I already have one $500,000 plan that is quite cheap but it is “stepped” rather than “level” so the premiums will increase in the future.
I’m applying for another one. Due to my mental illness (schizo-affective disorder) they increased the premiums by 50% and it is $91.52 per month. But it is level so the premiums won’t increase until I’m 71. That is about $1200 per year or about $40,000 in total until I reach 70 with a $500,000 payout.
BTW in Australia they normally pay out on suicides if you kill yourself after having the plan for at least 13 months. I think for my mental illness (bipolar / schizo-affective disorder) there is a fairly high suicide risk.
My superannuation also includes a very cheap life insurance plan ($50 a year or something). I think it currently pays out $200,000 and this decreases with each year.
Also it is common with life insurance plans that if you are given a one year to live diagnosis, you get the full amount of the life insurance paid out straight away.