Which Everyday “Necessities” are More Expensive than Life Insurance?

girl with grandparentsDid you know that the biggest misconception about life insurance is the price? Some people still believe that life insurance costs significantly more than it actually does.

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:

Cable connection – The cost of cable, expensive enough as it is, doesn’t appear to be getting cheaper anytime soon. According to the International Business Times, the typical family pays about $64.41 per month.

Food waste – According to the Natural Resources Defense Council, an environmental action group, the average American throws out between $28 and $43 each month in food waste. Reducing monthly food waste in order to budget for a life insurance policy can be a win-win deal.

Gym / Fitness center – Getting into better shape is great, but doing so, too, can be expensive. Based on a report from U.S. News & World Report, an average membership in a gym can run between $35 and $55 each month.

Movie tickets – Most Americans view a trip to the movies as a typical social activity. In 2015, according to a report in Fortune, the average ticket price is $8.12, and that doesn’t include added costs such as 3D surcharges or food. If you’re paying for a spouse as well, you’ll dish out $16.24 for two tickets.



¹ Policy Form Series SLT-05

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