The True Cost of Life Insurance

“I can’t afford it.”

This is one of the most common reasons people give for not having life insurance. But the truth is: It’s less expensive than you think.

People with no life insurance overestimate its cost by three times. And even those who have coverage, overestimate its cost by two times.1

Did you know that a healthy 30-year-old man would pay less than $13 a month for a 20-year, $250,000, level-term policy?2

While it is an expense that you have to budget for, imagine what the financial impact would be for your family if something were to happen to you and you had no life insurance coverage at all.

There’s a policy to fit every budget, and a life insurance agent can help you find coverage that’s right for you.

Calculate Your Needs

When purchasing life insurance, the question really isn’t how much you need, but how much capital your family will need at the time of your death, which depends on two variables:

1)    How much will be needed at death to meet immediate obligations?

This amount takes into account all final expenses: uncovered medical bills, funeral and estate-settling costs, outstanding debts, mortgage balance and college costs to name a few.

2)    How much future income is needed to sustain the household?

This is the number you’ll arrive at after calculating the “present value” of cash-flow streams your family will need after your death.

Calculate your needs with the Life Insurance calculator provided in this link:

 https://www.lifehappens.org/insurance-overview/life-insurance/calculate-your-needs/

or contact Premier Insurance Corp. at 239-542-7101 to discuss your options.