9 Simple ways to pay for your life insurance
- In a recent survey from Life Insurance Research Marketing Association (LIMRA), 30 percent of Americans say they know that they need a life insurance policy or to increase their policy, but 65 percent of Americans say they won’t buy life insurance because it is “too expensive.” And roughly the same amount say that expenses, such as mortgage, utility, and grocery bills, prevent them from being able to afford a policy.
- But most people don’t realize that life insurance isn’t as pricey as they think. When asked how much a $250,000 term life policy would be for a healthy 30-year-old, the median estimate was more than twice the actual cost, according to LIMRA’s 2016 Insurance Barometer Study.
- If you think you can’t afford it now, imagine how your loved ones would feel if they are at risk of losing a home due to the sudden decrease in income. Also, if you wait, not only do you risk a period in your life where you are unprotected, but as you age, life insurance rates rise sharply. There is no better time to buy a policy to protect you family than today.
- LIMR reports that household members in 1 in 3 homes would have immediate trouble paying living expenses if they were to lose their primary wage earner, with Millennial households most at risk.
- Calculate your needs – Use this helpful life insurance calculator.
- Champagne taste, beer budget – Replace two alcoholic beverages and three non-alcoholic beverages per week with water. At an average of $1.80 per beer bottle and $1.50 per non-alcoholic beverage, you’re looking at a minimum savings of about $32 a month!
- No more Fees – While there may be no such thing as a free lunch, there are such things as free checking, free savings, free shipping, and free ATMs. With a little online comparison shopping, you can do away with an average of $31 in monthly fees pretty much altogether!
- Review your auto insurance – It’s time to call your auto insurer to see if you are eligible for any new discounts.
- Best seat in the house – A bag of popcorn, a couple of pops, two bags of M&Ms and a movie rental at home will save you and your partner $24.50 each time over the theater.
- Cut the cord – The average cable bill in 2015 was a whopping $123 and projected to top $200 by 2020. So go outside, read a book, play a game, or I don’t know start up a conversation with a loved one instead!
- Subscription shopping for supplies – Amazon and Target offer subscriptions for myriad of everyday supplies. You’ll receive a discount ranging anywhere from 5-15 percent as well as free shipping.
- City freebies – Look up free nights for museums, planetariums, and galleries in your town. Outdoor festivals or nature walks in the warmer months paired with a picnic basket of homemade sandwiches and you will have many more memorable nights at a way less expense.
- Stop smoking!!
For the full article on how to save for life insurance.