My 19 year old son religiously gets a chicken burrito at Chipotle at least twice a week.
Let’s pretend he doesn’t splurge for the queso and guacamole, even though we all know he does. That comes to $7.25 per tasty burrito. If he gets two a week, that comes to 104 burritos a year, which averages to 8.7 burritos per month. At $7.25 a pop….he’s dolling out $63.08 a month in burritos!
This is stupid Joe, what’s the point?
Well most people grossly overestimate the cost of life insurance, so I like to see what coverage is typically available compared to the cost of our daily guilty pleasures. In this case, burritos.
Not that a 19 year old ever would want to indulge in life insurance, but if he did – $63 a month would get him $2,318,359 in coverage on a 10 year term. $2,238,416 on a 15 year term life policy. $2,163,798 on a 20 year, $1,854,672 on a 30 year, or $1,081,900 on a term life policy that would take him to the age of 65.
If he put it all in whole life he would get $155,288 guaranteed forever.
Buy life insurance before you think you need it. Because often by the time you need it, you cannot buy it.
Contact Joseph D. Beck, CIC, CPRM