You Can Afford Life Insurance!

Most of us know that life insurance is important, to protect our loved ones in the event that something happens to us. But often we find that people resist choosing a policy, because they already feel burdened by payments on various other life expenses. If you’re thinking that you “can’t afford life insurance”, think about the issue this way…

You can’t afford to not have life insurance. There are many things in life that we can easily live without, but life insurance is not one of them. Consider items like your mortgage payment and electric bill… And then ask yourself how your dependents would cover those expenses in the event of your death. You make those payments each month because you want to provide your loved ones a comfortable life, but there is no guarantee your family could keep those things if you were no longer around.

Life insurance probably costs a lot less than you think. A recent survey from the Life Insurance Research Marketing Association polled Americans on perceptions of life insurance. When asked to estimate the premium cost of a $250,000 policy for a healthy 30-year-old, the median estimate was more than double the actual cost of that policy.

In short, you might think you can’t afford a life insurance policy, but that might be due to a serious overestimate of the cost!

“Other” ways of replacing your income are not guaranteed. LIRMA also found that 1 in 3 households would experience immediate difficulty paying for living expenses, if they lost their primary wage earner. If you’re assuming that your dependents have another fall-back plan, ask yourself whether that plan is guaranteed, and if it would kick in immediately.

We can help. Call us for an appointment. We can perform a needs analysis and help you identify the actual cost of a policy to protect your family. In many cases, we find that affording a life insurance policy is not nearly as difficult as people once believed.