Most Americans believe life insure is double the cost that it actually is. Did you know you could find rates as low as $15 a month?? That’s $15 for a lifetime of financial security for your family in the case a tragic event occurs. Learn more:
Millions of Americans could be overlooking this and leaving their families unprotected if the worst happens. Often believing life insurance is more expensive than it is, millions procrastinate on purchasing life insurance despite the affordability and financial benefits.
If you’ve been procrastinating about buying life insurance, here’s some motivation: In 2017 alone, USAA Life Insurance Co. and Lincoln Financial Group have lowered prices on some term life policies, and others will be too, thanks to new state laws.
Costs Are Lower Than You Think
Last year, when consumers were asked how much a 20-year, $250,000 term life policy would cost for a healthy 30-year-old, their estimate was $400 a year — more than double the actual cost, according to a 2016 survey by Life Happens and LIMRA.
And luckily for Americans, costs can be even lower. Many online comparison services could be helping you get coverage now for as low as $15 a month.
New Regulations (and Lower Prices) Are Coming
As of 2017, the US government changed the century-old regulation on how much money insurance companies have to set aside in reserve. As a result, companies don’t have to set aside as much money as they did before.
What does this mean for you? Companies have already reduced costs and are expected to cut pricing down even more through 2020 when the law fully goes into effect.
Shop For the Best
One reason life insurance companies will be lowering prices instead of increasing their profits with this law is because competition is fierce. With customers able to compare all pricing online, it only hurts a company to not lower costs.
Like anything, it’s always a good idea to be aware of the latest research. We recommend comparing at least 3 or 4 options before making a final decision. Doing a search online is typically the quickest, most thorough way to discover all the pros and cons you need to keep in mind.
