Resolution Definition: Should Be To Purchase $34

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Resolution Definition Paypal Resolution Center What Is My Screen Resolution

Three reasons why your 2024 New Year’s resolution should be to purchase life insurance

Resolution Definition: Should Be To Purchase $34

Resolution DefinitionPaypal Resolution Center What Is My Screen Resolution
Resolution Definition Paypal Resolution Center What Is My Screen Resolution

 

This is the time of year when a lot of us choose our goals for the upcoming year. Financial resolutions, such as setting aside money for a child’s college education or finally creating an emergency fund, are not unusual.

Although it’s not the most exciting subject, having life insurance is essential if you have dependents. Even in the event of an unforeseen circumstance, the appropriate policy can help ensure that those other objectives are met.

“Unfortunately, a lot of unexpected things do happen in life,” stated Brian Steiner, executive director of the nonprofit organization Life Happens that provides insurance. “If someone passes away too soon, your plan is nullified. Many people are left in a bind.

Here are three reasons your top 2024 New Year’s resolution should be to apply for life insurance or to make sure you have adequate coverage.

What we will discuss

  • Life insurance costs are not too high.
  • It’s easier to get life insurance when you’re younger, and the coverage you receive from your job might not be sufficient.
  • In summary

1. Life insurance costs are not too high.

Resolution DefinitionPaypal Resolution Center What Is My Screen Resolution
Resolution Definition Paypal Resolution Center What Is My Screen Resolution

According to a report by Life Happens and LIMRA, over half of American consumers (55%) overestimate the cost of insurance premiums by three times.

Policy genius estimates that a 30-year-old male in good health will only pay an average of roughly $29 for a 20-year, $500,000 term life insurance policy. It only comes to $23 per month for a woman.

Unlike permanent life insurance, which builds cash value over time, term life insurance expires after a predetermined period of time, typically between 10 and 30 years.

However, if cost has been a barrier for you, term life insurance is a good choice due to its affordability. In fact, policyholders at Guardian Life, our overall top choice for term life insurance, can convert their policy into a permanent one within the first five years of purchase.

2. Your employer’s insurance may not be sufficient.

Although some companies provide group life insurance as a benefit to employees, the coverage is typically only worth one or two times your annual salary. That will probably not be sufficient, since many experts advise getting coverage that is ten times your annual salary.

Policies offered by employers are typically not transferable: Your coverage terminates as well if you quit the organization. No matter where your career takes you, having protection is guaranteed with an individual life insurance policy. Additionally, it offers you the freedom to add riders to your policy as needed.

3. Obtaining life insurance is simpler when you’re younger.

Age is a major factor, but there are other factors that also affect how much life insurance costs.

“It can get more expensive the longer you wait to get it,” Steiner stated.

A 20-year, $500,000 term life insurance policy will cost $34 a month for a 30-year-old male on average, according to Policy genius. The same policy will more than double, to $72 a month, for a 45-year-old.

In summary

Purchasing life insurance can be a cost-effective way to guarantee your family’s financial stability. Make obtaining all necessary coverage one of your top priorities for 2024.

Meet our knowledgeable staff.

Resolution DefinitionPaypal Resolution Center What Is My Screen Resolution
Resolution Definition Paypal Resolution Center What Is My Screen Resolution

 

We collaborate with specialists at CNBC Select who possess particular expertise and power derived from pertinent education and/or experience.

We spoke with Brian Steiner, the executive director of Life Happens, a nonprofit that provides life insurance, for this story. Prior to joining Life Happens, Steiner was president of United Wealth Advisors

Group and vice president of business development and strategic partnerships for the National Association of Insurance and Financial Advisors.

Why should I believe CNBC Select?

Our goal at CNBC Select is to give our readers comprehensive consumer advice and excellent service journalism so they can have the ability to make wise financial decisions.

Every life insurance review is founded on thorough reporting by our group of knowledgeable writers and editors who have studied life insurance extensively.

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