If you died unexpectedly, how would your family maintain mortgage payments, college savings, or even something as simple as buying groceries? When you are young, it’s easy to put off purchasing life insurance until you are much older. You might assume a $500,000 life insurance policy is simply out of the budget, but did you realize how you could qualify for $500,000 in life insurance? By starting your life insurance journey young, you can take advantage of lower premiums, better policies, and more.
Calculating the Cost of Life Insurance
While it all depends on the insurance provider, getting a jump start on affordable life insurance is more important than ever. Like health insurance, a life insurance policy considers certain risk factors when calculating your annual premium. For example, a 30-year-old non-smoking male in good health could purchase a $500,000 policy for merely $280 per year for 20 years. A female in similar health and age would expect to pay roughly $265 annually for comparable coverage.
Being Realistic with Affordability
Consider the financial obligations your family would suddenly face in your ultimate absence, debts, and investments when deciding whether a $500,000 life insurance policy works for you once you decide how the money would cover funeral expenses, lost income, and college tuition. You and your family will be better informed moving forward by putting pen to paper.
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