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  • Is Life Insurance Too Expensive For Millennials in O’Fallon Illinois?

    September 28, 2020
  • Is Life Insurance too Expensive For Millennials?

    As valuable as life insurance can be, a lot of people don’t carry it because of the cost. It’s important to weigh the pros and cons of each side. If you’re a millennial in O’Fallon, Illinois, who thinks life insurance is too expensive for you, here’s the truth.

    Is Life Insurance Expensive?

    Because life insurance can provide such big benefits in terms of monetary value, a lot of people mistakenly think life insurance is very expensive. The truth of the matter is, it’s pretty affordable depending on the type of coverage you purchase. According to a study done by LIMRA, the average American thinks life insurance policies are about three times more expensive than they are.

    According to numbers provided by Policygenius, the average cost of a $250,000 life insurance policy for a 25-year-old is just $16.02. While these rates begin to increase a bit as you get into your 40s and 50s, you don’t have to pay a lot for life insurance until you’re in your 60s and 70s.

    Finding the Right Coverage

    One thing that’s very true about life insurance is that insurance costs can be too high if you don’t pick the right policy. While it’s important to make sure you have enough life insurance to make a difference, you shouldn’t spend a fortune for unnecessary coverage.

    Another thing to consider is the type of policy you choose. You have your choice between whole life and term life policies when it comes to life insurance. Term life insurance pays death benefits if you die within a specified period. Because this coverage doesn’t last your entire life, it’s the cheapest and easiest form of life insurance to get. Whole life insurance covers you for life if you pay your monthly premium. While these policies are great for some people because terms don’t factor in, they’re expensive and it takes a while to build substantial cash value.

    If you’re not sure what type of coverage is right for you, talk to an insurance agent about your needs.

    Insurance Simplified

    Making sure you have the right coverage for your needs is important, and life insurance is no exception. If you don’t currently have a life insurance policy because you think it’s too expensive, call an agent at KMK Insurance to find out just how affordable life insurance can be.