How Many Everyday Expenses Cost More Than Term Life Insurance?

Life Insurance

How Many Everyday Expenses Cost More Than Term Life Insurance?

The two most common explanations Americans provide for not owning life insurance are that they:

1. think it’s too expensive and
2. have other financial priorities.1

The same survey also found that consumers tend to overestimate the cost of life insurance by three times, with almost half of Millennials overestimating the cost by five times the actual amount.In truth, term life insurance is a surprisingly affordable way to protect your family with little sacrifice to your budget. To put it in perspective:

  • Cell phone insurance generally costs between $100-$150 per year.3 Compare the cost to that of a modest life insurance policy. If you’re a healthy woman under 30, a $100,000 policy may cost you as little as $5/month. Yes, that’s just $60/year. Even a $500,000 policy can be had for under $13/month when you’re young and in excellent health. And remember, unlike cell phone insurance, life insurance is not about protecting what you have, it’s about protecting those you care about.
  • Drinks, dinner for two, and a movie,  whether you’ve been married for years or on a first date, averages $102.4 Consider that a healthy male in his 50’s can purchase a $500,000 life insurance policy for under $100 per month. Sure, you need to take time to enjoy life, but this puts it in perspective. Could you sacrifice one night out a month to protect your family’s financial future?
  • A visit to America’s most popular theme parks averages $91 per person.5 And that’s not including transportation, lodging and meals. A healthy 39-year-old woman could purchase a $1,000,000 policy for under $400 per year, less than the cost of that amusement park outing for a family of four.
  • Netflix’s most popular plan costs $12.99 per month. Compare this to the monthly premium of just under $10 for a healthy 45-year old man for $100,000 of coverage. Even if you don’t have a mortgage, college tuition payments, or other hefty financial obligations to cover, having some life insurance can provide peace of mind to you and your family.

1LIMRA Facts About Life, 2017.
2LIMRA Blog: Just How Important Is Life Insurance? September 4, 2018.
3Consumer reports, May 2018.
424/7 Wall Street, The Average Cost of a Date in Each State, August 2017.
5Business Insider, May 2018.

Learn more about your life insurance options

Learn More About

RECENT POSTS

November is National Long Term Care Awareness Month

November is National Long Term Care Awareness Month

November is National Long Term Care Awareness Month What’s Your Plan? Did you know that 70% of men ...
Continue Reading
Do You Need Life Insurance After Retirement?

Do You Need Life Insurance After Retirement?

Do You Need Life Insurance After Retirement? Life insurance covers the financial loss your family could experience without ...
Continue Reading
It’s Never Too Soon for Life Insurance—and There's No More Affordable Time Than Now.

It’s Never Too Soon for Life Insurance—and There’s No More Affordable Time Than Now.

It’s Never Too Soon for Life Insurance—and There's No More Affordable Time Than Now. Think you’re too young ...
Continue Reading