The essence of frugal living – for some – is to spend as little as humanly possible on things like food, bills and ‘luxuries'. In this case, you might not think that life insurance is very frugal – after all, it's an extra payment you'll have to make each month for something you might never end up using.
Others would argue, however, that the true spirit of frugality is getting the best value on the things you do buy.
If you have a mortgage or people depending on you for financial support, buying life insurance is a good frugal choice. If you don't know how your loved ones would cope financially without you, it's well worth putting a safety net in place.
A life insurance payout could help them keep up with monthly financial commitments and stay in their home. Depending on the size of the payout they could be as frugal as they liked with it – or they could splash out a little bit for a treat or holiday during an otherwise difficult time.
You don't have to pay over the odds for your life insurance, either. For example, if you shop for life insurance through All About Money, you could find policies from as little as $8 or £5 per month.
It's always worth comparing quotes and shopping around to help you find cheap life insurance.
If you find a good deal, you could safeguard your family's future against a ‘worst case scenario' for less than you thought – and what could be more frugal than that?
Readers: Do you agree that buying Life Insurance is a smart move financially?