Category

Life Insurance MYTHS

“Life insurance is too Expensive for Generation X” MYTH

By | Life Insurance MYTHS | No Comments

Image: Young Generation Xer being splashed in colored chalk

 

People in their lates 30’s, 40’s, and early 50’s (i.e. Generation X) tell me all the time that life insurance is too expensive for Gen Xers so they don’t bother getting life insurance for their family. They don’t even bother getting life insurance quotes. It’s absolutely bizarre to me that so many Gen Xers have a bias against life insurance without even doing their due diligence. The belief that life insurance is too expensive for people born between 1965 and 1984 (the Gen X birth years) is not accurate.

Generation Xers are going through the most transitional period of their lives—they are getting married, buying houses, having children, moving up the corporate ladder, and even starting their own businesses. With so many changes taking place, the death of a Gen X breadwinner leaves the family unit incredibly vulnerable and subject to insolvency which makes life insurance that much more important. Yes, I agree, that purchasing life insurance in your early 20’s is ideal because it’s very cheap, but who had that kind of foresight when you you were at that age. I know I didn’t; some people do. Good for them. Now for the rest of us.

Most of my Generation X clients pay between $50-$100 month for term Life Insurance.  The term life insurance policy face amount for my clients ranges from around $100k to $1,000,000 typically. So, affordable term life insurance for the Generation X population is not a pipe dream.

Here are a few examples of the rates for term Life Insurance that you can anticipate if you are a Generation Xer in better than average health who doesn’t smoke cigarettes:

GENERATION X MAN

(35 to 40 years old) typical term life insurance rates for non-smoker, above average health

  • For a Generation X man between 35 to 40 years old in above average health, a $100k term life insurance policy is typically between $15 to $25 month.
  • For a Generation X man between 35 to 40 years old in above average health, a $250k term life insurance policy is typically between $20 to $35 month.
  • For a Generation X man between 35 to 40 years old in above average health, a $500k term life insurance policy is typically between $30 to $60 month.
  • For a Generation X man between 35 to 40 years old in above average health, a $1,000,000 term life insurance policy is typically between $70 to $90 month.

(40 to 50 years old) typical term life insurance rates for non-smoker, above average health

  • For a Generation X man between 40 to 53 years old in above average health, a $100k term life insurance policy is typically between $25 to $35 month.
  • For a Generation X man between 40 to 53 years old in above average health, a $250k term life insurance policy is typically between $28 to $65 month
  • For a Generation X man between 40 to 53 years old in above average health, a $500k term life insurance policy is typically between $47 to $113 month
  • For a Generation X man between 40 to 53 years old in above average health, a $1,000,000 term life insurance policy is typically between $85 to $127 month

I ran these term life insurance quotes with Minnesota Life, AIG, Prudential, Transamerica, etc. which are just a few of the 50 A rated life insurance companies I work with.

If you have grown weary of me proving to you that “Life Insurance is too expensive for Gen X” is a myth, you can GO HERE to generate your own life insurance quotes from a number of companies. I don’t want to bore you. If you need further proof, read on. First, an image from one of my favorite carriers, SBLI, that offers up to $500k term life insurance with no medical exam.

 

 

Here’s what you can anticipate if you are a Generation X woman in above average health who doesn’t smoke.

GENERATION X WOMAN

(35 to 40 years old) typical rates for non-smoker, above average health

  • For a Generation X woman between 35 to 40 years old in above average health, a $100k term life life insurance policy is typically between $12 to $15 month.
  • For a Generation X woman between 35 to 40 years old in above average health, a $250k term life insurance policy is typically between $18 to $25 month.
  • For a Generation X woman between 35 to 40 years old in above average health, a $500k term life insurance policy is typically between $30 to $45 month.
  • For a Generation X woman between 35 to 40 years old in above average health, a $1,000,000 term life insurance policy is typically between $60 to $75 month.

(40 to 50 years old) typical rates for non-smoker, above average health

  • For a Generation X woman between 40 to 53 years old in above average health, a $100k term life insurance policy is typically between $15 to $27 month.
  • For a Generation X woman between 40 to 53 years old in above average health, a $250k term life insurance policy is typically between $28 to $49 month
  • For a Generation X woman between 40 to 53 years old in above average health, a $500k term life insurance policy is typically between $40 to $91 month
  • For a Generation X woman between 40 to 53 years old in above average health, a $1,000,000 term life insurance policy is typically between $75 to $168 month

Again, I ran quotes with Minnesota Life, AIG, Prudential, Transamerica, etc. which are just a few of 50 A rated life insurance companies I work with. These are ballpark figures but it does go to show you that “Life Insurance is too expensive for Generation Xers” is a MYTH.

I hope that you have gotten something out of this article disproving the commonly held misconception that term Life Insurance in your late 30’s, 40’s, and early 50’s for the Generation X crowd is too expensive. It’s just not true.

Feel free to generate your own term life insurance quotes on the home page of my website at www.weigelinsurance.com or you can contact me to discuss your life insurance needs.

My phone number is (615) 525-6165. My email is Robert@weigelinsurance.com. You can also reach out to me on Linkedin if you prefer.

 

Until next time,

 

Robert Weigel

Term Life Insurance Agent for Generation X