Watching a recent episode of AMC’s Mad Men (set in the 1960’s era in New York) – I had to stifle a laugh at the character portrayal of the old school life insurance salesman. It was the typical middle aged man dressed in a suit and carrying a briefcase with charts upon charts of life insurance prices. Yes, they made house calls. Oh, and sold primarily to men. Fast forward 50 years and the world of life insurance has changed dramatically.
Approximately 35 million middle class households in the United States are with little or no life insurance. This number is up significantly from even a decade ago. I believe one of the biggest reasons for this is the concept of affordability. Life insurance does not have to be expensive! I think many people are under the misconception that it doesn’t fit in their budget or they would have to interrupt their lifestyle to afford another expense such as life insurance. Rather than focus on this, we should really be focusing on the interruption of lifestyle when a spouse or parent is no longer able to provide an income at all. This is what we HAVE to start protecting against.
Consider these costs:
- A 30 year old male can provide his family with $250,000 of life insurance for 30 years for less than $25 per month.
- A 30 year old female can provide her family with the same coverage for under $20 per month.
Here is another example:
- A 28 year old male can have $100,000 of coverage for 30 years for $13 per month, while a 28 year old female can do the same for $11 per month.
- That’s both spouses for a TOTAL of less than $25 per month.
At VAST, our goal as risk advisors is to point out risks that you are taking on and then find a workable solution to meet your needs. Cost is a major sticking point, but we work with individuals and families to find a solution that works for them – something that is affordable and provides enough coverage to ease the burden if the unthinkable were to happen.
Take the next step in protecting your family. Make the phone call to your insurance or financial advisor. look at your options and get a life insurance policy in place. Then move on knowing you’ve created a safer environment for those you care about.