If you think life insurance is only for wealthy people, you’re in for a big surprise. Life insurance is so important because it protects people who depend on you financially, if you die. It pays one or more beneficiaries as soon as you pass away so that they can pay expenses and replace your lost income.
One of the top reasons people who need life insurance don’t buy it is because they think they can’t afford it. But here’s the rub: studies show that consumers actually overestimate how much they believe life insurance costs—by as much as three times!
Did you know that if you’re in your 30s or 40s, you can get a 10-year term life policy that pays $500,000 for around $20 to $25 per month? In my book, that’s a bargain!