Budgeting for Life Insurance
Note: this is a post brought to you by Genworth Financial.
For most 20-somethings, buying life insurance probably ranks as high as retirement planning on your to-do list. It’s understandable that considering life insurance can make people uneasy because buying life insurance puts us all one uncomfortable step closer to accepting that we are human – that we won’t live forever. Ironically, planning for the end can actually serve to ease some of that anxiety. It can even be empowering to know that you’ve taken steps to ensure your family’s security.
The cold hard fact of debt is that the obligation to pay it off lasts after a person is gone. A well-thought out life insurance policy means that both short-term expenses (funerals, medical bills) as well as long-term expenses (mortgages, car payments, student loans) can be taken care of. Furthermore, life insurance doesn’t mean that you’re taking an enormous bite out of your income now to plan for some distant future.
You need to consider how much insurance you may actually need. You need to think about how you spend your money and where there are opportunities to save a couple of dollars every month. We often don’t realize how much the little things add up. Making one cup of coffee at home per week instead of buying that cappuccino could save up to $16.00 a month. Making your own lunch once a week rather than eating out could save about $40.00 a month. That’s $56.00 a month that could go to life insurance coverage.
Play around with Genworth’sfree life insurance budget calculator to get a sense of how much you can save every month. It’s shocking how those little expenses can take a bite out of your monthly income.
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You seem to have sold out the truth for the sake of a sponsor. You say “The cold hard fact of debt is that the obligation to pay it off lasts after a person is gone.”, but this obligation only applies to the extent of a person’s assets. There is absolutely no reason to buy life insurance to pay off your debts after you die!
Actually, I didn’t write the post, it was written by the sponsor.
I’ve got to agree with JRR. No problem if you want to accept sponsored posts – it’s your blog – but readers should recognize that this information is biased toward the sponsor’s interests, not their own. Buyer beware!