Life Insurance May Be Cheaper Than You Think

How much does life insurance cost?

Probably a lot less than you think. A life insurance industry study by LIMRA, a leading insurance and financial services trade association, found that while cost is the top reason individuals don’t purchase life insurance, only 24% of those surveyed were correct about the price of a term policy.

Today’s consumers have many sources of data at their disposal. They can research everything from pots to pains, yet many make incorrect assumptions about one of the most important and basic decisions concerning their family’s financial future: purchasing life insurance. Various factors determine your cost for life insurance, the most basic of which are age and health. Your life insurance premium is lowest when you are young and healthy.

5 things that could cost the same (or more) per month as life insurance¹:

• Daily coffee
• A fitness class
• A music streaming plan
• A bottle of wine
• One meal from a sit-down restaurant

Steps you can take to help keep your insurance costs down:

• Live a healthier lifestyle. Every choice has a consequence. Life decisions regarding tobacco use, food consumption, care for chronic illnesses and driving habits all affect the cost of your life insurance premiums. Making healthy life choices improves your quality of life and can lower your health risk and life insurance premiums.
• Consider your recreation choices. While jumping out of an airplane may be an amazing rush, skydiving will likely increase your cost of life insurance. Dangerous pastimes such as scuba diving, skydiving and auto racing can adversely affect your risk and increase your premiums.
• Make decisions based on facts, not fear. When making decisions on purchasing life insurance, make them based on facts. Do your research and know your options. A local independent agent can be an invaluable asset. Your agent can guide you to a plan that best meets your family’s needs and fits your budget.

Don’t assume that you cannot afford life insurance. Learn the facts and make an informed decision. Your family’s financial future may depend on it.

¹ Life Happens: 5 Things That Cost the Same (or More) as Life Insurance

Neither The Cincinnati Life Insurance Company nor its affiliates or representatives offer tax or legal advice. Consult with your tax adviser or attorney about your specific situation. For policy service and additional information, speak to an independent agent representing The Cincinnati Life Insurance Company. For a complete statement of the coverages and exclusions, please see the policy contract. All applicants are subject to underwriting approval. Products and riders available in most states.