According to a recent study, ownership of life insurance by families making less than $100,000 per year has declined by 25%.
What’s so troubling about this is that many of these families, who stand to be hurt the most by COVID-19 and the economic downturn, may have nothing to fall back on if the unthinkable happens.
To put it bluntly, low- to middle-income families are missing out on the security that life insurance provides.
Many Millennial Families Don’t Know that Term Life Insurance is Affordable
The top reasons cited for not purchasing life insurance were related to money. Responders said they had other financial priorities or felt that life insurance was simply too expensive.
The study also showed, however, that this belief may be rooted in a misconception! According to those surveyed, half of Millennials believed that the estimated cost for a term life insurance policy ran into the thousands. In reality, the yearly or monthly cost is much lower.
Term Life Insurance Rates are at a 20-Year Low
Now is actually the perfect time to purchase a plan that will provide security for your family. That’s because rates are at a historic low.
For example, a 40-year-old male, non-smoker and otherwise in good health, can get a $1,000,000 10-year level term life insurance policy for less than $24.00 per month!
With Low Cost Life Insurance, it’s Simple to Plan for Your Future
We can help you calculate the amount of coverage you need and the length of time you need your life insurance protection. A general guideline for the amount of life insurance needed is 10x your annual income. A general guideline for the length of time to maintain your coverage is to age 70.
Once you’ve made this decision, we will help you select the individual plan that works best for your family. The three things we look for in identifying the best policy for you are as follows:
– Lowest possible price.
– Policies underwritten by a financially solvent insurance company.
– The underwriting profile. Based on your individual underwriting profile and prior health history, we select the company/product we expect to have the lowest cost.
Our Team can Help Your Family with a Low-Cost Plan
Please know that during these challenging times, the team at Low Cost Life Insurance is here for you. If you have questions about a policy, or if you are interested in term life insurance, please call at 1-877-794-TERM (8376). We’re happy to help!
