The misconception about the price of life insurance is the main reason many people choose not to buy life insurance. They believe it will cost a lot more than it actually does. Most consumers think life insurance costs nearly three times the actual price, according to a report by the nonprofit Life Happens.
However, term life insurance premiums can be as low as $15 per month or less. Your life insurance premiums will depend on many factors, including your age, health and lifestyle, so looking into life insurance now rather than waiting until you are older may help you find an affordable life insurance plan.