With the average U.S. household income hovering around $60,000 per year it's important to take into account the typical living expenses life insurance payouts can cover:
- The median cost of a home in the U.S. is $200,000, which equates to annual mortgage payments of at least $20,000.
- The average cost for college tuition inclusive of living expenses is about $25,000 per year.
- The average U.S. household has at least $6,000 worth of debt.
- The typical cost of assisted living is $3,500 per month, which equates to $42,000 per year.
- The average cost of a funeral in the U.S. is $10,000.