How Much Is a $500,000 Life Insurance Policy for a 50-Year-Old Man

How Much Is a $500,000 Life Insurance Policy for a 50-Year-Old Man

A $500,000 life insurance policy is one of the most common coverage amounts for men in their 50s. It’s often used to protect a spouse, replace income, pay off a mortgage, or leave a legacy for children or grandchildren.

But how much does it actually cost? The answer depends on a few key factors—especially health, the type of policy, and the length of coverage.

Average Cost for a $500,000 Policy at Age 50

Here are typical monthly estimates for a healthy, non-smoking 50-year-old man:

Term Life Insurance (Most Affordable Option)

10-year term: about $45–$70 per month

15-year term: about $60–$90 per month

20-year term: about $85–$140 per month

Term life provides coverage for a set period and is usually the lowest-cost option.

Permanent Life Insurance (Lifetime Coverage)

Whole life: typically $400–$700+ per month

Guaranteed universal life: around $250–$450 per month

Permanent policies last for life and may include cash value or guaranteed death benefits.

What Affects the Price?

Life insurance premiums at age 50 can vary widely based on:

Health history (blood pressure, cholesterol, diabetes, etc.)

Smoking status

Height and weight

Medications

Family medical history

Policy type and length

For example:

A healthy, non-smoker may pay under $90/month for a 20-year term.

A smoker or someone with health conditions could pay 2–4 times more.

Why Many 50-Year-Olds Choose $500,000 in Coverage

At this stage of life, many people are still:

Supporting a spouse

Helping children through college

Carrying a mortgage or other debts

Planning for retirement

A $500,000 policy can:

Replace 5–10 years of income

Pay off major debts

Provide financial stability for your family

Term vs. Permanent: Which Is Better at Age 50?

Term life is often best if:

You want affordable protection during working years

You plan to be debt-free by retirement

You only need coverage for a set period

Permanent life insurance may make sense if:

You want lifetime coverage

You’re planning for estate or legacy goals

You want a guaranteed death benefit

The Importance of Comparing Multiple Companies

Prices can vary significantly between insurers. One company may charge 30–50% more than another for the same coverage.

That’s why it’s important to:

Compare quotes from multiple carriers

Work with an independent, fiduciary advisor

Choose a policy that fits your long-term plan

Bottom line:
A healthy 50-year-old man can often get a $500,000 term life policy for under $100 per month, but the exact cost depends on health and the type of coverage. Getting personalized quotes is the best way to find the right fit.