We know that a lot of people put off buying life insurance because they're anxious about the price. However, many are pleasantly surprised to discover that monthly premiums cost less than they expected.
In fact, you can often buy life cover – and the financial security it provides – from as little as just a few pounds per month. When you compare that to the amount most of us spend without thinking on everyday luxuries – such as Netflix, a new phone or an expensive Starbucks habit – then the amazing value this represents is clear. After all, you can't get that kind of peace of mind from a latte!
In this post, to help reveal just how affordable life insurance can be, we're going to weigh the cost of securing £100,000 of life cover against the creature comforts listed above.
All typical life insurance costs are based on quotations from Compare Cover (June 2016) for a policy worth £100,000 for a 25 year term for a individual with no health issues.
Nearly one in four households in the UK pay for a subscription to Netflix – the country's most popular film and TV streaming platform. Monthly prices range from £5.99 for the basic package to £8.99 for the premium option.
Undoubtedly, Netflix offers fantastic value for money. However, for the same price or less, you could also buy:
Level or decreasing term life insurance for a 30-year-old non-smoker – cost from £5.28 per month
Level or decreasing term life insurance for a 35-year-old non-smoker – valued from £6.69 per month
Level or decreasing term life insurance for a 30-year-old smoker – valued from £6.03 per month
Decreasing term life insurance for a 40-year-old non-smoker – valued from £6.84
If you love having the latest gadgets, you're probably happy to pay that little bit extra on your phone contract. A package that includes the latest smartphone will likely set you back at least £30 per month.
£30 is a fair price to pay to enjoy 24-7 access to the latest in cutting-edge technology. Nonetheless, at a similar monthly cost, you could also secure life cover valued at £100,000 – enough to safeguard your family's financial security. Indeed, for the same price or less, you could buy:
Level term life insurance for a 50-year-old non-smoker – valued from £20.63 per month
Decreasing term life insurance for a 45-year-old smoker – valued from £19.47 per month
A lot of people can't live without their daily cup of coffee and, after all, why should they? Still, over the course of a month, the cost of all those coffees can really add up. In fact, if you buy a tall cappuccino priced at £2.25 every day, after 30 days you'll have spent a whopping £67.50.
Did you know that, for the same cost as a daily cappuccino, you can also buy:
Joint level term insurance for two 50-year-old non-smoker – valued at £38.15 per month
Level term insurance for a 50-year-old smoker – valued at £46.35 per month
Of course, we're not suggesting that you cut out life's little pleasures in order to buy life insurance – life is for living, after all! However, we do hope that this blog post has drawn your attention to the fact that typical life insurance costs are often lower than is commonly perceived.
To easily and quickly get started use our Compare Cover life insurance calculator today. It's free, fast, and allows you to get an idea of how much cover you might need and then view and compare quotes.
Life Insurance Cover Calculator
Get started if you're unsure what cover you need
At the end of the day, life insurance offers amazing value, enabling you to protect your family's financial future and rest easy knowing that, should the worst happen, you've done everything you can to help them move forward.
Isn't that peace of mind worth investing in?
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The stage in your life and the responsibilities you have, rather than your age, should be at the forefront of your mind when thinking about whether life insurance is right for you.