When creating a household budget, we all need to account for many kinds of expenses. According to the Economic Policy Institute (EPI), they include:
- Child care
- Health care
- Other necessities
Another important item that should be on the list is life insurance. How to find the money to do so when creating a family budget?
Making way for life insurance may be easier than you think
Start by looking at your monthly expenses. Separate the expenses into two columns, “necessities” and “nice to have,” to help you target areas where you might be able to cut back on spending.
Each month, do you spend unnecessarily on “nice to have” items such as eating out or buying coffee each morning at a coffee shop?
If you can alter any of your spending habits, you might well be able to gain good money to allocate toward life insurance premiums.
Evaluate your savings and your debt
An important part of budgeting is putting money aside for a rainy day. You might think that having to pay life insurance premiums limits the amount of money that you can deposit, for instance, into your retirement savings account.
But what about the cost of not having life insurance?
Think of life insurance as a necessity
It is important to look at life insurance not as an expense but as a necessity that helps to safeguard your family’s financial future.
In the event that something happens to you and you don’t have life insurance, your loved ones may have to turn to your hard-earned savings – and maybe also theirs – to help pay off your outstanding debt, medical bills, funeral costs, and other expenses.
A life insurance policy can help you to protect your family financially.
Far less expensive than you might imagine
Gerber Life is known for providing safe and affordable life insurance policies that may fit your budget. For example, for as little as $9.60 a month, a healthy 18 to 32-year-old female could have a $25,000, 20-year term life insurance policy – that’s less than 32¢ a day.
You can have peace of mind, knowing that your family will be protected no matter what the future holds, with a budget-friendly Gerber Life Term Life insurance policy1.
Interested in learning more about making way for life insurance in your family budget? Our friendly and knowledgeable customer representatives will gladly assist you and answer your questions.
1 Policy Form Series SLT-05