Counting Pumpkin Lattes— A Case for Millennials to Purchase Life Insurance

Kate Morthland

Ah, Fall.  The leaves are changing, the sweaters are coming out from the back of your closet, and the autumnal drinks are hitting the coffee shops!  As you prepare for Halloween, harvest festivals, and pumpkin farms, you should also take a moment to check in on your financial future. 

I know, I know.  The idea of an additional payment might be scarier than any haunted house you enter this season.  However, the fear of preparing for your financial future is likely based on the unknown.  In all actuality, the cost of life insurance is more obtainable than your daily coffee pit stops on the way to the office. 

Did you know that 44% of Millennials overestimate the cost of life insurance?[1]

Millennials estimate that the cost of a 20-year term life insurance policy for a healthy 30-year-old to be more than $1,000 annually, when the average is closer to $165 per year.[2]  To put this into perspective through the lens of a millennial, let’s measure the cost of securing our financial future by counting the cinnamon, nutmeg, and pumpkin coffee deliciousness that we will all partake in this year.    

The average cost of a medium-sized pumpkin-flavored latte is around $6.00 per cup.[3]  Let’s say that a pumpkin latte will be available for our consumption from August 30th until November 24th.  This means that there will be a little less than twelve weeks to sip on the wonderful flavor that encapsulates falling leaves, brisk air, and wearing your cozy wool socks while reading in front of a fireplace.  If the average cost of a 20-year term life insurance policy for a healthy 30-year-old is only $165 annually, this only equates to approximately 27 pumpkin lattes.  If we expand our love for these cozy lattes over the entire year, this will mean that the cost of protecting your future for yourself, and your family would equate to one latte each week for 27 out of the 52 weeks in a year!  Let’s be honest, we all partake in local coffee haunts a bit more than that on an annual basis.

There you have it, millennials.  For the average cost of a latte, you can secure your future and protect yourself and your family against the unknowns in your life.  You can sip on your spiced drinks and sink into your leather chair as you watch leaves fall outside with a sense of calm and know that your money is working to ensure that the spooky and unknown parts of life stay are under control.

ILHIC wishes you a happy and fruitful Life Insurance Awareness Month! 

[1] 2021 Insurance Barometer Study Reveals Common Misconceptions That Prevent Americans from Getting Life Insurance They Know They Need; LIMRA & Life Happens;  2021 Insurance Barometer Study Reveals Common Misconceptions That Prevent Americans from Getting Life Insurance They Know They Need (limra.com) (Apr. 12, 2021).

[2] Id.

[3] Starbucks’ Pumpkin Spice Latte Is More Expensive, But These Coffee Spots Are Not; Jules Costa; Slickdeals; Starbucks' Pumpkin Spice Latte Is More Expensive, But These Coffee Spots Are Not (slickdeals.net) (Aug. 30, 2022).