Ask yourself this question:
If I died today, what would happen to my family?
This is not something we want to face. I don’t either. But, as a responsible adult, I have to. My family matters far too much for me not to discuss this uncomfortable topic.
Why we have life insurance
Nobody likes to think about death, especially their own. It is not an easy topic to discuss. However, as a parent, you cannot bury your head in the sand and pretend it can’t happen. I’ve seen first hand far too many families suffer financial strain after the loss of a spouse.
My husband I have had this exact discussion many times over the years. As scary as it is to talk about dying, what was scarier to both of us is the thought of what would happen in that situation.
Neither of us wants to leave the other struggling financially. We have a mortgage and three kids to raise. Those kids will (hopefully) go to college one day. How would either of us cover all of these expenses on our own? That thought worried me far more than the idea of getting life insurance.
Do you really need life insurance?
If you are single with no one who relies on your income to pay the bills or cosigned debts, then there’s no real reason to buy life insurance, unless you want to lock in a lower rate while you’re young and healthy.
However, if you have a family, it is a need. It is no longer a nice to have. Your family is depending upon you to provide for them. The proceeds of a life insurance policy can be used to help pay the mortgage and other shared debts, day-to-day living expenses, child care and putting the kids through college. Not to mention, it can provide peace of mind knowing that you’ve taken steps to protect your family.
Other than my daily love and affection, one of the best gifts I am giving my own kids is the fact that they will be taken care of, no matter what happens.
Many people also think their life insurance needs are covered because it’s offered with their employer benefits. Employer-provided life insurance is a great work perk, but it is often not nearly enough to cover your family’s true needs. Most experts recommend coverage that’s at least five to 10 times your income. Employer coverage is usually one to two times your salary, and it doesn’t go where you go. Once you leave your job, coverage ends or you must pay significantly more to make the policy portable. An individual policy (outside work) can be a good solution.
If you’re not sure how much life insurance you need, or even if you need it at all, an online life insurance calculator can be a tremendous help.
Hassle free life insurance with Haven Life
While many people know they need life insurance, the idea of having to go through the hassle of researching and buying a policy makes it fall further and further down the to-do list. This is the reason so many parents put it off. There is too much paperwork to have to deal with when it comes to life insurance, right?
Fortunately, there are companies who make this process as pain free as possible. For instance, consider Haven Life. They are a life insurance startup, backed by industry veteran MassMutual, that has transformed the buying process so that it’s simple, honest and entirely online – all while keeping coverage affordable.
To start, (if you don’t know already) you’ll want to determine how much insurance you need. Then, you get a term life insurance quote for a policy based on those needs (again, this is all online). Haven Life will actually let you compare the pricing to other top insurers, too. Once you know the policy will work for your financial situation, the application process begins.
Filling out the application by answering a few basic health and lifestyle questions takes no more than about 15 minutes. When you are done, Haven Life tells you immediately whether you are approved for coverage (versus waiting several weeks for an answer), and, if approved, you can start coverage that same day. Done. Go ahead and check “provide a financial safety net for my family” off of your to-do list.
Another bonus is that qualified, healthy applicants up to the age of 45 may not need to take the medical exam. If you do need to take the medical exam, however, you have 90 days and are covered during that period of time. Haven Life also picks up the cost of the exam.
Have Life is not only affordable, but they are efficient and friendly. If you need any assistance along the way, their top-notch customer service is there to help. You can chat, email or even jump on the phone with anyone from Haven Life at any time. Just because the process is online, doesn’t mean you don’t have help available when you need it.
What type of insurance do they offer?
Haven Life offers term insurance, which is the simplest and most affordable type of life insurance. As the name indicates, it covers you for certain periods of time – typically 10, 15, 20 and 30 year terms. Typically, the years your family needs financial protection most.
For example, a 20-year, $750,000 policy would cost a healthy 35-year-old woman about $25 per month.
The way it works is simple. You make your monthly payment for the term of your insurance policy. For instance, if you purchase a 20-year term policy today, you will pay on it until this same date in 2037. Once the coverage term length is up, if you need to extend it you can do so, but the cost will be greater since you’ll be older and, therefore, likely less healthy.
With term life insurance, it’s important to make sure you’re getting the right amount of coverage from the get go to save yourself money in the long term. (A life insurance calculator will help recommend a term length for you.)
If you happen to pass away during that term policy, the monthly payment stops, but your family is paid the full insurance benefit. There is no proration on the amount your family will receive.
The best time to get coverage is now
Term life insurance is a valuable financial product that not only offers affordable protection for you loved ones, but also leaves you with an immeasurable amount of peace of mind.
It’s more affordable the younger and healthier you are, so if you know your family needs coverage, the time to act is now.
You don’t get insurance to save your own life, you get it to help protect the lives of those you love.
Thanks to Haven Life for sponsoring this post. Views expressed are my own.
Haven Term is a Term Life Insurance Policy (DTC, ICC14DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC