Think You Can’t Afford Life Insurance? Maybe You’re not Making it a Priority.
One of the most common reasons why people don’t own life insurance is because they think they can’t afford it. The fact is that life insurance rates have never been lower. In most cases, the problem isn’t that life insurance is too expensive but that people simply don’t make it a priority in their budget. It’s easy to get fixated on owning the latest smartphone or indulging in that daily latte, but when you really think about it, what is more important than protecting your loved ones? The fact is that there is a life insurance option for almost any budget. Think you can’t afford life insurance? Maybe you’re not making it a priority in your budget.
Spending Habits of American Households
The average American worker spends $148 per month on lunch. Source: www.Consumerist.com
The average American worker spends $1,092 per year on coffee. Source: www.Consumerist.com
The average American spends $102 per month on cell phone service. Source: www.Consumerist.com
The average American household is expected to pay $123 per month on cable/paid TV service in 2015. Source: NPD Group
The average American household spent $2,625 on meals away from home in 2013. Source: Bureau of Labor Statistics
The average American household spent $2,482 on entertainment in 2013. Source: Bureau of Labor Statistics
We know that you work hard to enjoy things like eating out, going to the movies or having the latest technological gadget. We are not suggesting that you stop doing the things that you work so hard to enjoy. We are saying that life insurance coverage has become so affordable that simply making small adjustments in your budget each month could get you enough coverage to protect your loved ones for many years.
The Lack of Life Insurance Ownership is Alarming
Of the 35 million U.S. households without life insurance coverage, 11 million have children under the age of 18.3 Among households with children under the age of 18, 70% say that they would be financially challenged if the primary earner died; 30% of households indicate that they would have trouble funding everyday living expenses after several months, and 40% of households say that they would immediately have trouble funding such expenses. Source LIMRA, “Facts About Life 2010”, September 2010.
Life insurance ownership is close to historic lows. The fact is that life insurance coverage isn’t a priority to most people and many others are content owning smaller amounts through their employer. There are many reasons why people choose to forgo life insurance coverage, but doing so could leave your loved ones financially vulnerable in the event of your death.
How Much Does Life Insurance Cost?
Life insurance rates have never been more affordable. Here are some sample monthly rates from a leading insurance company for 35 year old male and female nonsmoker applicants who qualify for ‘Preferred’ health ratings.
| Male | 20 Years | 25 Years | 30 Years |
|---|---|---|---|
| $250,000 | $17.85 | $24.41 | $26.82 |
| $500,000 | $29.66 | $41.04 | $46.29 |
| $750,000 | $41.69 | $58.76 | $66.63 |
| Female | 20 Years | 25 Years | 30 Years |
|---|---|---|---|
| $250,000 | $15.88 | $20.91 | $22.88 |
| $500,000 | $25.73 | $35.35 | $39.73 |
| $750,000 | $35.79 | $50.23 | $55.08 |
As you can see, for someone in very good health life insurance rates are very affordable. Even if you can’t afford the optimal amount of coverage for your particular situation, a smaller amount could make a huge difference to your family if you were to pass away unexpectedly.
Make Life Insurance Coverage a Priority
Life insurance is an excellent tool to replace your income if you were to pass away unexpectedly. Life insurance rates have never been more affordable. In many cases, you can provide valuable protection to your loved ones for only a few dollars a day. Let us shop over 40 of the top life insurance companies to find you the best rates for coverage. Get a free quote and see how affordable life insurance can be for you. If you have any questions about life insurance coverage or rates, feel free to give us a call at 888-687-9444 or email us at info@archstoneagency.com.
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com.
