Is Life Insurance Too Expensive?
Life Insurance can be expensive. However, there are some alternatives. Empower Brokerage’s Life and Financial expert, Enrique Torres, explains how it can be beneficial.
This morning I heard that most people, most consumers, think life insurance is too expensive. Without actually talking to somebody about it, you can find the current price of life insurance. You can find quotes online, or even on our website. You can find the pricing for Term, Whole, Universal, and Index Universal and see that it’s actually pretty affordable.
It all depends on your age, gender and how long the policy is for – whether it is term insurance or not. Then with a male versus female you’ll find out that male prices are a little bit higher than females. Especially if you do not smoke. If you do smoke you’ll have to be tobacco-free for about two years. Then you’ll get lower rates.
There are a ton of different products out there that can help you stay within budget and still get the coverage you so desperately need. These days you can even look quotes up on your smartphones or tablets. You just need your date of birth, gender, tobacco or non-tobacco, your state and how much coverage you need.
In this instance, I was meeting with a client. He was a 30-Year-Old male. Non-Tobacco, In the state of Texas and needed $250,000. There are many options when choosing your insurance. However, we went with the cheapest and that was standard. We went with the maximum term, 30 years.
When I did this for them I gave him the results and the cheapest option was $35.26 a month. The most expensive is $54.54. That is for a 30-year term, it covers $250,000 in death benefit. If you ask me that’s a pretty affordable sum for a life insurance policy that could not only protect your family but also your home. In the event that you pass away your family is going to have a lot of extra expenses, including your funeral. This is a way to ensure that their future is secured.