Just do it – Buying Term Life Insurance Buys Peace of Mind
The cost varies based on the age you purchase it and health factors, but here are some recent policies I’ve helped clients purchase:
- A 34 year old woman bought a 30 year term, $750,000 policy for $61 per month
- A 32 year old man bought a 30 year, $500,000 policy for $24 per month.
- A 40 year old man bought a 20 year, $250,000 policy for $18 per month
It’s extremely cheap considering what you get for it. There are some people who would argue, “But why would you spend all that money only to get ‘nothing’ at the end of it?” These people are wrong. You don’t get “nothing” when you buy term life insurance and don’t end up dying.
You’ve bought the peace of mind to know your family will not be forced to move.
You’ve bought knowing your spouse would be able to pay for additional childcare now that they’re unexpectedly a single parent.
You’ve bought several years worth of time to readjust to an entirely different life without financial stress compounding all the other stress.
You’ve bought knowing your family could splurge a little on dining out now that you’re not home to make dinner every night.
You’ve bought your family not having to use a GoFundMe or other crowdsourced website to pay your funeral costs.
You’ve bought knowing your kids would still have funding for their education, despite your family no longer having two incomes.
You can buy all that for an amount many people spend regularly on dinner and a couple drinks. You can afford it, but many people choose not to buy it because the benefits above are vague and theoretical, but the dinner and drinks make you happier today.
Once again, just do it. It’s not a lot of fun, but purchasing life insurance should be part of your “adulting” experience. As an end result you’ll feel more like an adult once you have a policy in your filing cabinet.
If you want the lowest rates, it will take a little time to get through the process. There will be a paramed exam and the results will be part of the medical underwriting to determine your health ranking and the cost of our insurance.
If you prefer a faster, more hassle free experience, you can go through a “simplified issue” process. This process includes more detailed questions on the application, but there is no paramed exam and only rarely are medical records ordered. The flip side to this better experience is your insurance will cost more.
The final result, either way, is your house, your family and their way of life will be protected if you were to die. And it does happen. I had two friends pass before they reached 50, one from colon cancer and the other from prostate cancer.