Can You Afford Life Insurance?

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[vc_row full_width=”” parallax=”on” parallax_image=”” printtext=”Most Wanted Design Options ignores this CSS settings if used” background_style=”transparent” contentcolorclass=”darkonlight” background_color=”rgba(255,255,255,1)” rowimage=”” mp4=”” webm=”” videoaspectratio=”800:450″ posterimage=”” parfactor=”5″ overlay=”on” overlay_color=”rgba(255,255,255,0.5)” noise=”off” toppadding=”0″ bottompadding=”0″ anchorid=”” anchoroffset=”” hidemobile=”” visiblemobile=”” centermobile=””][vc_column width=”1/1″][vc_video link=”https://www.youtube.com/watch?v=_XuxaTN9Cgs&feature=youtu.be”][vc_column_text]According to LifeHappens.org, the number-one reason that people don’t buy life insurance is that they think they can’t afford it. The problem here is mainly that most people vastly overestimate how much life insurance costs. But did you know that the average $250,000 term policy for a healthy 30-year-old is just $13 a month according to 2015 figures from the Quick Life Center? And even if you’re older than 30, or not in perfect health, you can find coverage that suits your needs and your wallet if you just make a few adjustments to your spending.

Adjusting Your Spending to Afford Life Insurance

Life insurance gives your beneficiaries the chance to continue on with a comfortable lifestyle after you pass away, rather than being straddled with debt and unable to maintain their standard of living. That means that making some small financial sacrifices along the way in order to make sure you can afford a policy is totally worthwhile. Here are three small adjustments you can make to your monthly budget that will probably pay for all or most of your new life insurance premium.

1. Put your thermostat up in the summer and down in the winter. You can save as much as 3 percent of your entire bill for every degree you put the thermostat up in the summer and down in the winter. Even better, with your heating and cooling system running less, you’re less likely to have expensive breakdowns.

2. Unplug your chargers and other draining electronics when they aren’t in use. According to U.S. News, we spend as much as $10 billion each year on standby power drainage from our plugged in—but unused—electronic devices. By plugging your electronics into power strips and then shutting the power strips down when not in use, you can save as much as $100 per year.

3. Stick to your budget. When you want to afford life insurance, you’ll put the expense in your budget—but that means you must stick to your budget on all other items too. Think of a budget like a dance routine. If one of the dancers gets out of step, it ruins the whole show.

Author: Dennis M. Postema[/vc_column_text][/vc_column][/vc_row][vc_row full_width=”” parallax=”on” parallax_image=”” printtext=”Most Wanted Design Options ignores this CSS settings if used” background_style=”transparent” contentcolorclass=”darkonlight” background_color=”rgba(255,255,255,1)” rowimage=”” mp4=”” webm=”” videoaspectratio=”800:450″ posterimage=”” parfactor=”5″ overlay=”on” overlay_color=”rgba(255,255,255,0.5)” noise=”off” toppadding=”0″ bottompadding=”0″ anchorid=”” anchoroffset=”” hidemobile=”” visiblemobile=”” centermobile=””][vc_column width=”1/1″][/vc_column][/vc_row]