One of the biggest myths about life insurance is that it comes with a hefty price tag. Over half of Americans overestimate the cost of term life insurance by three times its actual cost, according to the 2020 Insurance Barometer Study from marketing and research firm LIMRA and life insurance-focused nonprofit Life Happens.
In reality, premiums can be relatively low, especially for younger generations. “Their costs are going to be minimal, something very similar to maybe their Netflix subscription,” says Faisa Stafford, president and CEO of Life Happens.
Use online calculators, work with a fee-only financial advisor, or speak to a licensed agent to get accurate life insurance quotes.