The Starbucks barista stared at me as I pondered the lengthy menu of drinks on the wall behind her. Her lips started moving, but I couldn’t hear any sound. My eyes began to blur, and the pounding in my ears swelled. Finally, a gentle hand on my shoulder snapped me out of my daze.
“Honey, sometime today would be nice,” my wife whispered into my ear.
“Oh, yeah – sorry. I’ll have a Pumpkin Spice Latte … small, please. I mean Tall – sorry.”
Why was I so sorry all of a sudden? For taking so long to order or because I was about to hand over $5.00 for a cup of coffee? Actually, $10.00 by the time my wife was done, but I digress. It was definitely the latter, and I left Starbucks wondering what else I could have done with the hard-earned money I’d just spent.
$5.00 for Term Life Insurance?
You’ve probably heard the commercials on the radio, or even seen one or two on television. You know, the ones with the happy family diving into a huge pile of Autumn leaves while the father stands to the side and ponders the best way to protect his loved ones. Then the narrator chimes in and tells you “Jim” can buy $500,000 of term life insurance for less than $50 per month. Of course, Jim then smiles and joins the family fun. And you’re left wondering if this is true. Does term life insurance really only cost a few dollars a day?
Well, the answer is an emphatic “Yes” – for most people anyway.
How Much Will it Cost You?
As with most things, your results will vary. Life insurance companies will consider your gender, age, health status, health history, family history, nicotine usage and driving record among other things. It stands to reason that younger, healthy people will pay less than older people with health issues. But older, healthy people could pay less than a younger person with a serious health issue such as diabetes. And tobacco users will pay the highest rates.
The life insurance company will determine the risk you present and assign your policy to a particular rating class. Rating classes determine the cost, or policy premium, with Preferred classes costing less than Standard classes.
Have Your Latte and Drink it, Too
No one wants to give up their favorite morning beverage entirely. And the good news is you don’t have to. Cutting back is easier than cutting out. If you buy one PSL every other day in November, you will spend at least $75 at Starbucks. Imagine if you cut that number in half, saving yourself $37 to spend on term life insurance.
Let’s take a look at a 20-yr term life policy and see how much you can buy with that $37 savings.
So, are you surprised at how much term life insurance you can buy with just $37 a month, or $1.23 a day? Will you be okay giving up a few PSL’s each month to cover the cost? I bet you won’t even miss them. And just think, you won’t need the extra caffeine boost every day because you’ll sleep better with the added peace of mind!