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Wednesday, June 29, 2022

8 simple ways to pay for your life insurance

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It’s been five years since Ben’s last accident, and he’s turned 30 years old. If it’s been a while since you were in contact with your insurer, make some time to gather car insurance quotes online from other insurers, and then call your current insurer to see how you can save money without sacrificing coverages.

Using the Insure.com life insurance calculator, Ben should consider purchasing a 30-year term life insurance policy worth $625,000. After reviewing Ben’s health history and driving record (30-year-old male, non-smoker, no medications, one accident within 5 years, one non-parent relative who had a heart attack before age 70), the average price of this policy would be $67 per month.

Ben doesn’t want to take on another recurring bill. Life insurance seems far less urgent than all those things.

At an average of $1.80 per beer bottle and $1.50 per non-alcoholic beverage, you’re looking at a minimum savings of about $32 a month – more if you make that swap while eating out. Not only will you find nearly half your life insurance budget here, but your waistline will probably benefit, too.

Ben is a 30-year-old professional living with his wife, Claire, in California. Becoming a father has and is a life-changing event made Ben think about the future.

While there may be no such thing as a free lunch, there are such things as free checking, free savings, free shipping, and free ATMs. Set the alarm accordingly on your smartphone the day you receive the bill: two days before the due date for online bill paying and five days before the due date for snail mail.

A series of small cuts to monthly spending can easily provide you the money you need without making you feel like you’ve given up your favorite things. Here are eight ways to pay for your life insurance.

The best part is you’ll receive a discount ranging anywhere from 5-15 percent as well as free shipping. If the average household spends $53.25 per month on housekeeping supplies and just over $200 per month on baby supplies the first year such as diapers, wipes, and formula, that subscription is saving you $38 per month.

The sound systems and flat-screen TVs that dominate most consumers’ livings rooms are more than equal to the task of creating a great movie-watching experience. Forgo the sticky floors, obstructed views, and the popcorn with a 900 percent mark-up and pick up a Redbox rental or choose a movie on demand through a streaming service or your cable provider. A bag of popcorn, a couple of sodas, two bags of M&M s and a movie rental at home will save you and your partner $24.50 each time over the theater.

LIMR reports that household members in 1 in 3 homes would have immediate trouble paying living expenses if they were to lose their primary wage earner, with Millennial households most at risk.

Most people don’t realize that life insurance isn’t as pricey as they think. When asked how much a $250,000 term life policy would be for a healthy 30-year-old, the median estimate was more than twice the actual cost, according to LIMRA’s 2016 Insurance Barometer Study.

Time for some tough love, Ben. If you wait, not only do you risk a period in your life where you are unprotected, but as you age, life insurance rates rise sharply.

Ben is a 30-year-old professional living with his wife, Claire, in California. Becoming a father has and is a life-changing event made Ben think about the future. Using the Insure.com life insurance calculator, Ben should consider purchasing a 30-year term life insurance policy worth $625,000. After reviewing Ben’s health history and driving record (30-year-old male, non-smoker, no medications, one accident within 5 years, one non-parent relative who had a heart attack before age 70), the average price of this policy would be $67 per month. Ben and his wife are sure to need some date nights in the future, and they will soon have the added expense of a babysitter.

In a recent survey from Life Insurance Research Marketing Association (LIMRA), 30 percent of Americans say they know that they need a life insurance policy or to increase their policy, but 65 percent of Americans say they won’t buy life insurance because it is “too expensive.” And roughly the same amount say that expenses, such as grocery, mortgage, and utility bills, prevent them from being able to afford a policy.

If your Internet service is part of your package, you could go to Internet-only service for around $50, add in a streaming service like Hulu, Netflix or Amazon Prime for about $8 a month and still save about $64 per month. Most networks let you watch their content for free online just a few days after it originally airs.

Ben and his wife are sure to need some date nights in the future, and they will soon have the added expense of a babysitter. Outdoor festivals or nature walks in the warmer months paired with a picnic basket of homemade sandwiches and sides and a couple of those $1.80 brews mentioned above will be a less-expensive break from baby. A frugal four-hour date will save you $78 once a month.

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