Let’s Test Your Smarts On the Cost of Term Life Insurance

Life Insurance

Who doesn’t love the game show Jeopardy where the answer is presented and you have to guess the question. If you are like most of us, there is nothing that beats the thrill of getting it right. So let’s try your skills and knowledge with what you think it costs to buy a term life insurance policy.

Here’s the question….What does it cost a healthy 30 year old female to buy a 20 year $250,000 term life insurance policy these days? Do you think it costs a) $1,000 annually, b) $500 annually, c) $250 annually or d) something else? Please take your guess before you read on.

Drum roll please…and the answer is d) something else! Actually the cost is $150 annually, as quoted on our Pivot.com website. That’s based on the lowest carrier rate being issued as of today using preferred rates.

In a recent LIMRA (LIMRA is an association that provides research, consulting, and other services to insurance and financial services companies worldwide) study (2014 Insurance Barometer Study), it was noted ‘2 out of 3 consumers say life insurance is too expensive to buy and people tend to overestimate the cost. In fact a quarter of respondents to their study thought the price for a $250,000 (that would cost $150 per year) would cost at least $1,000 annually.’ Where did your answer for the cost of term life insurance land against the actual cost?

If your answer was higher, does it make sense to consider running a quote now for your age, gender and state of residence? You too may find it’s not nearly as expensive as you first thought. The PivotCare team can help you narrow down the proper details to run your free term life insurance quote or you can use any of our website tools designed for just that purpose. Either way, if you thought life insurance might break your piggy bank and you are now in need of some protection for your loved ones, today just might be the day to get started. After all, New Year’s is just around the corner and if this has been on your to do list, it’s time to check it off and bring in the new year on a positive note.

Did you enjoy taking the quiz? Let me know on Facebook (facebook.com/PivotInsurance) or Twitter (@PivotInsurance) if you liked this blog so I can decide if I should do more blogs this way. Thanks….Michele

About the author: Michele Cleary has been in the business for over 35 years and holds a CLTC designation. She believes that life insurance can give you and your family peace of mind, especially when you have other things to worry about. Michele now has 4 grown children and knows that proper planning is essential. You can reach her at 1-800-651-1953 or MCleary@Pivot.com.