Are you looking to purchase life insurance but aren’t quite sure whether you can afford it? We’ve put together a list of some easy changes you can make to free up room in your monthly budget. Let’s start with some tips on how to find an affordable plan.
Finding affordable life insurance:
Choose a term policy
Most people are surprised to learn how affordable life insurance can be. To find the most affordable policy you should look at term life insurance plans. Term life plans provide coverage for a set period of time like 10,15, 20 or 30 years. These plans are much more affordable than whole life policies.
Comparing multiple quotes can help you get an idea of the amount of coverage you can afford. Create a list of the basic items you’d like to leave money for such as income replacement, mortgage costs, and college expenses to calculate what amount of coverage will meet your needs.
Making room in your budget
Cut down on your coffee habit
For some people having a good cup of coffee a day is almost a religion, but the cost of coffee shop beverages isn’t cheap. Whether you’re a basic coffee kind of person or more into double shot lattes, the cost of your monthly coffee habit can soon add up. Even if you only replace your purchased coffees with a home made version once or twice per week you’re well on your way to paying for life insurance.
Cut down on eating out
The cheapest and easiest way to buy food is in a bulk during a weekly food-shopping trip. Anytime you buy single servings of food or anything prepared by a restaurant or café you’re paying a premium for ease of access. Start planning your meals and buy everything you need in advance so you can cut down on the emergency purchases.
Reduce expensive outings
Even the simplest trip out like going to the cinema can end up costing thirty plus dollars these days. Cut down on the expensive outings and take advantage of free activities in your area. It’s easy to find a list online and you often end up trying something you’ve never done before.
Skip after work cocktails
Or if that’s too hard only go to happy hour! The idea here is simply to reduce the amount you spend on alcohol. You don’t have to cut things from your budget entirely to save enough money for a good life insurance plan. Lowering your monthly expenses can make the room you need in your budget to cover the cost of insurance.
Take a look at your credit and debit card statements; are there monthly charges for services or products that you rarely use? Cancelling subscriptions to services that you don’t take full advantage of is a great way to cut monthly expenses, as you probably won’t even notice a change.
With the very affordable cost of a term life insurance policy you don’t need to make many changes to your lifestyle to get the policy you need. Get a quote today to see how easily life insurance could fit into your monthly budget.