So How Much Is Life Insurance?
People think they have a good understanding of the cost of life insurance. Often, this is not the case. When asked how much they thought life insurance would cost for a year, 80 % of those who answered a recent survey overestimated the cost of term insurance by more than twice what it really costs. The primary reason many people hesitate to purchase life insurance is the belief that it’s too expensive. That’s unfortunate considering that life insurance can help protect the financial future of your family should something happen to you.
For example, a healthy 30-year-old man can get $250,000 of term coverage for around $23 a month. With the average monthly cost of $61 for a cell phone, or $64 for a cable subscription, life insurance is a relative bargain. As you can see, life insurance can be affordable.
Here are some money-saving ideas to consider that can benefit many areas of your life, in addition to helping cover the cost of life insurance:
Making The Cost Of Life Insurance Affordable:
Create a budget. Track your expenses: knowing where your money is going may help you identify areas where you can easily reduce your spending. There are many free money management tools and apps that can assist you with this.
Eat out one less time per month. If it costs you about $30 on average each time you go out, reducing this number by once a month will allow you to save over $300 a year.
Bring coffee from home. Do you spend $3 a day on coffee during the work week? If so, this can add up to $720 per year. Cutting this number in half can result in significant savings.
Save your loose change. It may not sound like much, but setting aside fifty cents a day over the course of a year will allow you to save more than $180.
Quit smoking. It benefits your health, and a pack-a-day smoker can save over $2,000 per year based on the average cost of a pack of cigarettes. Non-smokers can also expect lower life insurance rates – all other factors being equal – than smokers.
Bring your lunch to work. By not spending just $5 a day you are looking at saving about $1,200 a year. You don’t have to bring your lunch every day: even bringing your lunch every other day can result in savings that can help cover the cost of life insurance policy, and possibly even more.
Take advantage of all company benefits and discounts. Your company may offer corporate discounts on gym memberships, cell-phone data plans, hotels, concerts, etc. that can help you save.
Start small to save big. Starting with some small steps, you can easily find the money to pay for life insurance. The hardest part of any change is getting started. Once you do, things usually start to fall into place, the process becomes much easier, and you can begin to recognize the positive impact it has on your life.
Organize your closet. This can have a number of advantages. You can save time in the long run knowing where everything is located, and you may find forgotten items, reducing the need to purchase new ones. Consider consignment for items you no longer want to keep.
Research major purchases. Check product reviews, price comparisons, features, and other aspects of any product you are looking to purchase. Wait for sales for additional savings and discounts. A little research and timing can save big money on a purchase.
Life insurance can positively impact your life by providing you comfort in knowing that it will help support your family financially in what may be a distressing and uncertain time. While no one likes to think about a time when they can no longer care for their family, your family’s needs will still be there even if you are not. Put all this together and the cost of life insurance becomes very reasonable.
We have 3 insurance office locations located in Centerville (Dayton) Ohio, West Chester (Cincinnati) Ohio, and Northwood (Toledo) Ohio. Contact one of us today to discuss your options regarding the cost of life insurance and how it can help you and your family.
