Nine everyday expenses that cost more than term life insurance

Everyday expenses that cost more than term life insurance

I would do anything to protect my family. But luckily, term life insurance is one of the most affordable ways to give my family what they need if I passed away. I own a policy at a price I am happy to pay each month and it requires little sacrifice to my budget.

Think life insurance is too expensive? Consider these nine expenses we have every month that we hardly blink an eye at.

#1: Two quick meals out

Love heading out to a casual lunch with a friend or colleague? One lunch for two can be as expensive as term life insurance. Two quick meals and drinks can easily cost $13 at your favorite local sandwich shop. And when you each grab a chocolate chip cookie for dessert, you’re looking at $15 for lunch.

If you’re like many working adults, you might eat lunch out at least three times a week. Consider that you can financially protect your family for the cost of just two lunches a month.

A non-smoking, healthy 35-year old man might pay $28.96 per month for a 20-year, $500,000 Haven Term policy issued by MassMutual.

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#2: One new sweatshirt

It is hard to say no to a cozy new sweater. But a basic sweatshirt from Target costs $24.99, with branded options increasing to $40 or more. That explains why the average American adult spends over $160 a month on clothing.

Considering the average American also throws away 81 pounds of clothes each year, you may be able to find something in your closet and spend that cash on something more important.

An estimated Haven Term policy premium for a 30-year, $500,000 policy for a non-smoking, 30-year-old adult woman in good health is $24.86 per month.

#3: Five morning lattes

Every busy parent needs their coffee pick-me-up, but what’s the opportunity cost of your lattes? Just five caffe lattes could cost more than your term life insurance premium.

At $3.78 per latte, five visits to your favorite barista would cost you $18.90 (not counting any tip).

Compare that to the $16.91 per month that a 40-year old woman in excellent health might pay for a 20-year, $250,000 Haven Term policy.

#4: One movie theater date night

Is there a date night more classic than heading to the movie theater for popcorn and a show? My husband and I haven’t missed a Marvel movie yet. But with average ticket prices in 2018 now $9.16, and the large popcorn and two drink combo at $20.79, a few hours in the theater costs almost $40.

An estimated premium for a 20-year, $250,000 Haven Term policy for a non-smoking, 45-year-old adult man in good health is just $34.53 per month.

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#5: Having your oil changed

Unless you’re crawling under your car yourself, you probably bring your vehicle in to have your oil changed once every few months. According to Angie’s list, the average cost is $46 using conventional oil. More if your car needs synthetic.

Now, you can’t skip necessary car maintenance. But you can start treating term life insurance as a similarly priced necessity that’s just as important as regular auto maintenance.

An estimated premium for a 20-year, $750,000 Haven Term policy for a non-smoking, 40-year-old adult man in excellent health is $42.88 per month.

#6: Your monthly gym membership

Setting that alarm for 5 AM spin class is always a bit of a struggle. Which may be why over 60% of gym memberships go unused. But even with the gym fob on your car keys gathering dust, you might still be footing the bill. Over 58 million American adults had a gym membership in 2017. And we’re paying just under $60 a month, on average, for the privilege.

We keep our gym memberships, even if we only use them once a week, since we know going is good for our health. The cost seems justified. The price for a term life insurance policy could be within a few dollars of the price for your (possibly unused) gym membership.

An estimated Haven Term premium for a 30-year, $500,000 policy premium for a non-smoking, 32-year-old adult woman in average health is $53.20 per month.

#7: Wine infused coffee

What, wine-infused coffee isn’t on your regular shopping list? One bag of Merlot infused coffee – marketed as the perfect after-dinner brew – costs $20 from Uncommon Goods. A fun talking point for your next dinner party, but probably not something you would miss.

Most of us look for small gifts for friends and family several times each year. And often, the price is just about $20. If you can find cash for those gifts in your budget, you can afford term life insurance as well.

Twenty bucks a month might be all you need to get term life insurance coverage that meets your needs.

A 45-year old woman in good health might pay $20.26 per month for a 20-year, $150,000 Haven Term policy.

#8: One dinner out for two

How much you spend on a dinner date can vary widely depending on where you live and where you go. Since a fancy steakhouse costs a whole lot more than your favorite taco shop, the average dinner date in the U.S. is pegged at $50 to $100.

Even at the low end, you’re looking at more than $48.14, which is what a 30-year-old man, non-smoker in excellent health might pay for a 30-year, $750,000 Haven Term policy issued by MassMutual.

#9: One night of mini golf for a family of four

Growing up, we always visited Cape Cod in the summer. You can’t throw a seashell on the Cape without hitting a mini-golf course, so I have many hazy summer memories of enjoying this cheap form of entertainment. Our favorite local course, Safari Golf, costs $8.50 per adult, and $7.50 for kids under 12. That comes to $32 for a family of four.

A non-smoking, 36-year-old woman in good health could help financially protect her loved ones for the same cost, considering she might pay $30.15 for a 30-year, $400,000 Haven Term policy issued by MassMutual.

Term life insurance is more affordable than you think

Purchasing a life insurance policy may not seem as exciting at the moment as a movie date with your partner, but it can offer financial peace of mind to you and your family for decades. I know what gift I’d prefer.

The reality is that most of us can find $20 or $30 a month in our budget for something that’s really important. If we purposefully make a choice with every dollar we have, we can use these small amounts of money to prioritize financial protection for our loved ones. Anonline life insurance application can provide instant rates and coverage options so you can get back to sipping your wine infused coffee. Because you know you’re curious.

We have your back (and MassMutual has ours)

The Haven Term policy is issued by MassMutual, an industry leader with over 160 years of experience.

Why Haven Life

Chelsea Brennan is the founder of Smart Money Mamas, a personal finance blog that focuses on family finance, investing, and reducing money stress. Chelsea is an ex-hedge fund investor whose work has appeared in a wide array of publications, including Forbes, Business Insider, and more.

Haven Term is a Term Life Insurance Policy (DTC 042017 [OK1] and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Our Agency license number in California is OK71922 and in Arkansas, 100139527.

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