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Is Life Insurance Affordable?

Here are some cost considerations to help you determine how you can afford the valuable coverage of life insurance.

In the midst of a lot of uncertainty, you might have found yourself wondering how best to take care of your family. Having life insurance coverage is always a great idea, but to some people, it might seem like it is out of the budget. But the truth is that, in many cases, life insurance is a worthwhile investment that is right within reach. Here are some cost considerations to help you determine how you can afford the valuable coverage of life insurance.

General Knowledge

A 2018 Barometer Study revealed that about sixty percent of the American population had life insurance coverage in some form. But in a separate study, about forty percent of millennials overestimated the cost of life insurance as up to five times the standard amount. Regardless of your age, it’s natural to be concerned about the cost of life insurance. Often a physical exam is involved, which could be problematic if you have health concerns, and other factors can affect your deductible. But the truth is that if you consult with an insurance agent, you should be in a good position to find coverage that will fit your budget and lifestyle.

Practical Costs

As a whole, the average cost per month for life insurance for a healthy person will be about $67 a month. Of course, there are special exceptions depending on your particular situation, which is why seeking advice from an insurance agent is key. But, working with this number as a start can give you an idea of how easy it is to adjust your budget. There are many monthly expenses hidden in our daily lives that are comparable to insurance coverage. A streaming service might only cost ten or fifteen dollars a month, but many people subscribe to more than one in addition to cable television, which can be upwards of $50 a month. Or simply, the price of a daily coffee can add up to over $80 a month. In conclusion, life insurance coverage is affordable for the average income. 

Get in Touch with Wachter Insurance

Whether you need homeowners’ insurance or auto insurance, our team at Wachter Insurance Agency, Inc. is here to help. We offer all of our clients competitive rates, professional customer service, and a huge range of policies to choose from for your needs. We have been serving Maryland, West Virginia, Virginia, Pennsylvania, and the District of Columbia since 1969, and we would love to help keep your home and family safe every day of the year. For more information, give us a call at (301) 371-6335 or visit us online. For more blogs like these, follow us on Facebook, Twitter, and Pinterest

This entry was posted on Monday, March 23rd, 2020 at 8:57 am. Both comments and pings are currently closed.