Myth about life insurance – it is too expensive.

Life Insurance is a simple way to protect your family financially when you are no longer here – this could include a spouse, children, a disabled family member or even aging parents. Many common uses for life insurance includes – burial expenses, mortgage, medical insurance, debt, food, college costs and more!   

One common myth about life insurance is that it is too expensive. A recent study showed that people think life insurance cost three times more than it really does. Term policies can be very affordable! The main factors that impact life insurance are – your age, your health, the type of policy and how much coverage you buy. A healthy 30-year-old can get a term life insurance policy for less than the cost of a mid-premium bottle of wine. 

Here’s a few things that most Americans spend money on that cost more than life insurance:  

• $48 per month is the amount U.S consumers pay for subscriptions-video services. * 

• $5-$20 per month, the range for phone insurance. 

• $152 per month, the average Americans spend on food delivery services. 

Of course, the amount of life insurance you need, depends on who you want to protect financially and for how long. An easy rule of thumb would be 10 to 15 x your gross income. Our team will sit down with you and discuss what an ideal policy looks like for you!  

Sources:  

Deloitte’s 17th annual Digital Media Trends report 

https://getcircuit.com/teams/blog/hidden-cost-of-delivery 

*Survey used to highlight average cost of life insurance