$500K–$1M Term Life Insurance: Affordable Coverage Made Easy
Concerned about life insurance costs? DIY offers policies for every budget. Find out if a $500,000 or $1 million policy is the right coverage to protect your family when it matters most.
| Female | Male | |
|---|---|---|
|
10- year |
$41-65 / mo |
$51-97/ mo |
|
15-year |
$43-70/ mo |
$53-102/ mo |
|
20- year |
$72-105/ mo |
$83-161/ mo |
|
30-year |
$80-144/ mo |
$104-203/ mo |
Note: All prices are average estimates based on a 35-year-old healthy non-smoker and may vary.
$500K–$1M Term Life Insurance: Average Costs & Rates
Wondering how much term life insurance costs? DIY makes it easy to secure $500K to $1M in coverage at an affordable rate. Get the right coverage for your budget today!
Protect Your Loved Ones with Life Insurance
Life insurance helps secure your family’s financial future, covering expenses like mortgage payments, outstanding debt, tuition, and daily living costs. Get an instant online quote today—no medical exam required. Simply answer a few health questions and find the fastest, easiest way to protect your loved ones.
While there’s no one-size-fits-all answer, general guidelines can help you determine the right coverage for your financial protection needs.
$500K–$1M Life Insurance: How Much Coverage Do You Need?
Choosing the right life insurance amount is crucial for protecting your loved ones. Experts recommend carrying at least 10 times your annual salary, but is $500K or $1M enough for you? A helpful way to calculate your coverage needs is the DIME formula (Debt + Income + Mortgage + Education):
- Debt – Total outstanding debts (student loans, credit cards, etc.)
- Income – Multiply your salary by the number of years your family would need support (e.g., $100K salary × 10 years = $1M)
- Mortgage – Remaining mortgage balance or housing expenses
- Education – Estimated cost of your children’s tuition
By adding these factors together, you can better determine the right coverage amount to protect your family’s financial future.
How to Qualify for a $500K–$1M Life Insurance Policy
Qualifying for a $500,000 or $1 million life insurance policy depends on several key factors:
- Age – The younger you are, the easier it is to qualify for higher coverage at a lower cost.
- Health – Good health increases your chances of approval for a larger policy. Maintaining a healthy lifestyle can help you secure better rates.
- Income – Many applicants qualify for coverage up to 30 times their annual salary. Your income and financial needs will determine the right coverage amount for you.
Understanding these factors can help you get the coverage you need to protect your loved ones.
Why Choose DIY for a $500K–$1M Life Insurance Policy?
DIY makes it quick and easy to apply for life insurance tailored to your budget and coverage needs. Whether you’re considering a $500,000 or $1 million policy, our streamlined online process helps you secure coverage without the hassle. Apply in minutes and get the protection your family deserves.
Fast, Free, Online Application Process
Complete our online application in minutes—no paperwork or phone calls required. Our straightforward process makes it easy to apply, but if you need assistance, our team is here to help.
Affordable, Personalized Coverage
DIY provides flexible life insurance options tailored to your budget, ensuring you get the right coverage at an affordable rate.
Honest Advice, No Pressure
Speak with an agent only if you want to—no pushy sales tactics. Our experts are here to help you find the best coverage for your family’s needs.
Hassle-Free Cancellation
Change your mind? Get a full refund if you cancel within the first 30 days. With DIY, you can also cancel anytime—no hidden fees, no hassle.
Get Your Personalized Quote
Check estimated rates for up to $500K in life insurance coverage—no commitment, no hidden fees.
Important Notice: All quoted prices are estimates and may change based on underwriting.