Why is insurance so expensive?

Why is insurance so expensive?

The cost of insurance keeps going up

Like everything these days, things are just getting more and more expensive. Unfortunately, the longer you wait to buy life insurance it continues to get more and more expensive. Now add additional factors like your age, gender, tobacco use, family medical history, and current health are a determining factor along with the requested face amount and policy type is just as a starting point. Knowing these things is important especially if you are self-employed and having to pay for these expenses out of pocket. The important thing to consider is asking the question “how much insurance do I need”? If you are a single person who doesn’t own a home or have a lot of debt consider having a smaller policy to just cover expenses and ensuring you get coverage so not to put the burden on someone else.

Conversely, if you are married, have several children and own a home and make 6 figures you may want to consider at least a million dollars. Consider if you were to die prematurely not only would it affect your children’s ability to go to college or get a good start in life, plus all the now debt burden placed on the surviving spouse. Sadly, you not only lose a spouse but you lose their income now and forever. That is not a place you want to find yourself or your family. Having the appropriate type and amount of insurance is detrimental to your families future. 

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