Do you wish you had life insurance for your family but aren’t sure you can afford it? If so, you are not alone. According to U.S. News and LIMRA CEO, Bob Kerzner, the average American estimates that life insurance will cost approximately three times what it actually does. Perhaps that is why approximately 30 percent of households do not have any life insurance coverage in the U.S., and even more are underinsured.
Life Insurance is Affordable
Several factors are considered in the cost of a life insurance premium. These include your age, risk factors and the amount of cash you wish to be payable on your death. The length of your life insurance policy term is also considered, with shorter terms more affordable than longer ones. However, the average person in good health can secure several hundred thousand dollars in life insurance for little more than the price of a couple cups of coffee per week.
Going Without Coverage Could Spell Financial Disaster
Regardless of how much life insurance costs the average family, what’s important is how expensive and life-changing it can be to go without coverage. No one knows what the future holds, and countless people die a premature death every year. If you or your spouse were to pass from illness or an accident, your family would lose the income and services that would have provided to the household for years to come. If the primary breadwinner in your family were to pass, it would likely have devastating consequences on your surviving dependents and their ability to pay household expenses, pay off debts and maintain their standard of living. A stay-at-home spouse may need to go to work – something that can prove challenging for a family that is accustomed to having a full-time parent in the home.
According to the Insurance Information Institute, purchasing life insurance is not only recommended, but it is also considered a cornerstone for financial planning by many experts. Even if you have no savings set aside for an emergency, purchasing life insurance should still be a priority – particularly if you have dependents. Keep in mind that some types of life insurance, such as whole life coverage, not only provide a death benefit but also double as a means of saving money, since whole life policies accumulate cash value over time.
Find Affordable Life Insurance Today
You cannot put a price on peace of mind. If you need life insurance but question whether you can afford it, we encourage you to contact one of the agents at Heinen Insurance right away. Every day you go without coverage is another day you are leaving your loved ones financially vulnerable. Call Heinen Insurance today for more information and to get your free life insurance quote. We look forward to serving you soon.