Adults and parents fear. They care about their health, safety, economic security and the future of their family. But most families need to put their income where their heart is by buying a term life insurance. Here, the issue isn’t about hypocrisy, but it’s about a lack of research and financial awareness.
To show that it was a common misconception, the research asked Americans to estimate the cost of 20 years, $ 250,000 level term life insurance of a healthy 30-year-old man. Eight of the 10 people overestimated the cost, saying it would be $ 400 per year, which was more than twice the actual cost of about 160 dollars per year, or about $ 13 a month. Surprisingly, one in four believes that it would cost more than $ 1000 per year. And you know that if one has serious health problems or pre-existing conditions or high risk hobbies this would likely require a high risk insurance ,hence, obtaining affordable coverage is usually very easy.
How Can You Cost Life Insurance ?
To determine the true cost of a term life insurance respectively, here are the 10 products or services that people use on a regular basis, spend money on the cost more than a term life insurance premium would be for a healthy 30-year-old at 13dollar per month.
Food :According to the National Defence resources, Americans are losing about $ 529 per year or $ 44 per month for undesirable snacks and meals.
Alcohol :According to the Bureau of Labor Statistics, the average American consumer is usually 1% of their disposable income spend on alcohol .
Tobacco : For families with smokers, 14% of Americans income is spent on cigarettes.
A gym membership : It has been recorded that the Monthly $30 spend on the fitness company for a 24hours gym membership could be better used to finance the life insurance policy.
Electronics :The new 55 “LED TV at the price $ 800 could be used to cover for five years of a term life insurance.
Games :Video games average $50 per new release. Don’t you think your kid would prefer to have financial security than a game he/she will play for a few months?
Car: car purchase of $ 3,000 and a six-year loan period and 0% APR Save under spending $ 500 per year or $ 40 a month .
Gadget : Depending on the model, you can get the iPad costs about $ 550 with tax years, almost three and a half years of life insurance premiums.
Entertainment : A few movie tickets, popcorn and drink total about $ 25 which could have been invested into insurance policy coverage.
Fashion :One pair of designer jeans costing $50 or more.
Saving money and funding your life insurance policy usually doesn’t mean you have to make your life miserable. In fact, the average cost of life insurance are so small compared to its overall budget, that is even small concessions, such as reducing waste and limiting frivolous purchases to supplement funds to purchase much-needed financial tool.