The price tag scares off most people — but the real risk is buying a policy you can’t keep paying. A new analysis from DG Life Group in Dallas tackles one of the biggest barriers to life insurance: the widespread misconception that it costs far more than it actually does.
About three-quarters of consumers overestimate life insurance costs. DG Life Group in Dallas explains why families can start with term and add coverage later.
Start with the coverage you can keep, then add to it.”— Dev Gaymes, DG Life GroupDALLAS, TX, UNITED STATES, November 14, 2026 /EINPresswire.com/ — Families do not have to buy all of their life insurance at once, says Dev Gaymes, an independent life insurance broker in Dallas and founder of DG Life Group. When a household's main need is replacing an income while children are at home, he starts with term coverage sized to what the family can keep paying, then adds to it as income, debts and goals change.
Cost is the most common reason people give for not buying. The 2026 Insurance Barometer Study from LIMRA and Life Happens found that 92 million U.S. adults need life insurance or more coverage, and 45% of those with a coverage gap named cost as the top reason they had not bought. About three-quarters of consumers overestimate the price.
"The best policy for a family is one they can keep paying," Gaymes said. "A term policy that lapses in year five pays nothing. Start with the coverage you can keep, then add to it."
On rates Gaymes quoted in Texas on September 13, 2026, $500,000 of 20-year term at Preferred non-tobacco cost a 35-year-old man $24.92 a month and a 35-year-old woman $21.12. The same $500,000 as whole life cost $530.86 and $456.93. Across ages 35 to 55, whole life ran about 10 to 22 times the term premium.
A family's need is not one fixed number, Gaymes says, and it changes over time. He sizes the income piece at five to 10 times annual income, then adds the mortgage, other debts and college costs, and subtracts existing coverage and savings. In Greater Dallas, full-day infant care at a licensed center had a median of $45.80 a day, about $11,900 a year (2025 Texas Child Care Market Rate Survey), and it ends when a child starts school. A 30-year mortgage runs far longer. Separate term policies matched to each need, such as a 30-year policy for the mortgage and a 20-year policy for the years children are at home, let coverage step down as the obligations do.
Adding to the plan comes later, in two ways. A family can buy more coverage as income grows, subject to underwriting at that time. Many term policies also carry a conversion option that lets part or all of the coverage become permanent insurance without new medical underwriting, within a window the carrier sets.
In one client case, a husband and wife started with term coverage in their 30s, when their first child was born. About seven years later they added indexed universal life coverage built for protection, with accelerated death benefit riders that pay part of the death benefit early after a qualifying critical or chronic illness. They wanted a hedge against the cost of care as they got older. Any amount paid early reduces the death benefit, and the riders are not long-term care insurance. If the riders are never used, the full death benefit goes to the couple's children.
"Most of my clients who ask for this have watched a parent or family member need care and felt what it cost, financially and emotionally," Gaymes said. "Having it tied to a life policy means that if they never need it, the money still goes to their children."
Gaymes recommends permanent coverage when the need lasts for life, such as final expenses, an adult dependent who will need support, estate liquidity or business planning. "I sell permanent coverage too," he said. "When the need is 20 years, I'll say so."
Open enrollment is under way at many employers. Gaymes counts group life through work as part of a family's plan rather than all of it, because the coverage is tied to the job.
DG Life Group charges clients no fee. The issuing carrier pays a commission, which varies by carrier and product, and Gaymes discloses it on request.
DG Life Group publishes term life insurance rates by age, including one carrier's full rate-class ladder, and a life insurance needs calculator on its website.
Rates are illustrative, not quotes (Texas, Preferred non-tobacco, September 13, 2026); premiums depend on age, health, underwriting class and carrier. Conversion and rider terms vary by carrier. DG Life Group does not provide tax, legal or investment advice.
About DG Life Group
DG Life Group LLC, founded in 2023, is an independent life insurance brokerage in Dallas, Texas. It helps families and business owners compare term, whole life, indexed universal life, final expense, long-term care and annuity options from more than 30 A-rated carriers. Its mission is to show each client how different carriers price their situation, and to say plainly when a product is not the right fit. Founder Dev Gaymes has been a licensed insurance producer since 2012 (NPN 16654074), and the firm is a member of the North Dallas Chamber of Commerce.
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Dev Gaymes
DG Life Group
+1 214-989-7704
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Why it matters: With 92 million U.S. adults underinsured and most consumers overestimating premiums, the strategy of layering term and permanent coverage offers a realistic path to protection. By matching policies to specific, time-bound needs, families can avoid lapses and build coverage that adapts to life changes without breaking the budget.
