Term Life Insurance: An affordable option for young individuals. Most young people overestimate the cost of a term life insurance premium, as revealed by a survey conducted by the Insurance Information Institute.
Surveyors asked a group of young individuals how much they thought the annual premium would be for a non-smoking 30-year-old seeking a $250,000 death or disability benefit with term life insurance.
According to the study, 42% of the surveyed young people believed the annual premium would exceed $1,000. Meanwhile, 50% estimated it would be around $500.
These figures demonstrate the need for more understanding among millennials about how to leverage life insurance policies.
The reality is that most companies charge around $160 annually for life insurance with the mentioned characteristics. That’s roughly $13 a month for young individuals. However, in the event of death or an accident resulting in permanent disability, the beneficiary or the disabled policyholder would receive a $250,000 benefit.
In summary, this insurance is less expensive, more flexible, and an excellent option for young families seeking temporary coverage. Furthermore, it’s straightforward to understand and easy to access.
Having term life insurance benefits anyone, especially if they’re young. Term Life Insurance: An affordable option for young individuals.
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