Is Life Insurance Affordable?
At some point during the contemplation of purchasing life insurance, most people ask themselves, is life insurance even affordable? However, surely the bigger question has to be, is not having life insurance affordable?
Everyone’s situation is completely different of course, however when you are trying to determine whether or not your monthly budget can take the hit of yet another payment, you really do need to consider the longer term costs and disadvantages of not having a life insurance policy. If you are the main bread earner of the family and something happens to you, you really need to think about what is going to happen to the rest of your family. How are they going to keep paying the bills and how are they going to survive without your income? No one wants to think that they could be leaving their loved ones in a total bind in the worst case scenario. So a lot of consideration has to go into the budget process – it’s not just about the short term pain of payments. It’s really about the longer term piece of mind and stability for your family.
Certainly with the internet providing a more even playing field, life insurance policies are more affordable than ever. That’s the good news. The great news is that with all the rising competition and options that are being made available, there really is a life insurance policy – and payment – for everyone. You have choices on which type of insurance to purchase, which payment to consider, which term you want, and what options you need.
Even restrictions on who can purchase policies have shifted over recent years. Now people who are in their retirement years can qualify and the options have opened right up and can be completely customized to suit every consumer’s needs and situation – financial and otherwise.
Each different kind of life insurance has its own affiliated payment terms and schedules and certainly there are options of insurance that have much lower rates if they are only for a short term. For a lot of people, term insurance is the most affordable option. It can be up to four times less money than other types of life insurance.
So when you are considering your overall life insurance options, the monthly payment isn’t the only thing to consider. And when times are tough it can seem like a deal breaker to add something else to the bank debits. Perhaps you can consider taking some other payment out of the equation such as additional cable channels or your daily latte. Because when it comes right down to it, some things, like your family’s future, are more important than a cup of coffee.