Owning a life insurance policy is something nearly everyone wants to do. Some people can never seem to get around to budgeting for life insurance or finding the money to pay for life insurance monthly. It’s not because the money is not in their budget; it’s just being spent on different things.
At Life-Wealth-Win, we help people of all income levels find affordable life insurance. In our experience, what you earn has almost no impact on your ability to purchase life insurance. Your desire to own life insurance is the determining factor as to whether you will find the money.
Are you saying I can afford life insurance on any wage or salary?
Yes. It is just a matter of prioritizing your budget. Budgeting for life insurance is easy. We have worked with people that make $250,000+ a year who stated a $30 a month life insurance policy for $250,000 coverage is too expensive. We work with people who earned $30,000 a year who have purchased a $170 a month life insurance policy.
What you earn rarely affects your ability to afford life insurance.
For many people, when they get to the end of the month, their money ran out before the month did.
Owning life insurance is a mindset over money.
We worked with a couple who purchased a $47 a month life insurance policy and canceled it two weeks later because they decided they couldn’t afford it (I’m sure the new Lincoln MKZ with a new dealer paper license tag purchased 30 days ago did not affect this decision).
This couple needed that life insurance, but they purchased a new car and extended their debt level and increased their financial exposure if one of them were to die. It was sad, and we could do nothing to help them overcome a mindset that places their family members at risk.
Why do people find money to purchase life insurance?
Because they don’t have money available to provide for their family, loved ones, or business if they die unexpectedly; we protect what we love and care about.
Because some people put off budgeting for life insurance, some of them lose their home within two years of the death of a spouse or partner without having the proper life insurance protection.
Most businesses in America are sole proprietorships or small LLC’s. Without adequate life insurance, these businesses become unsustainable after the death of an owner or key person in the company.
With life insurance, you are buying life insurance coverage for pennies on the dollar. If you purchase a $300,000 insurance policy for $30 a month, for every dollar you spend, you have $10,000 worth of life insurance protection.
For every penny, you have $3000 in life insurance protection. No other financial investment can create money where no money existed before.
Can’t I just invest my money, instead?
If you have the gift of time, yes. However, none of us knows when we will die.
If you have $300,000 outstanding financial liability you would like to protect your family or business from in the event of your death, life insurance is the only way to protect your family or business if you die in the coming years before you have $300,000 cash available from other investments.
Investing money, and earning returns on your money, is a long-term financial strategy. It will work given enough time, given the proper financial investments, given the proper timing of financial upswings/downswings, and given you live long enough to allow the scenario to play out.
But seriously… I can’t afford a life insurance policy with all my bills.
If you can’t afford the life insurance premium, how will your family or business be able to replace your income or revenue when you’re gone?
People with the most bills or expenses are at the highest risk of their families or businesses losing everything when they die.
Budgeting for life insurance and tracking monthly expenses is one of the least sexy things we do in our day-to-day lives, but this is the key to understanding where our money flows every day. Most families or businesses can afford life insurance premiums by modifying their spending and extracurricular activities in tiny ways.
I know I just can’t afford life insurance!
Most people think they can’t afford life insurance but have never checked on the cost of life insurance. If you want a quote, you can click the free quote form to get an idea of the cost.
Most people overestimate what life insurance will cost.
The first step to finding out if you can afford life insurance and to make budgeting for life insurance easy is to understand how much it costs. Your best chance of getting affordable life insurance protection is to work with an insurance agency like Life-Wealth-Win that has access to many different insurance companies.
Life insurance premiums vary significantly from insurance carrier to insurance carrier that’s why budgeting for life insurance is important. They also vary significantly on the amount of life insurance you purchase.
One carrier may have the most affordable premiums if you’re looking for $250,000 coverage, and another company may beat its premium pricing significantly if you are shopping for $125,000 in life insurance coverage.
The only way to know if you’re getting the best deal is to talk with someone like Life-Wealth-Win, who has access to advanced quote engines that show all major life insurance companies and the premiums for your situation.
I’m too old and can’t afford life insurance.
Have you checked the pricing? Have you checked with different life insurance agents? Have you checked different life insurance agencies?
The unfortunate reality in insurance businesses is that some people sell expensive products to their clients.
In the life insurance industry, not everyone has access to the best price life insurance companies. When this happens and you talk to them, guess what happens…you get quoted a higher premium cost than you are eligible for.
Most people say they can’t afford life insurance but have never checked to see what life insurance costs. We can help you find the best rates you qualify for with all major insurance companies.
I’m too sick and can’t afford life insurance.
The same points in the section above about being too old apply if you feel you are too sick.
Life insurance companies view medical illnesses and impairments differently.
Some insurance companies are more forgiving or understanding of certain medical impairments and offer more affordable life insurance rates for these conditions. As a shopper with no life insurance experience, this can be overwhelming. Our specialty at Life-Wealth-Win is shopping for you to get you the best rate you qualify for.
I don’t know how much life insurance I need.
We are here to help you understand what may be the appropriate amount of life insurance to budget for and purchase. In a few short minutes, we can help you know what will be an inappropriate amount of life insurance for your family, loved ones, or business.
It is essential to understand that, if you need $250,000 for coverage, but can only afford $100,000 of coverage, it is best to purchase the $100,000 of coverage now and revisit the other $150,000 later.
Budgeting for life insurance now will let you purchase life insurance you can afford, and as your income increases or your bills decrease over time, you can add more life insurance coverage.
What is my first step?
The first step would be to call us to find out a little bit more about you, so we can get you an accurate record of what your life insurance premium would be.
From there, we can help you review your finances and look for opportunities to help you budget for life insurance and afford life insurance to protect your family, loved ones, or business.
This is the first in our series of “finding the money” to afford life insurance. Check back later for more tips and techniques for finding and purchasing affordable life insurance.