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When people put off buying life insurance, one of the most common reasons is simple:
“It’s too expensive.”
We understand. When you’re already paying for a mortgage, groceries, utilities, childcare, car payments and everything else life throws your way, adding another monthly expense may not sound appealing.
But when you’re deciding whether life insurance is worth the cost, there’s another number you should consider:
What is the financial value of everything you provide for your family?
Chances are, it’s much more than your paycheck.
You’re Protecting More Than Your Income
If you earn $75,000 a year, it’s easy to think of your financial contribution to your family as $75,000.
But what happens when you multiply that income over the next 10, 20 or 30 years?
Ten years of a $75,000 salary is $750,000. Twenty years is $1.5 million — and that’s before considering raises or other financial contributions.
If your family depends on that income to pay the mortgage, buy groceries, save for college and maintain their lifestyle, replacing it would be a significant financial challenge.
Life insurance isn’t just protecting a paycheck. It’s helping protect years of future income.
What About Everything You Do That Doesn’t Come With a Paycheck?
Your value to your household isn’t limited to the money you earn.
Think about everything you do for your family in a typical week.
Maybe you take the kids to school, handle childcare, cook meals, clean the house, maintain the yard, manage appointments or take care of an aging parent.
If you weren’t there to do those things, would your family need to pay someone else to help?
Childcare alone can represent a significant household expense. Add transportation, home maintenance, meal preparation and other responsibilities, and the financial value of an individual’s contributions can quickly add up.
This is also why stay-at-home parents may need life insurance, even though they don’t earn a traditional salary.
Compare the Premium to What You’re Protecting
When you look only at the premium, life insurance can feel like another bill.
But insurance is really about transferring a much larger financial risk.
Instead of asking:
“Do I want to spend this much on life insurance?”
Try asking:
“Could my family afford to lose everything this policy is designed to replace?”
A life insurance policy could help your family continue making mortgage payments, cover everyday expenses, pay off debts, afford childcare, fund future education and have time to adjust financially after a loss.
That protection can be worth considerably more than the premiums paid for it.
Life Insurance May Cost Less Than You Think
Another reason people assume life insurance is expensive is that they’ve never actually gotten a quote.
The cost of coverage can vary considerably based on factors such as your age, health, coverage amount and type of policy. There are also different types of life insurance designed for different needs and budgets.
You don’t necessarily need the most expensive policy or every possible feature.
You need coverage that makes sense for your family and your financial situation.
That’s where working with an independent insurance agency can help.
Waiting Can Have a Cost, Too
If you know you need life insurance but keep putting it off because of the cost, remember that waiting doesn’t necessarily make it less expensive.
Age and health can play a role in life insurance pricing and eligibility. The policy you qualify for today may cost more several years from now — and changes to your health could potentially affect your options.
That’s why it’s worth exploring coverage now, even if you’re not sure what you can afford.
You may have more options than you realize.
What’s Your Value to Your Family?
No life insurance policy can ever replace a person.
But it can help replace some of the financial security that person provided.
At Blue Marsh, we encourage you to look beyond the price of a life insurance policy and think about what you’re actually protecting.
Your paycheck. Your mortgage. Your children’s future. The work you do at home. The plans you’ve made together.
When you look at life insurance that way, the bigger question may not be, “Can I afford it?” but “Can my family afford for me not to have it?”
Let’s Find Coverage That Fits Your Budget
Life insurance doesn’t have to be all or nothing. Our team at Blue Marsh Insurance can help you determine how much coverage makes sense, explore your options and find a solution that balances the protection your family needs with a premium that fits your budget.
Ready to see how affordable life insurance could be?
Request your complimentary life insurance proposal here!
A little more about Blue Marsh Insurance…
When he founded Blue Marsh, Tom Davenport wanted to create a different kind of insurance company. One that’s built on personal relationships and a local presence. One where you, the customer, feel more like a friend.
As an independent insurance agency, Blue Marsh Insurance represents a carefully selected group of financially strong, reputable insurance companies. Therefore, we are able to offer you the best coverage at the most competitive price.
If you’re interested in starting a quote online or having us take a look at your current policies, click here!