Life Insurance Isn’t as Expensive as You Think

Debunking the Cost Myth

It’s Life Insurance Awareness Month, and there’s no better time to clear up one of the biggest misconceptions about life insurance: its cost. According to the 2024 Insurance Barometer Study, 72% of Americans believe life insurance costs far more than it actually does—some even overestimate it by three times!

Let’s break down this myth and show you how affordable life insurance can really be.

The Cost Myth

When people think of life insurance, many assume it’s too expensive. They imagine high monthly premiums that would be hard to fit into their budget. But the truth is, life insurance is much more affordable than most people realize.

For example, a healthy 30-year-old can often get a $250,000 term life insurance policy for as little as $200 a year. That’s just about $16 a month—less than most people spend on streaming services or coffee!

Why Do People Overestimate?

There are a few reasons why people overestimate the cost of life insurance:

1. Lack of Knowledge: Many people simply don’t know what life insurance costs or what their options are.
2. Fear of Complexity: With so many different types of life insurance—term, whole life, universal—it’s easy to feel overwhelmed, leading to assumptions that it must be expensive.
3. Waiting Until It’s “Necessary”: Some believe they’ll only need life insurance later in life, which can lead to the assumption that it’s a significant financial burden.

But here’s the good news: life insurance can be very affordable, especially if you start early and choose the right type of policy.

Affordable Coverage Is Within Reach

The key to getting affordable life insurance is planning early. The younger and healthier you are, the lower your premiums will be. Waiting too long can increase your costs, so it’s important to consider your options sooner rather than later.

There are different types of life insurance policies to fit every budget:

• Term Life Insurance: This is often the most affordable option, providing coverage for a specific period (e.g., 10, 20, or 30 years). Term policies are great for families who need protection during their highest earning years or while they’re paying off large debts like mortgages.
• Permanent Life Insurance: While more expensive than term, permanent life insurance offers lifelong coverage and can build cash value over time. It’s a long-term investment in your family’s financial security.

Take Action This Life Insurance Awareness Month

If you’ve been putting off life insurance because of cost concerns, now is the time to take a closer look. This Life Insurance Awareness Month, get the facts and find out how affordable it can be to protect your family’s future.

Here’s how you can get started:

1. Get a Quote: Reach out to a financial professional and get a personalized quote. You’ll likely be surprised by how affordable it is.
2. Explore Your Options: Learn about the different types of life insurance policies and find the one that fits your needs and budget.
3. Act Early: The younger you are when you apply, the lower your premiums will be. Don’t wait—take advantage of the affordability while you can!

Final Thoughts

Life insurance doesn’t have to break the bank. This Life Insurance Awareness Month, let’s debunk the myth that life insurance is too expensive. With the right information and planning, you can secure affordable coverage that gives your family peace of mind.

Take a moment to explore your options and make sure you’re protecting what matters most—because life insurance is more than just a policy, it’s a promise.