Life Insurance Needs - Trust the Numbers
When people take on an obligation, they usually plan on being able to fulfill it. But sometimes things don’t work out according to our best expectations. Our debts don’t end when we do. If you didn’t come home from work tomorrow, chances are your family would still have many costs to cover. Life insurance can help.
Consider these average costs in the U.S. and see how life insurance can provide added protection for each:
- Student Loans: The average student carries $32,731 in school debt.1 A life insurance policy can help add to your financial protection if you are a co-signer on your child’s student loans.
- Rent: The median monthly cost to rent a one-bedroom apartment is $1,2092 (compared to a median of $602 for all renters in 20003). If you share a living space with your partner, proceeds from a policy could help make sure they can stay in the place they call home.
- Child Care: The national average cost of daycare is about $9,000 per year. Depending on where you live, you may spend up to $20,000.4 This is just one part of the average $233,000 it costs a middle-income family to raise a child—and that doesn’t include college.5 A life insurance policy can help cover child care costs if the unthinkable happens.
- Credit Cards: The average household has more than $6,000 in credit card debt.6 Life insurance benefits can be used to help pay credit card bills and cover other financial liabilities.
Members have been trusting AAA Life to provide a sense of security and peace of mind since 1969. Visit www.AAALife.com to learn more about the types of life insurance policies that can fit your needs and budget.
1Value Penguin/Lending Tree 2019
2“Rental prices are soaring around the US”, Business Insider, Wolf Richter, July 2018
3Historical Census of Housing Tables, United States Census Bureau, 2011
4“Childcare Costs More Than College Tuition in 28 U.S. States”, Forbes, Claire Zillman, Oct. 2018
5“Raising a child costs $233,610. Are you financially prepared to be a parent?” USA Today, Aimee Picchi, Feb. 2018
6 2018 American Household Credit Card Debt Study, Nerd Wallet, Dec. 2018