500,000 life insurance policy is probably the right choice for you.
And guess what, it is super easy to get a 500000 life insurance no exam policy and your approval could happen instantly. Today I will go over who should get a $500,000 life insurance policy, the best company to get it through, and some sample quotes.
How Much Does A 500 000 Life Insurance Policy Cost?
The average cost of a $500,000 no medical exam life insurance policy with a 20 year term for a 37 year old female is $22.67 per month and for a male the average price is around $31 per month for the same coverage. Keep in mind that there are many factors that can affect your rates such as term length, tobacco usage and coverage amount.
Where Can I Get A No Exam Life Insurance Quote For $500K?
The fastest way to get a better idea is to use our Quote tool below, it's free to use, and doesn't require you to give any personal info for a quote:
Don't be shocked at how cheap a $500,000 life insurance policy can be, if you thought this coverage was expensive you're not alone, because over 44% of people overestimate the cost of life insurance.
Sample $500,000 Life Insurance Rates For Men & Women
20 Years Old
25 Years Old
30 Years Old
35 Years Old
40 Years Old
44 Years Old
*Rates are based on a 20 Year No-Exam Term Policy - Non-tobacco Female & Male with a preferred health rating
Who Needs A 500000 Life Insurance Policy?
Below is a list of people that probably should get a $500,000 term life policy with no physical exam required:
A Stay At Home Spouse
You might not realize this, but a stay at home spouse does a priceless job, and for them to not have life insurance is a bad idea. They keep a household moving by keeping food on the table, raising the kids and keep their working spouse level headed.
The loss of a stay at home spouse could create all sorts of financial problems that you might never think about. Things like who is going to keep the house clean or watch the kids or give you motivation or pick out your clothes for work?
You would need to take time off of work to deal with the grief as well and might even need to have counseling. A $500,000 term life no exam policy would not only help cover their final expenses but also help with paying the house off and help with keeping your home in order.
If you are a single parent, you must, and I mean MUST, have life insurance. You are the last line of defense for your kids and the one who is primarily responsible for their future.
$500 000 might seem a bit extreme; however, if you pass away unexpectedly, you want your kids to be able to pay off a few things. Such as the house, cover your funeral and at the least have cash left over to continue living.
All of those things can add up quickly, just think if you have a $250,000 mortgage, a car note, and 2 kids.
$500,000 is right at the mount you should have to cover the home and keep your kids in a financially sound situation.
Small Business Owners
As a small business owner, we are responsible for the lives of our families and sometimes the lives of other people's families.
Having a life insurance policy is the best gift we can give to our family and our business. What happens if you pass away and your spouse only knows how to run 25% of your business.
The business could immediately fail without you. However, if you had a five hundred thousand dollar life insurance policy payout to your family, they could survive.
They could hire someone that knows how to run the business while they deal with their grief.
As a freelancer, we are responsible for everything, and without us, no money comes in. We are the most vulnerable when it comes to needing life insurance because the buck literally stops with us.
If we pass away unexpectedly, our families income goes to 0, and they would be left in financial ruin. Purchasing 500k life insurance with no medical exam is probably one of the best moves you will be able to make.
It would cover any initial expenses needed to cover your burial and keep your family financially sound until they figure out their next moves.
LIFE INSURANCE WHERE YOU LIVE
Term Life insurance by state.
With a Life Insurance policy you can take care of your family the right way.
Should anything happen to you, you'll want to leave your loved ones a financial nest egg for their wellbeing. Click on your state to find out more.
Why No Exam Term Life Is Your Best Option?
No one is interested in waiting weeks or sometimes months to receive something they have already purchased.
With a no exam policy, you would be able to purchase $500,000 in life insurance almost instantly if you are approved.
Allowing you to avoid dealing with agents if you choose.
We have a product that allows you to get a quote, apply, get approved, and pay for your coverage in under 5 minutes.
There are three reasons this can happen:
It sounds silly, but yes, not having to take an exam is the best reason to go with a no exam option.
The no physical option cuts about 2 weeks off of your waiting time when it comes to life insurance.
3 Major Reports Pulled
Your proof of insurability is only going to be determined by 3 major reports that are pulled.
MIB Report - This report is all about your history of applying for life insurance.
If you have applied for coverage, recently this report will show which company you applied with and the outcome of the application.
Prescription Drug Report - This report is going to show what prescriptions you have had filled in the last 7 years.
It is used to confirm the answers on your application basically.
If you say you don’t take medicine for diabetes, but your prescription report shows you take metformin, that raises a red flag.
Motor Vehicle Report - This report is run to make sure you don’t have any type of suspended licenses, DUI’s or DWI’s.
Most companies will not offer you life insurance if you have a suspended license because of one of the above reasons.
The simplified issue no exam process also takes you through real-time underwriting, this means that your application for approval is being underwritten while you are completing it.
The questions will change depending on how you answer them, and at the end of the application, a decision will be given of either approved or not approved.
If you are approved, you will be able to choose your final coverage amount and rate and pay for your policy for instant coverage.
Best Company For $500k In Life Insurance With No Exam?
While there are some amazing no exam life insurance companies to choose from, we haven't found any better than Haven, Ladder, Ethos and Bestow.
INSURANCE YOU CAN TRUST
Term Life Insurance companies you can trust.
What $500,000 In Life Insurance Can Cover?
If you were wondering what things your life insurance policy would cover, we have listed some below:
This is just a short list, but there are an unlimited amount of things that someone can pay for with a $500,000 lump sum policy. We even asked over 30 personal finance experts how surviving spouses should invest their life insurance proceeds. Just be sure to leave the money to someone responsible.
THE SIMPLY INSURANCE WAY
No Exam Life Insurance made easy!
Agents not required.
Get quotes and sign up online without talking to an agent. But, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get no exam life insurance coverage within minutes of getting your quotes and applying.
How To Buy A $500,000 Term Life Policy Today?
The best way to get covered for a 500000 life insurance policy is to click here or on any button above.
They have one of the fastest life insurance application processes and are backed by a Top Aa rated insurance company. Don't wait around for life insurance coverage, it's always most important to protect your family's financial future.
Frequently Asked Questions
How much should a 500 000 life insurance policy cost?
For less than $30 per month, the average 35-year-old male or female can get a 20-year $500,000 no exam life insurance policy in under 5 minutes. Remember, the longer the term length, the more expensive the coverage amount.
How much life insurance can you get without a medical exam?
You can get up to $500,000 in life insurance without a medical exam through a few companies. However, if you need up to $1 Million in coverage without a medical exam, you should check out Bestow or Haven Life.
What does it mean when your life insurance has no cash value?
No cash value means that your life insurance policy will not gain monetary value that you can borrow against at a later date. Only Permanent life insurance policies offer a cash value. No term life insurance will have a cash value attached to it unless you add the return of premium rider.