The financial well-being of one’s family is considered a top priority by the majority of individuals. Despite this, it’s difficult to get enthused about life insurance budgeting.
Cost, or rather, the perception of cost, is a major roadblock. According to the Life Happens and LIMRA Insurance Barometer Study in 2021, most people overestimate the cost of life insurance by more than 300 times as many younger Americans overestimate the cost!
When it comes to life insurance, a 30-year-old healthy person may receive a $250,000 20-year term life insurance policy for roughly $13/month. When compared to the cost of other regular necessities, this is a really good deal.
The game of no-guilt
As a reminder, this analogy is not meant to diminish the worth of our modern-day comforts or criticise anybody for turning to (or missing) the minor pleasures we’ve all resorted to (or missed severely) during the last year and a half. Instead, we’ll demonstrate how you can have both your post-pandemic lifestyle and the peace of mind that life insurance provides without making any sacrifices.
In other words, what else can you get for thirteen bucks?
A nice bottle of wine would be nice right now. We’re sure of it. Just one fewer bottle of wine each month might save up enough money for the life insurance your family needs after the past year and a half of hardship. There is a $1–2 price range throughout the country for a bottle of mid-priced supermarket wine in California.
A one-off subscription dinner Most subscription meal services charge between $10 and $15 for an entrée. You may provide long-term financial security for your family by cutting down on only one entrée every month.
Streaming workouts For $12.99 a month, workout enthusiasts feel it’s worth it to get access to courses. So why not set aside money for both? You may also be able to purchase life insurance coverage for the same amount.
All-time favourite “custom topping” burger (with some peanuts to keep you going till it’s ready). Your favourite “fast-casual” restaurant charges an average of $12 for a meal. If you dine there often, cutting just one meal a month at one of these restaurants can bring you very close to your life insurance objective.
A subscription to a music service. Music streaming services cost roughly $13 per month for a family membership, and most of us don’t give it a second thought. In comparison to the ease of downloading your favourite music to your phone, purchasing life insurance is a little more involved, but it may be just as inexpensive. Just make sure you don’t neglect your yearly policy review!
Put money aside to cover the cost of both
You’re constantly concerned about the well-being of your family. Fortunately, creating space for life insurance is simple. Alternatively, you may cut down on a single monthly cost—perhaps something you don’t give much thought to—and not notice the difference.
Consider the benefits: the security of knowing that your loved ones will not suffer financially if the unthinkable happens to you. In a difficult moment, they would be able to stay in the family home and focus on their needs without the added financial burden of your lost income.
When it comes to that assurance, it’s hard to place a price on it. For $13/month, it’s a bargain that many people would see as a bargain.
Get started if you’re among the 40% of Americans who don’t have life insurance. Now is the time to figure out how much life insurance you need.