Tag Archives: debt

Life Insurance: Pay a Little Now or Cost Your Family Later

Have you avoided getting life insurance because it’s too expensive? Cost happens to be the number one reason people don’t get life insurance, but the reality is, it doesn’t cost as much as one may think. In fact, 80% of consumers think life insurance is more expensive than it really is (source). Let’s clear the air about the actual cost so you can make the decision to pay a little now, or cost your family a lot later.

Life Insurance: Pay a Little Now or Cost Your Family Later | #lifeinsurance #JennyLife #ad

~This is a sponsored post with Jenny Life Insurance and BraVoMark. All opinions are mine.~

According to a study from 2015, people were asked about how much they thought an annual life insurance premium would cost for a healthy 30 year old. Most estimated the cost would be between $400 and $1000. Reality? It would only cost around $160 a year (source). Astonishing, right? But the truth is, I would have expected the same.

When looking at your financial situation and determining whether it’s worth getting a life insurance policy, it’s important to understand that it’s actually more expensive to not have life insurance. In my previous post on The Truth About Death Bills of the Stay-at-Home Mom, I talked about what expenses I would be leaving my family with if I were to die today.

Those expenses included funeral costs, personal school loan debt, credit card debt, childcare expenses, and even “costs” of being a stay-at-home mom. I estimated I’d be leaving my family with upwards of $250,000 in expenses, with a good chunk of that being incurred annually for years to come.

Life Insurance: Pay a Little Now or Cost Your Family Later | #lifeinsurance #JennyLife #adWhen comparing that cost to what a life insurance premium would cost now, there is no question life insurance is the better option. Jenny Life has policies that start as low as $5 per month. That’s just $60 a year. Say I live for another 50 years (just a realistic figure). Life insurance would only cost $3,000 and once I die, life insurance would take over a lot of the expenses left behind. I’d much rather spend the 3 minutes it takes for approval and pay a life insurance premium now, than leave my family in financial stress after I’m gone.

Even if my annual premium were $160, like I previously mentioned for a healthy 30 year old, that’s $8,000 over the next 50 years. Compare that to $250,000+ in debt and expenses, and it’s still a no-brainer.

It just simply makes more sense to pay a little now than cost your family a lot later.

How much would you have guessed a life insurance policy cost?

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*This is a sponsored post with Jenny Life Insurance and BraVoMark. As always, opinions are still 100% my own and in no way influenced by the brand. Any claims or statistics should be confirmed with the brand. Please see this blog’s full policies and disclosure here.

The Truth About Death Bills of the Stay-at-Home Mom

While no one likes to think about dying, have you considered what type of financial strain you may be leaving your family if you were to die today? This isn’t something I’d ever thought of, especially considering I’m a stay-at-home mom, but after some research I discovered it’s something I really NEED to consider. And the more I think about it, the more appealing a life insurance plan becomes. The truth about death bills of the stay-at-home mom is eye opening.

The Truth About Death Bills of the Stay-at-Home Mom | #deathbills #lifeinsurance #JennyLife #ad

~This is a sponsored post with Jenny Life Insurance and BraVoMark. All opinions are mine.~

Let me hit with you a shocking fact – Americans die with an average debt of $62,000 (source). Thinking about your own debt, do you meet this average? Is your debt less than this? Or is your debt more than this? For me personally, I have $90,000+ in school loan debt alone and not all education loans are discharged when one dies. That doesn’t even take into consideration anything else and this is one scenario where I don’t particularly strive to be above average.

Even as a stay-at-home mom with no tangible income stream, I still have my own debt and would be costing my family a lot if I were to pass away today, or even in the next several years for that matter. I’d be leaving behind not only my school loan debt, but my credit card debt as well.

On top of that, the actual cost of a funeral continues to rise and as of 2017 the median cost was $7,360 (source). My family doesn’t even have that much in savings right now, so what would happen to me if I did die today?

The Truth About Death Bills of the Stay-at-Home Mom | #deathbills #lifeinsurance #JennyLife #ad

And it doesn’t stop there. I have three small children that I care for day in and day out. I AM a stay-at-home mom after all. If I were taken out of the picture, my boyfriend would most certainly incur childcare costs. Want to know how much that is? In my state (NJ), the average cost of a childcare center is more than $22,000 (source) and I have 2 kids who would require childcare during the day! My oldest is in school, but even for an after school program it would cost more than $10,000 per year. Add it all up and my family would spend $54,000 annually in childcare alone. That’s an entire person’s income and THIS is the prime reason I’m a stay-at-home mom in the first place.

Add to all of this a stay-at-home mom’s value to the family in terms of cooking, housekeeping, chauffeuring,  doctoring, teaching, etc. I’m already upwards of $250,000.

So let me ask you, stay-at-home mom, still don’t think you need a life insurance policy? A life insurance plan will help cover the cost of your debt, help cover the cost of a funeral, and help cover the cost of childcare.

The Truth About Death Bills of the Stay-at-Home Mom | #deathbills #lifeinsurance #JennyLife #ad

Life insurance goes even further than that and will help cover the cost of the your children’s education. I’ve already told you my own school loan debt exceeds $90,000 for a master’s degree and just like everything else, the cost of college is continuously on the rise. By the time my kids are old enough for college, they’ll incur costs much higher than mine were. Why not leave your children some financial assistance to put towards an education?

If you don’t have a life insurance policy, there’s no better time than now to get one and Jenny Life Insurance makes it easy. There’s even an app for simple applying! Don’t wait until it’s too late.

How much financial debt would you be leaving your family if you were to die today?

Connect with : Website | iOS App | Android App | Facebook | Twitter

*This is a sponsored post with Jenny Life Insurance and BraVoMark. As always, opinions are still 100% my own and in no way influenced by the brand. Any claims or statistics should be confirmed with the brand. Please see this blog’s full policies and disclosure here.