too expensive?

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I love it when I hear “life insurance is too expensive”. Every time I get this response I just ask “too expensive? How much do you think it costs?” Then, maybe I give them a specific dollar amount and say something like “how much do you think $500,000 of protection would cost you?” When asked this, people nearly always overestimate the cost by 50 – 75%. For example, most Millennials can buy $500,000 of protection for about $39/month! That’s crazy isn’t it? I pay more for golf balls! Heck, I pay more for Dutch Monkey Donuts! #thingsthatcostmorethan39dollars would be a great hashtag if it weren’t so long! Sometimes I’ll even ask “if you had $500k in the bank, how many of your buddies would you insure for $39/month?!” I ask this because I know the answer…it’s NONE!

Another point I try to make is in regards to the cost/value of owning a policy. Why do you think the richest people/companies in the world still own life insurance? Because it’s typically a great value even though they may not “need” the coverage (and there are some nice tax benefits they use to transfer wealth ;).

If you’ve never checked out, you should. It’s a non-profit website designed to educate consumers on what to buy, when to buy, and how much. You’ll also find some good AMAZING real life stories there too like this one. Warning:  Theses videos will move you!

Thanks for reading this and I hope you all have a fantastic week!


Clayton N. Rhoads

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