I saw this picture the other day and It really resinated with me. I get this reply often that insurance is too expensive. I honestly believe that people believe this because they are not there to see the impact that it leaves. They never get to physically see what this monthly amount goes to. Unlike getting your nails done, where you have beautiful nails and a feeling of relaxation as the spa attendant massages your legs and feet, life insurance is a gift you leave your love ones if something happens to you.
In the photo it says $50, but even this is high for a basic term 10 insurance. I did a quote for a 40 year old woman today for a $300,000 policy and it was $17.50 a month. Although this will only last 10 years, it will be something for now. Something until she goes back to work from maternity leave and her income increases. The most important part is to get some insurance while you can. Once you have a policy, as long as it is convertible, you can lock it into a longer term at a later date without having to do any of the medical questions or tests again.
The other point, is that if a certain amount is too expensive for you, maybe because of health concerns, smoking status or age, you don't have to get the full amount. Just make sure you get something if there is someone relying on your income, and would be in a tough spot if you weren't there to provide for the family anymore. Even a $20,000 cheque to help with burial costs would come in handy to a family to allow them to grieve for a short time.
If you are still looking for ways to come up with money for insurance I have created a list of ways to come up with some extra money.
1) Check your bank fees- switch to a no fee bank and you could save $20 or more per month.
2) Unplug electronics when not using them- many electronics still use power even in standby mode.
3) Upgrade to energy efficient products in your home such as led light bulbs or programable thermostats.
4) Get rid of stuff you don't use anymore- set up a garage sale, or sell items online.