Is it expensive to have life insurance?
Is it expensive to have life insurance? When people hear about the benefits of life insurance, they consider it to be very expensive. Therefore, they discard the idea of acquiring it, without knowing that they start from a wrong assumption.
The reality is that a 40-year-old person can take out a life insurance policy with a death benefit of $500,000, paying a monthly premium of $28.
Let’s imagine that you are 44 years old today and fortunate enough to live until you are 85. If you take out a life insurance policy for which you pay $28 every month, at the end of your life, you will have paid a maximum of $13,300. However, your family will receive $500,000 in death benefits. That is, 37 times what you paid throughout your life.
There is no other financial instrument of this kind in the market. The best part is that the death benefit is tax-free. Your loved ones won’t lose a dollar of the money they receive.
The previous calculation is an illustrative average. Because a person who takes out life insurance when younger will pay even less for their monthly premium, while someone older, logically, will pay a little more. Even some insurance policies may require older people to undergo a medical examination before calculating their monthly premium.
If a family member takes out life insurance, and the next year, they die from a heart attack or a car accident, their loved ones will receive $500,000. A benefit that can help them continue with their lives without major financial setbacks. I don’t know if you did the calculation, but that family member would have paid only $336 before they passed away. Let me ask you back, is life insurance expensive?
There are different types of life insurance, my advice is to call Univista Insurance and ask which one is best suited to your needs and expectations. Is it expensive to have life insurance?