Life Insurance Versus the Lottery
Playing the lottery can be enticing. Each week there are countless advertisements for the ability to win millions in an instant. The emotions and thoughts of winning can become habit-forming putting down money each week to win. I too play the lottery at times, when the winnings are just too good to pass up. Who would not want to win millions of dollars by just putting down a few bucks? What about life insurance, the probability of it paying out is far greater than the lottery.
Odds of Winning
When you start breaking down the odds of winning each week, is the lottery the best option? The chances of winning the lottery jackpot can be 0.000007%, that’s about 1 in 14 million. These odds never improve each week or each year. Yet, people are continuously willing to put money down each week believing this is their week to win. With such low odds, would it not be a smarter decision to put your money towards a product with higher odds of paying out? Life insurance is one of those products and it can cost even less than your monthly lottery ticket. The odds of a life insurance policy to pay out the death benefit for a 20-year-old is .05% or about 1 in 2000. In addition to that, your odds increase, that at age 40 you are 3 times more likely to receive the death benefit.
Life Insurance Benefits
Compared to winning the lottery you are 10,000 times more likely to receive a life insurance death benefit at the age of 20. As long as you continue to pay your monthly premiums life insurance will guarantee a tax-free lump sum payout and to your family. The amount of payout can be in the millions of dollars as well, allowing your family to pay off debt, the mortgage, time off work, or anything else they may need. Does it not make more sense to put your weekly lottery ticket money towards the smarter option of life insurance?
With a life insurance policy, you as the life insured will not be able to enjoy the money, but if you don’t win the lottery nor have life insurance your family never will either. Take a portion of your monthly lottery tickets and put it towards a better cause, with better chances, and a way to protect your family at the same time. Talk to me today to learn more about your options and how to protect your family and improve your odds.