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According to a recent study from LIMRA and Life Happens, “Forty-four percent of Millennials estimate that the annual cost of 20-year term life insurance for a healthy 30-year-old at over $1,000 when it’s closer to $165 per year.”
Many millennials are delaying purchasing life insurance due to this pricing misconception when this coverage is essential to protect their loved ones from financial hardships if they were to pass away unexpectedly. According to GOBankingRates, millennials spend an average of $208.77 each day —about $44 more than the average American, who spends about $164.55.
We are covering some common monthly expenses that cost more than a life insurance policy to help you determine how life insurance could fit into your monthly budget. With Quility, you could get affordable coverage in just a few simple steps and secure protection for your loved ones for years to come.
While grabbing a meal to-go is often a necessity, these expenses can add up fast. By the end of the month, a large portion of your budget may end up in the “eating out” category – the analysis from GoBankingRates found that the average millennial spends about $9.36/day eating out.
In comparison, term life insurance can cost as little as $1/day – it’ll be simple to swap a takeout meal for financial protection and peace of mind!
Many pet owners opt to invest in pet insurance to protect their animals from unexpected medical expenses. The average monthly cost for pet parents is around $51/month, which is twice as much as a life insurance policy. Protecting your financial wellbeing along with your pet’s health will give you additional peace of mind.
Car maintenance, auto insurance, and paying off auto loans are two monthly expenses that many millennials must work into their budget. The average millennial spends about $110 on car payments each month and added costs like auto insurance and maintenance expenses can increase that cost.
Protecting your vehicle can be expensive, but life insurance is a minor added expense that ensures you are protected from the unexpected.
Many of us keep our gym memberships even if we only use them once a week. Adding other fitness experiences could leave your monthly bill as high as $124 per month. Whether you have a simple gym membership or invest in your health through online subscriptions or workout classes, it’s important to also invest in your legacy. Securing a life insurance policy for as low as $20/month ensures that your loved ones are protected no matter what life brings.
Term life insurance is one of the most affordable types of life insurance available. It’s a great choice for millennials due to its customizable features and prices. Term life is a smart option for younger individuals, business owners, or new parents as it would provide a lump sum cash payout to your designated beneficiary if you pass away while your policy is in force.
Your monthly premium is based on your general health and your age at the time you apply for coverage, and most people don’t need to undergo a medical exam to qualify. Therefore, the application process is simple and can be completed entirely online.
Purchasing a term life insurance policy may not seem as exciting as a fancy dinner or a new outfit, but for the same price as one meal at a nice restaurant, you can enjoy peace of mind knowing that your debts wouldn’t be left for your loved ones to face when you’re gone.
To apply for term life insurance, get started on our online application, which takes less than ten minutes to complete.
The insurance company usually takes a few days to approve your policy, then you’re all set! And if you have any questions along the way, our team of licensed agents are here to help you secure the coverage you need; we are just a call or click away.
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