Time waits for no one, and now is the time to buy life insurance. No one likes talking about passing away, but your mind will be at ease if you know your family is protected in the event of your untimely death. At the average cost of $13 per month for a healthy 30-year-old male, term life insurance is far more affordable than you—or the majority of Americans, for that matter—may realize.
Unfortunately, many people forego purchasing life insurance because their other monthly expenditures take precedent over the security of protecting their loved ones in the event of their untimely death.
There are so many more goods and services that don't measure up to the economical cost of term life insurance. Let's take a look at a few:
1. Cell phone service
What happened to the days when phones were used to make or receive a call and everyone in the household used the same phone? Ancient history. These days, even young children have their own phones, and they don't actually talk on them. They text, play games, stream videos, and invade social media. According to ABC, average Americans pay more than $1,000 annually on cell phone service, with some paying even more for a home phone that they don't even use. Life insurance could easily be squeezed into the monthly budget by downsizing to a lower-cost plan or removing an unused service. Just make the call!
While there's not much the average person can do about the cost of gas, there are ways to save money on transportation expenses. By opting to carpool or take public transportation a few days a week, you could realize just enough cost-savings to fit life insurance into your budget.
3. Dining Out
We're all guilty of giving in to the temptation of a well-produced fast food commercial, or opting for takeout after a long, hard day at work, but if the expense of dining out is impacting your budget to the point that it is preventing you from purchasing life insurance, perhaps it's time to reevaluate your monthly eating habits. While you don't have to cut dining out completely, you can find creative ways to save enough each month to be able to afford life insurance. For example, search for Groupon or Livingsocial deals that can sometimes save you up to 50% on your meal, or skip the soft drinks and opt for water instead. According to Wisebread, just by ordering water instead of soda when dining out, you can save more than $900 a year. Remember, $13 a month is only $156 a year!
4. Unused Memberships
If you are paying for retail warehouse memberships that you aren't using regularly or getting a true value from, consider cutting them from your budget. While it may seem like it's a great deal to be able to purchase a 10-gallon bucket of peanut butter, if you aren't recouping the annual membership fees from the discounted savings, it may not be worth the membership fee you're paying.
5. Streaming Services
Binge watching television on one of the various TV and video streaming services has become an American pastime. For many people, streaming services are a less expensive alternative to paying for cable TV; however, if you have multiple monthly streaming subscriptions, the cost of all of the services could quickly rise to more than $50 per month, not including the cost of the internet service required. Much like warehouse memberships, consider evaluating all of the streaming services you have and deciding which you use most or which provides the most value, and trim the fat, so to speak. Cutting back on even one of the services could be just the financial breathing room you need to be able to purchase term life insurance.
Life insurance is a necessity to you if you want to ensure your family's needs are met when you're gone. If you consider it a financial obstruction, you can see that a term life policy can be a fraction of the cost of some of the expenses you incur every month. It's time to prioritize, think of your family, and get covered.
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