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
Random delicious burrito for effect. This is not a chipotle burrito.
