If you’re reading this you’re likely looking to see which companies offer the best rates for a $600k ($600,000) term life insurance policy. The good news is that if you are healthy or even if you have some health issues, the prices for $600k can be very affordable. I’ll put a table below to show the rates.
Who Needs A $600k Life Insurance Policy?
There are many reasons why one may need the specific amount $600,000 of term life insurance. These can include:
- Income replacement (typically 7 to 20 years of annual income)
- Mortgage balance
- Cover college expenses for children
- Bank loan
- Key person coverage
- Debts
Who are the Best Life Insurance Companies for $600k Coverage?
Below are the best life insurance companies (in order by price) for $600,000 term life insurance coverage. The sample rates below are for 45-year old male at each companies best health class. Please keep in mind that each company has their own underwriting guidelines so rates can change depending on age, build, medications, health history, family history, and other health issues.
| Life Insurance Company | Coverage Amount | Term Length | Monthly Premium |
|---|---|---|---|
| Banner Life | $600,000 | 20 Year Term | $53.37 |
| Protective Life | $600,000 | 20 Year Term | $53.80 |
| AIG | $600,000 | 20 Year Term | $53.37 |
| Pacific Life | $600,000 | 20 Year Term | $54.17 |
| Transamerica | $600,000 | 20 Year Term | $55.08 |
| SBLI | $600,000 | 20 Year Term | $57.10 |
| Lincoln National | $600,000 | 20 Year Term | $58.27 |
| Nationwide | $600,000 | 20 Year Term | $60.11 |
| John Hancock | $600,000 | 20 Year Term | $60.55 |
| Symetra | $600,000 | 20 Year Term | $61.76 |
| Protective Life | $600,000 | 20 Year Term | $61.74 |
| Northwestern Mutual | $600,000 | 20 Year Term | $67.24 |
| Mutual of Omaha | $600,000 | 20 Year Term | $69.88 |
| New York Life | $600,000 | 20 Year Term | $77.63 |
| Primerica | $600,000 | 20 Year Term | $81.80 |
Best No Exam Term Life Insurance Companies for $600k Coverage
Below are life insurance rates (in order by price) for $600,000 term life insurance coverage with no medical exam. The sample rates below are for 45-year old male at each companies best health class. Please keep in mind that each company has their own underwriting guidelines so rates can change depending on age, build, medications, health history, family history, etc.
| Life Insurance Company | Coverage Amount | Term Length | Monthly Premium |
|---|---|---|---|
| SBLI | $600,000 | 20 Year Term | $57.10 |
| Ethos | $600,000 | 20 Year Term | $63.07 |
| Bestow | $600,000 | 20 Year Term | $65.00 |
| Lemonade | $600,000 | 20 Year Term | $65.00 |
| Ladder Life | $600,000 | 20 Year Term | $68.00 |
Bestow vs. Lemonade vs. Ladder vs. Ethos vs. vs. SBLI Life Insurance
In comparing the no exam life insurance rates between: Bestow vs. Lemonade vs. Ladder vs Ethos vs. SBLI. SBLI does have the lowest rate. However, Bestow, Lemonade and Ladder are all in the same ballpark. Every applicant’s situation is different so your rates could vary depending on your age, health, coverage amount, term and other underwriting factors.
Is $600k Term Insurance Better Than $600k Whole Life Insurance?
For the majority of people, term life insurance is a better option than whole life/permanent life insurance. The reason why is that younger people are looking for the most amount of life insurance coverage and at the best price. That is what term life insurance provides. Many people looking for life insurance are looking to protect their; income, spouse, children and debts to a certain age-stage in life. Term life insurance (depending on your age) allows you to choose 10, 15, 20, 25, 30, 35 or even 40 year level term lengths. This means once you are approved the rate won’t change for that time but you can cancel anytime without a plenty.
For most people at a certain age, the kids are grown, the house is paid off or paid down, you have assets and retirement accounts so the need for life insurance is reduced of hopefully even eliminated and therefore you become self-insured. You have a substantial amount money in the bank, have a solid 401k, equity in the house and other assets. The loss financially won’t be as crushing after the term since the kids are adults, the house is paid off, etc. Since whole life insurance is about 5x or more the cost of term life insurance, by having term insurance you can invest the difference. Also, you won’t have the large monthly premium obligation that whole life has. In addition, be obtaining term life insurance and investing he difference, it’s your money. Unlike whole life insurance that is tied up in a policy and you have to pay interest to borrow your own money, if you invest the money yourself you are liquid. This is what Dave Ramsey explains below in the video. Also, Suzy Orman and Clark Howard recommend the same thing.
It is better for the agent if you choose whole life insurance over term life insurance because the premium is much more expensive. Agents are paid based on the annual premium and whole life insurance is about five times or more expensive than term. That is why many agents, especially field agents that don’t produce a lot of business recommend whole life.
Instances where whole life or permanent life are usually better is term life are; if you need estate planning, have a special needs child, want to leave life insurance for a child no matter how long you live, charitable donations to a school or foundation after you pass away.
$600,000 Whole Life Insurance Rates
Below are life insurance rates (in order by price) for $600,000 permanent life insurance coverage. The sample rates below are for 45-year old male at each companies best health class. Please keep in mind that each company has their own underwriting guidelines so rates can change depending on age, build, medications, health history, family history, etc.
| Life Insurance Company | Coverage Amount | Monthly Premium |
|---|---|---|
| Protective Life | $600,000 | $389.40 |
| Penn Mutual | $600,000 | $389.76 |
| Pacific Life | $600,000 | $407.08 |
| Nationwide | $600,000 | $418.80 |
| Columbus Life | $600,000 | $433.03 |
| North American | $600,000 | $467.00 |
$600k Term Life Insurance- Wrap Up
There are over 500 life insurance companies in 2023 and choosing the right insurer can be easy if you shop around. Since each life insurance company has their own underwriting guidelines and rate charts, each one will have a different rate, all 500 of them. So a company that may have the lowest rate for one person may not for another. Factors such as your age, height/weight, blood pressure, cholesterol, medications, family history, driving record and many other factors will determine which company will offer the best rates for you. I always recommend to compare rates from multiple highly rated companies to ensure you are getting the best price. You can do this by calling the companies individually and receiving a quote from each one or use a broker/agent that do the shopping for you and knows the underwriting guidelines for each company. This will save you a lot of time and money. The best part, since there is no price difference between going to a company directly or using an agent/broker (not allowed to be different by law) you will have an advocate on your side that can talk to the underwriter if need be to to help you get approved and at the lowest rate.
How to Get The Best Rate for $600,000 ($600k) Life Insurance
- Compare Rates
Each life insurance company has their own underwriting guidelines based on: age, health, height/weight, blood pressure, cholesterol, family history, driving history, etc. so it’s important to shop around and compare rates from multiple life insurance companies.
- Fast for the Medical Exam
For those who opt to take the paramed exam, make sure you fast for 8-12 hours. I recommend taking the paramed first thing in the morning when you wake up before you eat, have coffee or exercise. First thing in the morning is when your blood pressure, weight and other readings will be the lowest.
- No Exam Option
For those who choose to not do the paramed, make sure you shop around. There are many new startups offering no exam life insurance in 2021. While the process for these companies are convenient, they can also be expensive.