A $500,000 term life insurance policy for a 60-year-old typically costs between $150 and $400 per month for a 10-year or 15-year term, assuming standard health classifications and non-smoker status. Whole life or permanent policies for the same face value will command drastically higher monthly premiums—often ranging from $1,200 to $2,500 per month—because they build guaranteed cash value and remain active for the remainder of the insured's life without expiration.
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