Life Insurance – A Big Expense?

How confident are you about your knowledge of life insurance? According to LIMRA’s Life Insurance Barometer Study, fewer than 1 in 3 consumers believe themselves to be very or extremely knowledgeable regarding Life Insurance.

More than half of uninsured Americans have delayed buying protection because they don’t know what or how much they need. When asked how much life insurance costs, more than half of all Americans overestimate the expense by three times.

This is especially true for younger generations. The average cost of a $250,000 Term Life Insurance policy for a healthy 30-year-old is about $170 a year. However, more than 4 in 10 Millennials guess the price at over $1,000 – six times too high!

4 in 10 consumers with insurance wish they had gotten covered when they were younger. Although those who are young and healthy may think they can delay getting Life Insurance, it’s substantially less expensive at that time.

AIA Trust sponsors insurance with exclusive group rates for members. A $250,000 AIA Trust 10 Year Level Term Life Insurance policy for a healthy 30-year-old female nonsmoker would cost $8.33 a month. Compare that with the average cost of the following common purchases:


Purchase Cost

Hamburger Combo Meal1

Movie Ticket2

Bottle of Wine3

Large Pizza4






This comparison clearly shows what an excellent value life insurance offers for protecting your family’s financial security. We encourage you to learn more5 (link: https://www.coveragedetails.net/aiatrust/life/5158?utm_campaign=AIA-June-Newsletter&utm_medium=email&utm_source=aiatrust&utm_content=JuneNewsletter&hbic=AIANWJN) about AIA Trust Life Insurance and find your member cost to add this critical safeguard for your loved ones.

All data is from the LIMRA 2022 Life Insurance Barometer Study unless otherwise noted.

1 Food & Wine, https://www.foodandwine.com/burger-combo-prices-across-united-states-6821937
2 New York Times, https://www.nytimes.com/2023/03/05/business/media/movie-theaters-ticket-prices.html
3 U.S. Bureau of Labor Statistics, https://fred.stlouisfed.org/series/APU0000720311
4 CNET, https://www.cnet.com/personal-finance/the-price-of-pizza-has-gone-up-not-just-inflation/
5 Including information on features, costs, eligibility, renewability, limitations and exclusions.
Administered and Marketed by:
Hagan Insurance Group
AIA Trust Group Insurance Administrators
PO Box 1889
Sioux Falls, SD 57101
California Insurance license number is 0H62489. Arkansas Insurance license number is 94726.
Group Term Life Insurance is underwritten by:
New York Life Insurance Company
51 Madison Avenue, New York, NY 10010
on Policy Form GMR
New York Life is licensed/authorized to transact business in all the 50 United States, the District of Columbia and Puerto Rico. However, not all coverage is available in all states. Please review coverage overview for eligibility.
New York Life Insurance Company’s state of domicile is New York and their NAIC ID # is 66915.

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