Paying for Life Insurance: Less Than a Cup of Coffee?
Life insurance is affordable – way more affordable than many think.
Life insurance policies may be a lot more affordable for millennials than they think they are. Younger people tend to think about their long-term needs less, and the fees associated with benefits they won’t use now may sound high. But affordable life insurance is within your grasp, for far less than the price of a morning coffee.
If you can afford to grab that caffeine infusion each day, you can buy an inexpensive life insurance policy to secure your loved ones financial future. The national average for a cup of joe is $2.70.3 Millennials also spend about 47 percent of their total food budget on dining out.5 Check out some other cost comparisons above to put your spending in perspective.
So how much does life insurance cost, and how does it compare to your spending habits? For example, the monthly price for a $250,000 20-year term life insurance policy can be just $13.59 for a 30-year-old woman, and $14.67 for a man of the same age.7
Consider how much you’re already spending on more expendable goods and services. Don’t assume that a benefit as important as life insurance is financially out of reach. When creating your budget, make affordable life insurance a priority for you and your loved ones – especially if you have a growing family, a mortgage, college loans and other debt.
Instead of leaving your family’s well-being to chance, help ensure they’ll remain financially secure, no matter what the future holds.
- 2016 Insurance Barometer Study, LIMRA and Life Happens 2016.
- Coffee Drinking Statistics, Statistic Brain, 2016.
- Square Coffee Report, Square, 2015.
- How Millennials Want to Work and Live, Gallup, 2016.
- Customer Expenditures in 2015, Bureau of Labor Statistics, 2017.
- Here’s How Many Hours You Have to Work to Afford the Millennial Lifestyle, GOBankingRates, 2016.
- Sample monthly premiums for 20-year Term Life insurance with benefits amounts shown for a Female and Male at age shown. Rates are Premier Select and are guaranteed to remain level for the 20-year-period. Monthly premium rates are available via EFT (electronic funds transfer). Actual premiums can only be determined by a full application and underwriting process, including some medical testing at our expense. Depending on your exact age and health, your actual rates may be higher or lower. Standard form numbers ICC15 FGCLT01-01 in most states. Not all plans are available in all durations and at all ages.
ALIC52319 (exp. 10/20)
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