How much is a $500,000 life insurance policy for a 60 year old man?
Purchasing a $500,000 life insurance policy for a 70-year-old man involves substantial monthly premiums because mortality risk increases significantly at this stage of life. While a 10-year term policy for a healthy, non-smoking 70-year-old male might range from $600 to $900 per month, securing permanent whole life or universal life insurance for that same $500,000 amount can cost several thousand dollars monthly. Consequently, many older adults opt for much smaller final expense policies rather than high-value half-million-dollar contracts.
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