Your agent can help you evaluate life insurance costs..
How much does life insurance cost? Probably a lot less than you think. A recent LIMRA study found that 63 percent of consumers polled indicated that life insurance was too expensive, yet 80 percent of consumers overestimate its cost by nearly threefold. LIMRA is a leading insurance and financial services trade association.
Today’s consumers have many sources of data at our disposal. We can research everything from pots to pains, yet many of us make incorrect assumptions about one of the most important and basic decisions concerning our family’s financial future: purchasing life insurance.
Various factors determine your cost for life insurance, the most basic of which are age and health. Generally, your premium is lower the younger you are when you purchase life insurance. Additionally, premiums are lower for healthier individuals, and there are things you can do to lower your insurance costs.
- Live a healthier lifestyle. Every choice has a consequence. Life decisions regarding tobacco use, food consumption, care for chronic illnesses and driving habits all affect the cost of your life insurance premiums. Making healthy life choices improves your quality of life and can lower your health risk and life insurance premiums.
- Consider your recreation choices. While jumping out of an airplane may be an amazing rush, skydiving will likely increase your cost of life insurance. Dangerous pastimes such as scuba diving, skydiving and auto racing can adversely affect your risk and increase your premiums.
- Make decisions based on facts, not fear. When making decisions on purchasing life insurance, make them based on facts. Do your research and know your options. A local independent agent can be an invaluable asset. Your agent can guide you to a plan that best meets your family’s needs and fits your budget.
Don’t just assume that you cannot afford life insurance. Learn the facts, and make an informed decision. Your family’s financial future may depend on it.