Hardly do they know that Term life coverage is one of the most affordable type of life coverage. This is because, I provides you with monetary protection for a specific period of time or the “term”.
Additionally, If you don’t have serious health issues, pre-existing conditions or high-risk hobbies, you may be on your way to getting affordable coverage. However, if you have the above conditions, they may likely necessitate high-risk insurance.
How Much Does Life Insurance? – Term Policy
Policygenius, analysed that a 30-year-old male with “good health condition” may expect to pay a monthly premium of $23 for a $250,000 30-year term life insurance policy to $73 a month for a $1 million 30-year term life policy. Whereas, women are may even to pay less. On average, the payment will rang from $19 to $58 a month for the same policies. If you decide to compare, It is estimated that whole life policy would cost the same 30-year-old male about $122 a month.
Furthermore, to help you calculate the cost, kindly compare some of the top 10 things. These are what we regularly spend our earning on. This things out together may cost more than term insurance coverage. This study is done with healthy 30-year-old at $13 a month.
Below are the List of the Top Ten Things – Term Life Insurance
- Feeding– The Stats by National Resource Defense Council, shows that Americans waste about $529 per year. At times, it may be $44 per month, on unwanted snacks and meals.
- Alcohol – According to the Bureau of Labor Statistics, the average American consumer spends 1% of their discretionary income on alcohol.
- Tobaccos – For households with smokers, 14% of Americans’ incomes are spent on cigarettes.
- Gym Membership – The $30 per month you spend on a 24 Hour Fitness membership that goes unused could be better spent funding your life policy.
- Electronics – That new 55” LED TV that costs $800 could be used to cover about five years of term life premiums.
- Games – Video games average $50 per new release. Don’t you think your child would prefer to have financial security than a game he/she will play for a few months?
- Cars – Under-spend on your next car purchase by $3,000 and over a six-year loan period with 0% APR, you will save $500 per year, or $40 a month.
- Gadget – Gadgets takes a lot out of our earnings these days. So, depending on which version you get, an iPad costs around $550 with tax, almost three and a half years of premium payments.
- Entertainment – To qualify for a pair of movie tickets, popcorn, and a drink, equates $25.
- Fashion – To buy a pair of designer jeans, you will spend $50 or more.
If you decide to cut down some expenses and get your life insured, it wouldn’t make you live less of your life. If you check it well, an average cost of life insurance is so not big compared to your overall budgets. Ultimately, you will be happy you did. At least, you have secured the financial stability of your family. This show be placed above any temporary pleasure from a materialistic purchase.
Thank you for reading this article today on 10 Everyday Things That Cost More Than Term Life Insurance | Softleak.com