When people think about monthly expenses, services like Netflix or a gym membership often come to mind.
But have you ever compared those costs to the price of protecting your family’s future? Many are surprised to find that life insurance can cost less than your streaming subscription or weekly coffee habit. So, what’s cheaper: Netflix, gym memberships or life insurance?
The surprising affordability of life insurance
Life insurance is often assumed to be expensive, but in reality, premiums can start from as little as £10 per month if you take out a policy while young and healthy. That is less than the average monthly cost of Netflix in the UK and far less than most gym memberships.
- Netflix standard plan: around £11 per month
- Gym membership: on average £47 per month (The Guardian)
- Life insurance: often £10 per month when arranged early*
For the price of streaming a few films or going to the gym once a week, you could secure your family’s financial future.
Why life insurance costs more if you wait
Premiums are based on age, health and lifestyle. The younger you are, the less you pay. If you wait until your 30s or 40s, or if health issues develop, the cost rises significantly. Worse still, delaying could leave your family unprotected at a time when they need security most.
By acting early, you:
- Lock in lower premiums for the full term of the policy
- Protect your insurability before health problems arise
- Provide peace of mind for yourself and your loved ones
More valuable than subscriptions
While Netflix or a gym membership offer entertainment and fitness benefits, they do not provide financial security for your family if the unexpected happens. Life insurance ensures your loved ones can:
- Stay in the family home by clearing the mortgage
- Cover everyday bills and childcare costs
- Continue with future plans such as education
The value far outweighs the small monthly premium.
Pros of life insurance
- Affordable when taken out early
- Protects your family from financial hardship
- Flexible to match your mortgage and family needs
- Peace of mind for you and your loved ones
Cons of delaying life insurance
- Higher premiums as you age
- Potential exclusions if health conditions develop
- A period where your family is left unprotected
Why act now
The earlier you put a policy in place, the more affordable it will be. As a life insurance broker, IGotCover specialists can compare policies from leading UK insurers and find the best option for you. Speak to one of our specialists today, get your free quote and take the first step towards protecting your family’s financial security.
*Based off a 25 year old, non-smoker, with £200,000 worth of cover, for 43 years
