10 Things That Cost More Than Life Insurance
The assumption that life insurance is expensive is the top reason many Americans don’t have a policy in place. A LIMRA study reveals 65% of households have not purchased life insurance because they think it’s too costly. The misinformation that a life insurance policy is pricey can put families in serious financial jeopardy should the unexpected occur, especially to one of the income earners in the home. So to educate people a little more on the price of life insurance, we’ve put together a list of 10 everyday items that cost more than the average policy.
How Much Does Life Insurance Cost?
A 30-year-old healthy male can get a life insurance policy for about $160 a year. That’s about $13 a month. We’re betting you spend more than that on a lot of things, like…
Trashed food: The National Resources Defense Council says that the average American wastes about $529 in food each year.
Booze: The average America spends about $1 of every $100 earned on alcohol, according to the Bureau of Labor Statistics.
Tobacco: For tobacco users, 14% of Americans’ incomes are spent on cigarettes. (Unless you live in New York – where nearly a quarter of your income goes to cigs)
Gym Membership: The International Health, Racquet, & Sportsclub Association reports gyms sale memberships with the expectation that only 18% of members will actually go to the gym. That $30 monthly membership fee – better used for life insurance.
Gadgets: That new iPhone that costs $800 could be used to cover about five years of life insurance premiums.
Coffee: How do you like your latte? Expensive, apparently. Forty percent of Americans spend $24 or more on coffee each month.
Lottery tickets: An average $325 a year is ventured on lottery tickets for every adult in the United States.
Cable TV: The average cable bill in the U.S is $103.
Entertainment: A pair of movie tickets will set you back about $17. Add popcorn and a drink and you’re closer to $30 for a night out.
Clothes: The average woman spends about $75 monthly on fashion. It’s $85 a month for the average guy.
Affording a life insurance policy doesn’t mean you never get to dine out or buy a new pair of jeans. Making a decision that’s best for your family starts with being informed. As you look at your monthly budget, consider some purchases that you could pull back on. Eliminating even a small part of your frivolous spending now means your family will be financially secure in the future.
