When someone takes on an obligation, they normally intend to fulfill it. But as we all know, things don’t always work out as planned.

As an example, our debts don’t end when we do—if something happened to you tomorrow, your family would likely be responsible for paying off what you currently owe. And this is where life insurance can help. Consider these average costs in the U.S. and see how life insurance provides added protection for each.

Learn the basics of whole life and other options to decide what’s right for you.

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$32,731—amount the average student carries in student loan debt1
A life insurance policy can help add to your financial protection if you are a co-signer on your child’s student loans.

$1,209—median monthly cost to rent a one-bedroom apartment2 (compared to a median of $602 for all renters back in 20003)
If you share a living space with your partner, proceeds from a life insurance policy could help them stay in the place they call home.

$9,000—average annual cost of day care in the U.S.4 (it could be as much as $20,000, depending on where you live)
This is just one part of the average $233,000 it costs a middle-income family to raise a child—and that figure doesn’t include college.5 A life insurance policy can help cover child care costs if the unthinkable happens.

$6,000—average credit card balances for households with credit card debt6
Life insurance benefits can be used to help pay credit card bills and cover other financial liabilities.

Crunch the Numbers

Speak with our insurance specialists and learn more about the types of life insurance policies that meet your needs and budget.

1Value Penguin/LendingTree 2019

2“Rental prices are soaring around the US,” Business Insider, Wolf Richter, July 2018

3“Historical Census of Housing Tables,” United States Census Bureau, 2011

4“Childcare Costs More Than College Tuition in 28 U.S. States,” Forbes, Claire Zillman, Oct. 2018

5“Raising a child costs $233,610. Are you financially prepared to be a parent?” USA Today, Aimee Picchi, Feb. 2018

6“2018 American Household Credit Card Debt Study,” NerdWallet, Dec. 2018

AAA Life and its agents do not provide legal, financial, or tax advice. Please consult your professional advisor prior to the purchase of any policy or contract. Life insurance underwritten and annuities offered by our affiliate, AAA Life Insurance Company, Livonia, MI. AAA Life is licensed in all states except NY. ALAN-25647-519-XX

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