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Infographic: Affordable Life Insurance More Common Than Most People Think

Whether you’re someone saving for retirement, a stay-at-home parent or a cosigner on a student loan, you may have a need for life insurance.

Yet you may feel held back by the expense of buying a life insurance policy. The good news: Life insurance probably costs a lot less than you think.

Check out the infographic below to learn more about the true cost of life insurance. To learn even more about affordable life insurance options and to get a quote, contact an insurance professional like an Erie Insurance Agent.

2015 Insurance Barometer Study: The True Cost of Life Insurance. 3 out of 4 people say they have a good understanding of life insurance. But do they, really? When it comes to cost… they don’t! When asked how much the yearly cost would be for a 20-year $250,000 level term life insurance policy for a healthy 30-year old, 80% of respondents overestimated the cost. Respondents guessed an average of $400 a year. Those under 25 – people who tend to pay the least for coverage – said they estimated cost at $600 a year. And one in four respondents thought it would be $1,000 a year or more.

But the true cost for that $250,000 policy is about $160 a year. That’s a little over 40 cents a day for $13 a month. Note: Life insurance quote is from Quick Life Center, quoted in April 2015.To put it into perspective, here’s what the cost of a $250,000 policy looks like compared with what many people spend per month. Life Insurance average per month is $13. Cell phone average is $61 a month according to New Street Research, The Wall Street Journal, March 9, 2014. Cable TV monthly cost is $64 according to Report on Cable Industry Prices, Federal Communications Commission, May 16, 2014. Coffee on the way to work costs an average of $80 a month and take out lunch costs $140 a month according to Accounting Principals’ Workonomix Survey, conducted by Braun Research, 2013. Trimming just a few dollars from any of these would make getting and affording life insurance a no-brainer. Learn more at Sources: All data is from the 2015 Insurance Barometer Study by Life Happens and LIMRA, unless otherwise noted previously.

Good news: Life insurance probably costs a lot less than you think. /blog/life-insurance-infographic Erie Insurance

ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York).  The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.

The insurance products and rates, if applicable, described in this blog are in effect as of June 2015 and may be changed at any time. 

Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions. 

The insurance products and services described in this blog are not offered in all states.  ERIE life insurance and annuity products are not available in New York.  ERIE Medicare supplement products are not available in the District of Columbia or New York.  ERIE long term care products are not available in the District of Columbia and New York. 

Eligibility will be determined at the time of application based upon applicable underwriting guidelines and rules in effect at that time.

Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.