10 Things That Cost More Per Month Than Life Insurance That You're Already Paying For
The most common reason people give for not having life insurance is that it costs too much. This is almost always stated without having ever looked up the actual price. Here is what a $500,000 20-year term life policy costs for a healthy non-smoking adult, and what you are already spending more than that on every month.
1. Streaming services.
The average American household pays for three to four streaming platforms. Netflix, Hulu, Disney Plus, and one sports package runs $60 to $80 per month. A $500,000 term life policy for a 35-year-old costs approximately $25 to $35 per month. Your television habit costs more than your family's financial protection. That is worth sitting with for a moment.
2. Your gym membership.
The average gym membership in the United States runs $40 to $70 per month. A substantial number of those memberships are paid for and not used. Life insurance, for many applicants, costs less than the gym they do not go to. The gym keeps you alive longer. Life insurance handles it if that plan does not work out.
3. A car payment on a modest used vehicle.
A used car financed over five years often carries a monthly payment of $300 to $500. Life insurance on the person driving that car costs a fraction of that. The car depreciates. The death benefit does not.
4. A weekly coffee habit.
Two specialty coffee drinks per day at $6 each is approximately $360 per month. A $500,000 life insurance policy for a healthy 40-year-old runs roughly $40 to $60 per month. The coffee budget is six to eight times the life insurance premium. Nobody is suggesting you give up coffee. We are suggesting you look at the comparison.
5. Eating out twice a week.
Two restaurant meals per week at $50 each is $400 per month. Life insurance for most working-age adults in reasonable health costs less than one of those meals. The math is not subtle.
6. A cell phone plan.
The average American monthly cell phone bill is approximately $70 to $130. Life insurance for most adults costs less than the phone plan. The phone keeps you connected. Life insurance keeps your family solvent.
7. A car insurance premium.
Average auto insurance in the United States runs $130 to $180 per month. Life insurance for a healthy adult with equivalent coverage amounts typically costs less. You insure the car without question. The question worth asking is why the car gets automatic protection and the people depending on your income do not.
8. A monthly subscription box.
Subscription boxes (wine clubs, meal kits, clothing services) average $30 to $100 per month. Many households have more than one. The life insurance premium that most people say they cannot afford costs less than the snack box they forgot they were paying for.
9. A pet's monthly expenses.
The average dog owner in the United States spends $100 to $200 per month on food, grooming, vet care, and supplies. Life insurance costs less. This is not an argument against pets. It is an argument for proportional prioritization of financial protection.
10. One tank of gas.
In most parts of the United States, a full tank of gas costs $50 to $80. A monthly life insurance premium for many applicants falls in that same range or below it. You fill the tank every week without deliberating. The life insurance decision has been on the to-do list for three years.
Price is not the barrier. Prioritization is. The monthly premium for a life insurance policy that protects your family is smaller than dozens of expenses you process automatically every month. The application takes 20 minutes.