Need gift ideas for your loved ones? Many websites offer an amazing roundup of gifts for husbands, wives, significant others, parents, kids, and friends. Let’s talk about life insurance as a longer-lasting, higher-impact gift for your loved ones.
Life insurance might not seem like an obvious choice for a gift, but it’s a gift worth considering for many reasons:
- It’s thoughtful. Showing your loved ones that you want to take care of them in any and all scenarios is a great act of love.
- It’s a gift that can outlive you by many lifetimes. Making sure your loved ones would be well cared for — even if you were gone — echoes across generations. Life insurance can keep your family in their cherished home or allow your spouse flexibility around taking time off of work or working part time without having to worry about money. And your descendants, some of whom might be too young to remember you or did not even meet you, will know and remember how you took care of them.
- It’s practical and helpful. If your spouse or partner has ever felt overwhelmed by the "Mental Load", taking care of this one task can provide both reassurance and support. AboveBoard life insurance concierges handle the legwork and guide you through the process, making it easy and peaceful to get this done.
Life Insurance Is More Affordable Than You Think
Many people overestimate the cost of life insurance. In reality, it’s often more affordable than what people spend on gifts and outings throughout the year.
For example, a healthy non-smoking couple in their mid-20s to mid-30s can expect to pay around $50-$60 per month for $2 million in total coverage (see chart below). That’s about $600-$720 per year—an expense that, for many, is on par with common discretionary spending like takeout or entertainment.
Here are the monthly payments to provide $1,000,000 of 20 year term coverage for your loved ones (assuming you’re a healthy non-smoker):
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How much does it cost to get $1,000,000 of life insurance coverage? Note this is for a 20 year term, so you lock in the rate for a full 20 years |
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Rates are per person |
Female |
Male |
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25 Year Old (lasts until age 45) |
$22.99/month |
$30.55/month |
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35 Year Old (lasts until age 55) |
$28.38/month |
$33.94/month |
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45 Year Old (lasts until age 65) |
$67.85/month |
$87.82/month |
Life insurance is a powerful way to express your love and commitment to your family’s well-being. No matter your stage in life, taking this step now ensures that your loved ones will always be financially protected.
If you’re ready to explore your options, we’re happy to help you get covered! To start, answer a few quick questions to get instant online quotes.