Life Insurance is More Affordable Than You Think

Financial tipsRetirement

Life Insurance is More Affordable Than You Think

Posted by Infinite Wealth Advisors, LLC
6 years ago | March 12, 2018

Customer care and supportIf asked what would happen to your loved ones in the event of your untimely death, you would probably concede that life insurance would be an invaluable resource to protect them. Few people debate this point, but many are convinced that they probably can’t afford the life insurance policy they really need.

It’s understandable that you want to resist “yet another monthly payment”, but life insurance is probably a lot more affordable than you think.

Can you afford to skip life insurance? This is another way of thinking about the situation. Rather than ask whether you can afford it, ask whether you can afford not to have it! How would your dependents afford things like the mortgage payment, living expenses, or school tuition if something happened to you? Could they afford these things on their own?

You don’t have to make monthly payments. If you feel uneasy about having yet another bill to remember each month, you don’t have to make monthly premium payments on your life insurance policy. Some people use their tax refund to pay premiums in advance, giving their families the gift of security without adding another item to the monthly bill calendar.

Many people overestimate the cost. A survey by the Life Insurance Research Marketing Association polled Americans on their perceptions of life insurance. When researchers asked participants to estimate the premium on a $250,000 policy for a healthy 30-year-old, the median guess was more than double the actual cost of such a policy! We understand that you may be over the age of 30, but regardless of your age, you may find that the benefits of the right insurance policy far outweigh the cost.

We find that this is a common situation: Many people overestimate the cost of life insurance, often to a significant degree. So, rather than guess at the cost, why not find out for yourself? Meet with us to conduct a needs assessment, and then we can help you compare policies and identify one that fits into your budget.

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