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Follow on Google News | The Real Cost of Life Insurance: It's Less Than You ThinkYour daily latte habit. Streaming service. Your cell phone bill. Just 3 things that might cost more than term life insurance.
By: Edward Jones If Americans believe life insurance is important, why are so many without coverage? It could be they don't realize just how affordable it can be. What would you expect to pay for life insurance? Does $400 a year come close? That's the number most people guess. The truth is, a healthy 30-year-old's term life insurance policy valued at $250,000 costs about $160 a year – or less than $14 a month. That's an amount most families can easily fit into the budget. Term life insurance covers a specific time frame, typically 20 years or less. The premiums are lower than those of other types of life insurance and are based on age and health. If you're just starting out in your career or paying off debts such as student loans, it may be an affordable option. How Much Coverage Do I Need? To get a rough estimate, simply calculate 7 to 10 times your current salary. We also offer several online tools, including our Life Insurance Needs Calculator at https://www.edwardjones.com/ Even better, discuss your life insurance needs and strategies with your financial advisor. He or she already has insight into your financial situation and can help you explore your options and find the most affordable plan for your needs. The Best Time to Start Is Right Now Whether you're currently saving for retirement, working hard to pay down debt or saving for your children's education, you're already making a lot of smart decisions for your financial future. Make sure you consider life insurance as part of that plan. It's an easy step you can take to help keep your family on the successful path you've already started for them. Fast fact: 80% of consumers think life insurance costs more than it does. Replace Today's Expenses, Fund Their Tomorrow Life insurance can be used for a lot more than just covering today's costs. It can help your family replace the income you would have earned in the future. Here's an example of some of the expenses life insurance could cover. Cost - $160 Premium for one year* Benefit - $250,000 could pay for: • Mortgage • Student loans • Children's college • Your of your spouse's annual salary • Other needs that are important to your family Important Information: Edward Jones is a licensed insurance producer in all states and Washington, D.C., through Edward D. Jones & Co., L.P. and in California, New Mexico, and Massachusetts through Edward Jones Insurance Agency of California, L.L.C.; Edward Jones Insurance Agency of New Mexico, L.L.C.; and Edward Jones Insurance Agency of Massachusetts, L.L.C. End
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