Most people would say their family’s financial security is their highest priority. And yet, it’s hard to get excited about purchasing life insurance.
One of the biggest hurdles of getting a life insurance policy is the cost or, rather, the perceived cost. The 2021 Insurance Barometer Study by Life Happens and LIMRA found that more than half of consumers surveyed overestimate the cost of life insurance by 300% or more. In reality, a healthy 25-year-old can get a $200,000 30-year term life insurance policy for about $16/month. Let’s compare that to the cost of some other common everyday expenses.
The no-shame game
A quick note: the point of this comparison is not to discount the value of our modern era conveniences or shame anyone for the small pleasures we’ve all turned to (or missed desperately) during the last year and a half. Instead, we’ll show that you can make room for both things — your post-pandemic lifestyle and the peace of mind life insurance brings — with virtually no sacrifice.
So, what else costs about $16?
- A bottle of wine. One less bottle of vino per month could make room for the life insurance protection your family needs.
- A single subscription meal. An average entrée runs $10-20 with most subscription meal services. Dialing it back by just one entrée per month could cover the cost of long-term financial protection for your family.
- Streaming fitness classes. Exercise fans say it’s worth every penny for access to classes. So why not budget for both? For about the same price, you may also be able to get life insurance coverage as well.
- A music streaming plan. Most of us don’t blink an eye at the cost of a family subscription for music. Life insurance coverage isn’t quite as “set-and-forget” as being able to download your favorite playlist, it can be just as affordable.
Budgeting for both
Your family’s well-being is always on your mind. Thankfully, making room for life insurance can be easy. You can budget for both, or in many cases, modify a single monthly expense.
Consider what’s gained: your peace of mind, knowing your family is protected from financial loss should something happen to you unexpectedly. It certainly is something that’s difficult to put a dollar value on. But for $16/month, many would call it a steal.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
