You may be thinking “I don’t need life insurance!” In reality – NOW is when you should be thinking about your plans for the unexpected. There are three common reasons we always hear as life insurance professionals as to why someone doesn’t consider life insurance a priority -
1. “It’s Expensive”
Term is a low cost option until you have the budget for funding something more involved like whole life or indexed universal life. Let’s take a look at common spending each month:
- Cost of 1 month of moving streaming - $12
- Cost of 1 latte - $4
- Cost of 1 lunch out - $10
Average cost of a small plan ($250,000 in death benefit for 20 years) for a healthy 30 year old male? Around $21.75 a month.* That’s about 5 lattes or 2 takeout lunches a month.
Employers may also have the option of life insurance as part of a benefits package. This would come out of your paycheck, cost is typically low (or paid for as a part of your benefits), and you may have the option to purchase more.
2. “I’m Single, No wife/kids”
Life insurance is cheapest when you are young and healthy. As your age increases, premiums increase. Along with age usually comes health problems which can have a negative impact on your premium.
While you may not have a wife or kids to worry about just yet, you may have family (Mom, Dad, Sister, Brother, etc) you want to make sure doesn’t carry a burden if something were to happen.
3. “I don’t plan on dying anytime soon”
Spoiler alert – everyone dies. It’s best to be prepared for the expected and unexpected. Plus – life insurance has benefits you can use while you’re still living.
- On some policies, you can use the death benefit if you become chronic or critically ill.
- If your policy has cash value, you can tap into it when you need it the most. **
February is widely known as a month of love - take a step, and make sure your love is protected.
1895948RM-Sep19. For educational purposes only. Please talk to a licensed professional regarding your specific situation.
*Based on current Penn Mutual rates as of 9/25/2017 for 20 year term, $250,000 death benefit, 30 year old male, Preferred Non-Tobacco
**Keep in mind that accessing the cash value will lower the death benefit and may require additional fees to maintain the policy