Life Insurance Costs Less Than You May Think

Life Insurance Costs Less Than You May Think
Many people avoid purchasing life insurance, especially later in life, because they think it will be too expensive. Not necessarily.

According to a 2016 study by Limra, 30% of US households do not have life insurance, and even those households with life insurance only have enough to replace three years of income.

Although it depends on your individual circumstances, three years of coverage is likely not enough. Life insurance is designed to provide for a partner and/or children who rely on your income. However, they may not be able to get back on their feet as quickly as three years after your death.

You may want to discuss life insurance with your survivors to determine their needs. Agreed, it is an uncomfortable conversation for all concerned; no one likes to acknowledge the possibility of the death of a loved one. But if your family members rely on your income now, it’s important for you (and your family) to know they’ll be taken care of later.

And that may be less expensive than you think. According to Limra’s study, 80% of consumers overestimate the cost of life insurance by a large margin. Millennials, for example, overestimate the cost by more than 200%, and members of Gen X by 100%.

For more affordable life insurance, it helps to purchase a policy sooner rather than later. The younger you are, the more likely you are to be healthy, and the healthier you are, the lower the premium will be.

There are also different types of life insurance, some more affordable than others. Term life insurance, for example, is the least costly; it pays a benefit to your survivors when you die within a specified period of time. Whole life insurance is more expensive, as it combines investing with term life insurance. For the right fit for you and your family, discuss the options with your insurance agent.


Three Ways to Make Family Camping Fun – Not Stressful


Camping should be a great way to see new places, meet new friends, and bond as a family. But some may find time bonding with the kids stressful … and maybe a bit overwhelming. Take those concerns out of the equation with the suggestions below. And enjoy this inexpensive way to celebrate nature and each other – without technology taking over.

These three tips can make family bonding a pleasure:

Do Research

Find the perfect spot for your family online. If you’re camping newbies, the best campground should be one with amenities that’s also close to a town. As Scott Adler, editorial director of, says in an article in Real Simple, “That way … if there’s a pizza place, someone can pick up a pie and make dinner a lot easier on Mom and Dad. You’ll also be less stressed when (almost inevitably) you realize you’ve forgotten something.”

Consider the types of activities you plan to do. A biking family, for example, may choose a campground near paved roads.

Generate excitement

Engage the kids by getting them involved in planning the trip. Get feedback about what they want to do and foods they want to eat, and let them pack their own bags. At the campsite, encourage older children to pick the spot to pitch the tent, and then put it up together.

Go high-Tech

It can be a culture shock to go from staring at your screen to staring at the night sky. Instead of forcing your kids to do without their devices, let them bring some technology, but also include favorite books and games. As Jen Aist suggests in Real Simple, use their facility with technology to help the kids engage with the outdoors, for example, by locating stars with a GPS.

Best of all, let them play. As Aist notes, “Something magical happens when you are outside that doesn’t happen in other places.”