The cost of a $500,000 life insurance policy for a 55-year-old man depends heavily on whether he selects a term or permanent policy, his general health status, and his tobacco use history. For a healthy non-smoker, a 10-year or 15-year term life insurance policy typically ranges from $70 to over $150 per month, whereas a smoker can expect prices to more than double. Permanent whole life or universal life policies providing the same $500,000 coverage tier will be significantly more expensive—often running several hundred to over a thousand dollars monthly—due to lifetime coverage guarantees and cash value accumulation features.
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