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3 easy ways to find money for
voluntary insurance
When times are financially difficult, many
Americans tighten their belts by eliminating
items they want but don’t necessarily
need. Unfortunately, some people make
the mistake of placing voluntary insurance
in the latter category. That’s because it’s an
intangible – something that can’t be held or
seen, unlike food, warm clothing or a car
that transports them to and from work.
You might be telling yourself you’ll apply
for policies later or, worse, save money by
canceling coverage already in place. But both of those tactics can be costly: Without the right
insurance protection, you could find yourself in financial hot water after an unforeseen accident or
illness. Consider that an estimated 15 million Americans emptied their savings accounts in 2013
to cover medical bills, while another 10 million didn’t have the money needed to pay for rent, food
or utilities because of those bills.1
The bottom line is that while insurance is invisible, Americans who don’t have policies in place are
vulnerable to hard-hitting financial blows. Fully 52 percent of employees have less than $1,000 on
hand to pay out-of-pocket expenses associated with unexpected illnesses or accidents, and 28
percent have less than $500.2
Having the right type and amount of insurance goes a long way toward helping you remain financially
secure. But in an era of tight budgets, how can you find the extra cash to pay the premiums?
Fortunately, voluntary policies come in all shapes and sizes, and you can choose the amount and type
of coverage that best meets your needs. If money is a concern, odds are that a close look at your
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spending habits will reveal you can afford coverage and enjoy life too. Here are three easy examples:
»» A night at the movies is lots of fun. But does your family head out to their local theaters
every time a new, child-appropriate film comes to town? With Hollywood churning out more
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of those films than ever, the costs add up.
In the first quarter of 2015, the average movie ticket price in the U.S. was $8.12.3 Add in
popcorn, candy and sodas for a family of four and the tab for a single film can easily top $50.
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By waiting until some of the less-buzzed-about films are available for home viewing, you will
save not only on ticket prices but on overpriced treats too.
»» The United States is a nation of coffee drinkers, and that might include you. In a 2015
Zagat survey, 82 percent of participants reported drinking two cups of coffee every day
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at an average price of $3.28. That works out to a whopping $2,394 per year. By cutting
consumption to just one cup per day, you’ll save $1,197 per year.4
»» Do you break up the day with a restaurant meal? According to a Visa survey, the average
worker eats out twice per week and spends an average of $10 each time, or $936
annually.5 Remember, though: That’s the average. Some people go out to lunch more
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frequently and spend more per meal. In fact, according to the survey, the lower the income,
the higher the per-meal cost. Cutting back on lunchtime excursions can save hundreds of
dollars per year.
These are just three examples of money-saving choices that can make adding or keeping voluntary
insurance coverage more affordable. After all, when deciding between helping to secure their
family’s financial security and forgoing a movie, fancy coffee or lunch with co-workers, most
Americans choose their family’s well-being every time.
1
NerdWallet Health, “NerdWallet Health finds Medical bankruptcy accounts for majority of personal bankruptcies,”
accessed June 19, 2015 - http://www.nerdwallet.com/blog/health/2013/06/19/nerdwallet-health-study-estimates-56million-americans-65-struggle-medical-bills-2013/
2
The 2015 Aflac WorkForces report, conducted in Jan. and Feb. 2015 by Research Now on behalf of Aflac,
accessed July 19, 2015 - http://workforces.aflac.com/
3
The Hollywood Reporter, “Average movie ticket price falls to $8.12 during first quarter,” accessed June 19, 2015 -
http://www.hollywoodreporter.com/news/average-movie-ticket-price-falls-791725
4
Zagat, 2015 coffee survey results, accessed June 19, 2015 - https://www.zagat.com/coffee-trends
5
2013 Visa Lunch Spending Survey, accessed June 19, 2015 - http://www.practicalmoneyskills.com/resources/
pdfs/Visa_LUNCH_SPENDING_RESEARCH_0913.pdf
This content is for informational purposes only and is not intended to be a solicitation.
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