8 sur­pris­ing things that can cost more than life insurance 

Parking a few blocks from the big game.
A haircut and style for a big Saturday night event.
The two have at least one thing in common.
They likely cost more than the average monthly bill for a basic life insurance policy.*

Surprised? It’s true.

Paying to park in the lot close to the stadium and your local salon’s trim and blowout will usually edge out the monthly cost of life insurance.

Most people greatly overestimate the cost of life insurance protection. The 2024 LIMRA Insurance Barometer Study (an annual study conducted by LIMRA and Life Happens) found perceived cost remains the top reason people haven’t purchased life insurance, and just as importantly, the sizable gap between perceived cost and actual costs persists, for people of all backgrounds and ages.

In 2024, only about a quarter of all respondents correctly estimated the cost of a 20-year, $250,000, level-term life insurance policy for a healthy 30-year-old.

The real cost: On average, it’s $200 per year, or roughly $16 and some change per month.

The perceived cost: $500 per year or more, amounting to nearly $42 per month.

With more than half (61 percent) guessing the policy would be $500 per year or more, that means more than half the population thinks term life insurance is 2.5 times more expensive than it is.

The good news is life insurance is affordable for most people, although the price tag varies for all based on factors like age, health and lifestyle.

Additionally, in the event of a death without life insurance in place, the cost for family and loved ones left behind can be much higher.

To help lessen the misconception about the cost of life insurance and show how affordable it can be, we informally surveyed a few Assurity associates. Each shared one expense in their budget that costs roughly the same as a typical Assurity term life insurance policy.**

From the splurge items that lure us in at the checkout line to gym memberships gathering dust, here are 8 things they named from their day-to-day lives.

(Please note, no judgment here! We’re not suggesting any of these purchases need to go, but rather that one can have life insurance with little change to the budget.)

What’s one item in your budget that costs roughly the same as a life insurance policy? (Let’s use a range of about $15-$30 a month.)

1. “One trip through a fast-food drive-through.” Brittany, Worksite Sales

2. “A carwash subscription.” Brandon, Individual Sales

3. “A (monthly) gym membership I don’t use.” Alyssa, Human Resources

4. “Buying a video game or movies on streaming services.” Jesse, Information Technology Systems

5. “One stop at the sale bin in a department store.” Jacque, Marketing

6. “One splurge stop at a convenience store for snacks.” Rebecca, Marketing

7. “Discontinue one or two subscription services or game apps.” Teri, Product Filing and Compliance

8. “I could eliminate drinks from my local coffee shop once a week.” Sara, Life Claims

We make a hundred or more small budget decisions like these every day. It’s easy to add life insurance to the mix and gain peace of mind. Without it, we’re overlooking the good life insurance can bring to a tough situation such as the death of a loved one. Every day, life insurance helps people remain in their home, finish a college degree or move ahead with the future they have planned, despite the loss of a household income.

Do you have $15 a month to protect your family? It breaks down to less than fifty cents a day. When you’re ready to take the next step to get started with an affordable life insurance policy, reach out to your Assurity insurance representative.

*Estimated yearly cost for a $250,000 20-year term-life policy for a healthy, nonsmoking 30-year-old. 2024 LIMRA Insurance Barometer Study Report, Page 6 and 21.

**Assurity quote based on Preferred Non-Tobacco rate for female, 30-year-old; a 20-year term is $165 annually.