The Unnecessary Mistake of Overestimating Life Insurance Cost
Most Americans overestimate life insurance cost by as much as three times the actual cost, according to a recent study. And younger Americans, who are able to secure lower rates, overestimate their life insurance cost by an even greater margin of seven times.
A costly mistake
Overestimating the cost may deter many from obtaining the coverage they need. And the imagined high cost of coverage may prevent many from even considering it.
Long-term considerations can also fall by the wayside with the presence of more pressing needs. With the recession, increasing tax rates, and unemployment, many Americans are more concerned with paying the rent or mortgage than obtaining life insurance. It may be the last thing on people’s minds.
It may also be overlooked as a tool to provide for a family’s future. Many may believe they are prepared for their future with retirement, but the planning stops there. They may fail to plan further with life insurance. But coverage has the potential to provide for families long after retirement is over. It’s an investment into the long-term future and wellbeing of a family.
Calculating correctly
Today’s rates are at a 10-year low, making life insurance coverage the most affordable in a decade. The low rates actually make coverage more accessible to most.
It might not be the cost that’s the issue for you, but the awareness and understanding of coverage. Not sure how to understand it? BestTermLife.net is a new educational tool that is available to all. The website instantly generates a personalized quote for each family’s unique circumstances. Only the top life insurance companies are included in the quote. And the site has a library of informative articles such as “Life Insurance 101” for further education.
Don’t make the mistake of overestimating the cost of this important resource. Start by visiting BestTermLife.net today.