How to Budget for Life Insurance Premiums

Factor Life Insurance into Your Budget

Believe it or not, but life insurance is often less expensive than people think. No matter your generation, whether you’re a Baby Boomer or millennial, people are constantly overestimating life insurance costs. Not only does life insurance provide valuable coverage for your family when you are gone, but it is often more affordable than most policies. If you are looking to get this coverage, take a look at how to budget for the premium.

If you only have a temporary need for life insurance, then you could secure term insurance instead of permanent life insurance. Permanent life insurance, also known as whole life insurance, is much more expensive because it lasts your entire life and generates a cash value. If you only need a few years of life cover, term life insurance is a great option and is extremely affordable.

Keep in mind that the following expenses are what you need to cover:

  • Personal debt (student loans, car, credit cards)
  • Mortgage
  • Funeral expenses
  • Monthly income your family will need

Life insurance covers a wide array of financial coverage without costing the earth. This gives your family future financial protection and peace of mind for you.

Because you can choose the coverage amount and term length, and there are many options, term life insurance premiums are relatively easy to fit into a budget. Depending on your age and financial need, your term coverage choices range from $50,000 up to $25,000,000+. Your term length choices range from a couple of years up to 40 years and are also dependent on your age.

Your life insurance premium is influenced by your coverage amount and term length. The more coverage you want to purchase, the more it costs. The longer you want the coverage to last, the more it costs. With this in mind, you can choose coverage that suits your needs and budget by working with a trusted life insurance expert.

Life insurance is meant to take care of your family’s finances. If you’re not sure which policy is right for you, talk to the team of professionals at UniVista Insurance Hialeah|Cutler Bay. We can help you select the right policy for your family’s needs. Serving Florida residents, contact us today to get started.

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