Think You Can't Afford Life Insurance? Think Again.

Think You Can't Afford Life Insurance? Think Again.

Life insurance. Sure, it would be nice. But who can afford it?

If that thought has crossed your mind, you’re not alone.

Many people believe life insurance is financially out of reach. In fact, 80% of Americans overestimate the cost of life insurance. Which might explain why 30% of American households don’t have coverage to protect their families in the event of the unimaginable.

Even though 31% of people say in just one month they’d feel the financial impact from the death of the primary wage earner, many of them hesitate to explore their options. The misconceptions about how much life insurance costs scare them away. In fact, most people under age 25 think the cost of life insurance is nearly ten times its true cost!

Your Budget Shouldn’t Come Between You & the Peace of Mind Life Insurance Brings.

You might be surprised at how affordable term life insurance can be. Compared to all other forms of life insurance, it allows you to purchase the greatest amount of coverage for the lowest premium.

Term life policies provide coverage for typical term periods of 10, 15, 20, 25 or 30 years. You could even get a one-year term policy. The shorter the term, the lower the premium.

Besides affordability, term life also offers versatility. Within a certain period of time, you can convert your term life policy to a permanent policy. So, if your budget increases and would enable you to pay higher premiums, you could transition your term life to permanent life insurance coverage.

You Don’t Have to Sacrifice Living the Good Life to Afford Term Life Insurance.

59% of people say they haven’t bought life insurance (or more of it) because of “other financial priorities.” And 52% put their cable TV and cell phone expenses ahead of buying life insurance.

Who can blame them? But because term life is so affordable, you probably won’t need to give up the good stuff to pay for a policy.

Still, if you think you’ll need to put some cash aside, little changes can add up. Here are a few small adjustments you might make to conserve cash that could go toward your term life premium:

  •  A few days each week, make coffee at home and take it with you to the office instead of stopping at a high-priced café every day.
  • Take the time to scan the newspaper and online resources for coupons you can use at the grocery store.
  • Shop when retailers are running clearance and end of season sales.
  • Cut your vehicle’s gasoline costs by planning geographically-close errands and appointments so you can hit them all in the same day. You won’t waste gas driving back and forth multiple times, plus you’ll reduce wear and tear on your vehicle.

You could also make some changes to ensure you’re getting the lowest premium possible. The lowest rates go to people who take good care of themselves.

  • Maintain a healthy weight.
  • Minimize stress.
  • If your blood pressure is high, seek medical help to get it under control.
  • Exercise regularly.
  • Eat more whole – and less processed – foods.

Don’t Let the Myths About Life Insurance Costs Scare You Away.

If you’ve steered clear of getting a life insurance quote because you’ve heard it’s too expensive, it’s time to reconsider. A term life policy could fit not only your family’s needs, but also your budget.

Why not find out how affordable it is right now? Simply get a free, no obligation quote today. You may just be surprised to learn how life insurance is indeed within your reach.

Got questions about how much it will cost to protect your loved ones with term life insurance? Call us at 800-867-2404 to talk with a licensed insurance professional. We’re here to help you determine where your dollars will make the most sense for your family.  

Source of statistics: 2014 Insurance Barometer Study, Life Happens and LIMRA

Dawn Mentzer

Dawn Mentzer is a solopreneur and freelance writer who specializes in blog content and marketing copy. She lives in Lancaster County, Pennsylvania and collaborates with clients nationally and globally. You can learn more about her at and follow her on Twitter at @DawnMentzer.

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