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Paying for Life Insurance: Less Than a Cup of Coffee?

Life insurance is affordable – way more affordable than many think.

Life insurance policies may be a lot more affordable for millennials than they think they are. Younger people tend to think about their long-term needs less, and the fees associated with benefits they won’t use now may sound high. But affordable life insurance is within your grasp, for far less than the price of a morning coffee. 

If you can afford to grab that caffeine infusion each day, you can buy an inexpensive life insurance policy to secure your loved ones financial future. The national average for a cup of joe is $2.70.1 Millennials also spend about 47 percent of their total food budget on dining out.2 Check out some other cost comparisons above to put your spending in perspective. 

So how much does life insurance cost, and how does it compare to your spending habits? For example, the monthly price for a $250,000 20-year term life insurance policy can be just $13.59 for a 30-year-old woman, and $14.67 for a man of the same age.3

Consider how much you’re already spending on more expendable goods and services. Don’t assume that a benefit as important as life insurance is financially out of reach. When creating your budget, make affordable life insurance a priority for you and your loved ones – especially if you have a growing family, a mortgage, college loans and other debt. 

Instead of leaving your family’s well-being to chance, help ensure they’ll remain financially secure, no matter what the future holds.

Paying for Life Insurance: Less Than a Cup of Coffee?

Life insurance is affordable – way more affordable than many think.

If you can afford a daily caffeine boost, you can afford to keep your financial future secure.

Everyday living can come with hidden costs, so creating a budget that works hard is enough. And for many Americans, squeezing in one more expense can seem close to impossible.

When surveyed, consumers overestimated the cost of a $250,000 term life policy by more than twice the actual cost.1 While we’ve all heard (and many may have even said) the old excuse that life insurance is too expensive, financial security may be more affordable than you think.

Waking Up to Peace of Mind

60% of people report needing one cup of coffee to jump-start their day.2

$2.70 = The National average cost of a cup of coffee

A mocha costs an average of $3.94.

A caffe americano costs an average of $2.62.

Millennial Lifestyle: Spending Habits and Trends

Millennials spend 47% of their total food budget (average of $85 per day.4) on eating out.5

You may be surprised by the cost of other common expense.6

  • $50.92 = Average cost of monthly internet service
  • $146.38 = Average cost of monthly utilities
  • $334.09 = Average cost of monthly groceries.
Freshly Brewed and Affordable

So is paying for life insurance on par with your daily cup of joe?

  • $82.13 = The Monthly cost of drinking coffee2,3
  • $13.59 = The monthly cost of a $250,000 20-year Term Life insurance policy7 (30-year-old female)
  • $14.89 = The monthly cost of a $250,000 20-year Term Life insurance policy7 (30-year-old male)

Don’t let the potential price of life insurance scare you – you may already be spending just as much on everyday expenses. Stay informed and be prepared for the unexpected.

Sources

1. 2016 Insurance Barometer Study, LIMRA and Life Happens, 2016.
2. Coffee Drinking Statistics, Statistic Brain, 2016.
3. Square Coffee Report, Square, 2015.
4. How Millennials Want to Work and Live, Gallup, 2016.
5. Customer Expenditures in 2015, Bureau of Labor Statistics, 2017.
6. Here’s How Many Hours You Have to Work to Afford the Millennial Lifestyle, GOBankingRates, 2016.
7. Sample monthly premiums for 20-year Term Life insurance with benefit amounts shown for a Female and Male at age shown. Rates are Premier Select and are guranteed to remain level for the 20-year period. Monthly premium rates are available via EFT (electronic funds transfer). Actual premiums can only be determined by a full applicaion and underwriting process, including some medical testing at our expense. Depending on your exact age and health, your actual rates may be higher or lower. Standard form numbers ICC15 FGCLT01-01 in most states. Not all plans are available in all durations and at all ages.

Get your quote now to see how easily life insurance can fit into your budget.

1 Square Coffee Report, Square, 2015.

2 Customer Expenditures in 2015, Bureau of Labor Statistics, 2017.

3 Sample monthly premiums for 20-year Term Life insurance with benefits amounts shown for a Female and Male at age shown. Rates are Premier Select and are guaranteed to remain level for the 20-year-period. Monthly premium rates are available via EFT (electronic funds transfer). Actual premiums can only be determined by a full application and underwriting process, including some medical testing at our expense. Depending on your exact age and health, your actual rates may be higher or lower. Standard form numbers ICC15 FGCLT01-01 in most states. Not all plans are available in all durations and at all ages.

ALIC52319 (exp. 10/20)

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