Nearly three times less than many people think.
A recent nationwide survey by LIMRA and the LIFE Foundation found that consumers pegged the average premium of a $200,000 20-year level Term Life policy for a healthy 30-year-old male at $400 – compared with the actual figure of $150! What’s more, young adult participants (who find it easier to get lower rates) overestimated the annual premium by nearly seven times.
Among the nearly one in three respondents who said they needed more Life insurance, almost half did not have a policy. Two of the reasons these people gave for not buying coverage was that a policy would be “too expensive” (83%) or that they preferred to spend their money on “other financial priorities” (85%).
Unfortunately, this misperception about cost might be deterring many people from enjoying the benefits that Life insurance provides. In reality, premiums for Term Life coverage have plummeted by nearly 50% during the past 10 years – offering great values to policyholders.
To take advantage of these opportunities, please feel free to get in touch with our Life insurance professionals.