Everyday Expenses You Could Swap for a lifetime Insurance
I consider using any means to protect my loved ones. But luckily, term life is among the most affordable methods to give my family what they desire if I passed away. I own a policy at a cost I'm happy to pay every month and it requires little sacrifice to my budget.
Think life insurance is too expensive? Think about these nine expenses we have every month that people hardly blink an eye at.
1. Two quick meals out
Love heading out to some casual lunch having a friend or colleague? One lunch for two can be as expensive because the monthly premium for term life insurance. Two quick meals and drinks can certainly cost $13 at your favorite local sandwich shop. And when you each grab a chocolate chip cookie for dessert, under consideration $15 for supper.
If you're like many working adults, you may eat lunch out a minimum of three times a week. Consider that you are able to financially protect your loved ones for the price of just two lunches a month.
A 35-year-old woman in excellent health can purchase a 20-year, $500,000 Haven Term policy, from MassMutual, starting at $21.63 monthly.
2. A regular wardrobe update
Even if you aren't Mr. GQ (or Ms. Vogue), GQ will now assist your efforts using their Best Stuff Box, which arrives, yes, quarterly for any flat rate of $50. That's around the budget. Online styling services (that also send clothes-in-a-box) like Stitch Fix and Trunk Club no longer have a subscription rate, but each box costs $20 to $25 for the styling fee alone. (That fee can be put toward the particular clothes, but that assumes you're spending much more on those boxes.)
Undeniably convenient, especially for a person with a busy schedule that limits the length of time and energy one can spend shopping. But with an expense. And no matter the way you do it, the typical American adult spends more $160 per month on clothing. A necessity, to be sure, only one whose costs could be limited. Especially when another necessity-life insurance-can be had for the price of those aforementioned styling fees.
A 30-year-old man in excellent health can purchase a 30-year, $500,000 Haven Term policy, from MassMutual, starting at $30.23 per month.
3. Five morning lattes
Every busy parent needs their coffee pick-me-up, but what's the opportunity cost of your lattes? Just five caffe lattes could cost more than your term life insurance premium.
At $3.78 per latte, five visits to your favorite barista would set you back $18.90 (not counting any tip).
Compare that towards the $17.71 per month that a 40-year-old woman in excellent health might pay for a 15-year, $250,000 Haven Term policy.
4. A shave along with a haircut
If ever a shave along with a haircut cost two bits, that time isn't now. At my local barbershop, it'll set you back $30, which is similar to the national average for men. (And, I have to add, it's worth it, though I usually just obtain a cut, no shave.) Basically went to a beauty salon, it'd be more, and I'd be remiss if I didn't point out that women's haircuts in many cases are double what my barber charges me. (In my family, this added expense is offset because my spouse gets her haircut less often.)
Taken together, we spend around $45 monthly on haircuts. You need to look good, don't misunderstand me. (As you wise football player once put it: Should you look great, you feel good. If you feel good, you play good. And when you play good, they pay good.) But it's less essential as ensuring the financial well-being of the loved ones in case the worst should happen.
Which reminds us: A 40-year-old man in excellent health can buy a 20-year, $500,000 Haven Term policy starting just $36.26 per month.
5. Having your oil changed
Unless you're crawling beneath your car yourself, you probably bring your automobile directly into have your oil changed once every couple of months. The typical price of an oil change is $20 to $55, or $45 to $70 if you are using synthetic oil, according to Cost Helper.
Now, you cannot skip necessary car maintenance. But you can begin treating a term life insurance monthly premium like a similarly priced necessity that's just as important as regular auto maintenance.
A 42-year-old woman in excellent health can buy a 20-year, $750,000 Haven Term policy starting at $51.39 monthly.
6. Your monthly gym membership
Setting that alarm for five a.m. spin class is definitely a bit of a struggle. Which can be why over 60% of gym memberships go unused. But despite the gym fob in your car keys gathering dust, you'll probably still be footing the bill. We're paying just under $60 monthly, typically, for that privilege.
We keep our gym memberships, even if we simply use them once a week, since we all know going is good for our health. The price seems justified. The price for a term life insurance coverage could be inside a few dollars of the price for your (possibly unused) gym membership.
A 42-year-old, non-smoking man in good health can buy a 20-year, $500,000 Haven Term policy starting at $52.77 monthly. And with Haven Life Plus, a no-cost rider included in the Haven Term policy, policyholders can access an annual subscription to audio fitness app Aaptiv free of charge, to not require that gym membership.
7. One movie theater date night
Is there a date night more classic than going to the film theater for popcorn and a show? However with average ticket price in 2021 now $17.86 for two tickets, and the large popcorn and 2 drink combo running $20.99, a couple of hours in the theater cost nearly $40.
A 35-year-old woman in excellent health can buy a 30-year, $600,000 Haven Term policy starting at $37.55 per month.
8. One dinner out for two
How much spent on the dinner date can vary widely based on where you live where you go. Since an expensive steakhouse costs a whole lot more than your favorite taco shop, the typical dinner date within the U.S. is pegged at $50 to $100.
So on the cheap of this range for that cost of to start dating ?, a 35-year-old man in excellent health could buy a 30-year, $500,000 Haven Term policy starting at $44.44 per month.
9. A month of streaming movies, TV and music
It's a miracle of contemporary life: With one small device in your pocket, you are able to pay attention to or watch just about every important piece of popular culture in history. Not free of charge, mind you – a family account for Spotify(R) Premium is $15 per month. Netflix(R) Premium will even cost you $15 monthly.
Offerings from competitors like Apple Music(R) or Hulu(R) are similarly priced. Which doesn't factor in likely expenses for, say, online movie rentals, streaming premium channels, or getting satellite radio for that car. Add it up, and you're paying a minimum of $30 each month for the favorite content.
Term life insurance coverage might not be as enjoyable, but it can provide both you and your family members reassurance. A 35-year-old woman in excellent health can purchase a 20-year, $1,000,000 Haven Term policy starting at $32.66 per month.
Term life insurance is much more affordable than you think
Purchasing life insurance might not seem as exciting at the moment as a movie date with your partner, but it can provide financial peace of mind to you and your family for decades. I understand what gift I'd prefer.
The the truth is that most people will find $30 to $60 per month within our plan for something that's vital. When we purposefully make a decision with every dollar we have, we are able to begin using these small quantities of money to prioritize financial protection for our loved ones.