What You’re Worth: Life Insurance
When it comes to life insurance, there can be a lot of confusion. People aren’t sure how much coverage to get, what provider to choose, and even how much it should cost.
A recent report showed that there’s a lot of confusion over the price of life insurance. The Insurance Barometer Study asked respondents to estimate the annual cost of a 20-year, $250,000 level-term life policy for a healthy 30-year-old consumer. Most participants guessed that it would cost an average of about $400 per year, but the actual cost is closer to $150 per year.
“If someone offered to sell you a gallon of milk for $10.00, you would likely choose to spend your grocery budget on other necessities, knowing that the actual cost is closer to $3.50,” explains Marvin Feldman, president and CEO of the LIFE Foundation. “If people think that something is too pricey, they often won’t give it a second thought.”
Life insurance is actually more affordable now than ever before. Costs have fallen 50% in the last 10 years.
Almost one-third of respondents said they needed more life insurance, but 83% said they hadn’t purchased or increased their coverage because it was too expensive.
Life insurance is an important investment in your family’s financial security. If you don’t have a policy, or if you haven’t updated your policy in a while, you should speak with an agent to help you determine whether or not you’ve got adequate coverage and get help with choosing the right policy.
Don’t leave your family’s future to chance! A life insurance is a great safety net to guard against the unexpected.