Not everyone has life insurance, but life insurance is a great way to give your family a sense of financial security.
Life can be very unpredictable. A good life insurance policy will make sure your family is taken care of in case the unexpected occurs.
One common reason people don’t take out the insurance policy that they need is because of the cost.
Why spend money for something that you may never need?
Fortunately, insurance is more affordable than you likely think. Let’s look at how you can find the affordable life insurance policy that’s right for you.
Why Do You Need Life Insurance?
The answer is simple: security.
In the event of a tragedy, your family may struggle to meet ends meet without your financial contributions.
A good life insurance policy can take care of your family’s financial needs for the foreseeable future. This could include money to pay for housing, food, luxuries, medical bills, tuition, and anything else that they need.
This is particularly important if you are your family’s primary earner. Without life insurance, your loved ones may not be able to find a way to support themselves.
Affordable Life Insurance
If you’ve avoided taking out a life insurance policy because you think it’s too expensive, there’s good news: life insurance is more affordable than you think.
There are several factors that affect the cost of life insurance, but it can be as low as just above $20 per month¹.
Factors that Affect Cost
As with any type of insurance, there are a number of factors that impact your monthly costs.
However, there are two primary factors that determine life insurance rates: age and health.
Older individuals are typically charged more as they are more likely to experience serious health complications than younger individuals.
Additionally, individuals with serious health issues will are charged more.
Smoking is also a major factor. As smokers are more likely to suffer complications, their rates are often higher than non-smokers.
For example, 25-year old non-smokers pay an average of $22.83 per month on insurance whereas a 50-year old smoker pays an average of $359 per month. This is based on a $500,000, 20-year term life insurance policy¹.
Other major factors include term length and the coverage amount. Longer terms and higher amounts will be more expensive than shorter terms and lower payouts.
Ultimately, if you are a younger individual and are in good health, life insurance can be very cheap and will protect your family in case a tragedy occurs.
Find Affordable Life Insurance Policies
Life insurance is a great, affordable way to give your family a sense of financial security.
There are life insurance policies that fit everyone’s needs. No matter your age or health conditions, you can find a policy to take care of your family.
All it takes to find an affordable life insurance policy is to search and compare plans on the internet. This will help you find the cheapest policy that meets your needs.
Get started today by searching for affordable life insurance policies online.
[1] https://www.valuepenguin.com/average-cost-life-insurance
