According to a recent study conducted by LIMRA, a worldwide association of insurance and financial service companies, and Life Happens, a non-profit organization based in Arlington, Va., 80 percent of consumers misjudge the cost for life insurance. The study also found that both Generation X and the Millennial generation overestimated the cost of life insurance by more than 110 percent.
What’s the story?
To protect your family through Gerber Life Insurance, for example, a $25,000 10-year term life insurance policy for a healthy 32-year-old costs $8.40 a month for a female and $9.00 a month for a male.
To put that into perspective, here are some typical items that can cost more than a life insurance policy: