Life insurance should be a part of everyone’s financial plan. Whether you are young and healthy or more seasoned with a family, life insurance offers peace of mind and protection for your loved ones. Although most people don’t like to think about it, getting life insurance is an important decision for you and your family. Buying life insurance now helps protect your dependents later if you’re not around to take care of them. After you’re gone, your family can use the proceeds to cover funeral costs, the mortgage and other loan payments, college tuition, plus additional miscellaneous expenses.
While most people realize that life insurance is an important element of their overall financial program, it’s also a complex product. Understanding the ins and outs of cost, types of policies, and which policy is best suited to your needs can be confusing. In this blog post, we’ll take a look at some life insurance statistics that may surprise you—and set the record straight.
When asked how much they expected a $250,000 term life insurance policy would cost, the majority of respondents—both owners and non-owners of life insurance policies—guessed $500 a year or more! In reality, life insurance is much less expensive than many people think.
On average, a healthy, 30-year-old male can get a 20-year, $250,000 term life policy for approximately $160 a year, or about $13 a month. Many of our monthly discretionary expenses actually cost more than a standard term life policy for a healthy individual. At less than $15 per month, it’s easy to find expenses that can be trimmed or reallocated to a life insurance policy to provide your family with security.
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