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Adulting tip of the day: Life Insurance

Thanks to Haven Life for sponsoring this post.

Adulting tip of the day: Life Insurance

Ok, guys. Today we are going to pull up our big girl pants and think about how to be responsible adults.

Do you feed your child? Do you provide a safe home for him or her? Check and check? You are already doing great.

Next question: Does your child rely on your income? On your partner’s income? If so, we gotta talk about life insurance.

When life insurance startup Haven Life came to us, we were like, “Short attention spans! People don’t like to think about this!”

But they won us over with their simple process. Online, fast, and easy. So now we’re listening.

Adulting tip for new parents: Life Insurance

Why do parents need life insurance?

If you have people (i.e. your kids) who rely on your income or if you have a significant amount of debt that your family would take on should you die, you may need life insurance. Life insurance can help provide your partner with financial protection and equip them to handle day-to-day expenses like the mortgage and child care if you were no longer around. Even among the most financially comfortable families, life insurance is commonly cited by financial advisors as something that’s needed alongside emergency savings and retirement contributions. Basically, your life insurance is their safety net.

Can I afford life insurance?

Can you afford Starbucks? Ahem. A healthy 35-year-old married woman can purchase a 20-year, $500,000 policy starting at about $18 per month with Haven Life. That’s less than what many pay for coffee each week. Put into perspective, the cost of life insurance is low relative to the security and benefits it provides.

Purchasing term life insurance can provide you with peace of mind, knowing that your loved ones are protected during the years they’ll need it most. Many parents carry some sort of debt — credit cards, student loans, a mortgage — that would be passed on to their spouse or children should they die. The last thing you want is for your spouse or children to have to bear a stressful financial burden, while also mourning.

How boring, confusing, and tedious will this process be?

Ha! That’s a perception of the olden days.

Now, buying a life insurance policy can be fast, nearly instant, and yes, online. We read a testimonial from one guy who said, “I was able to buy life insurance on my mobile device while in the car (not driving) and gained immediate coverage without need of a medical exam!” Our sponsor, Haven Life, offers a process for buying affordable, quality coverage that feels more like engaging in a friendly conversation than filling out a long and confusing insurance form. You get an immediate decision, and if approved can start coverage that day. And with Haven Life’s Instant Term process, some qualified applicants may not need to take a medical exam to finalize coverage.

Here are the steps: 

  1. Find out your real, personalized rate for a policy
  2. Select a policy that fits your needs
  3. Enter your beneficiary and payment info
  4. Commence with the peaceful, easy feelings.

My partner has life insurance from his job. Do I still need to care about this?

Many people believe that their employer-provided life insurance provides enough coverage, but it is often inadequate (only one or two times your annual salary), both in terms of the value and the fact that it can’t be taken from job to job. As a rule of thumb, experts recommend having term life insurance equal to five to ten times your annual income. Haven Life’s online life insurance calculator can help applicants determine how much coverage is right for them.

For new parents, Haven Life is the simplest way to protect what matters most: your family. Haven Life offers an easy way to get term life insurance online and on their time – even if that’s in their pajamas, with a newborn in their arms, at 4am, from their phone, on their couch.

Learn more by watching this video.

Are we ready to level-up in our adulting?

Thanks to Haven Life for inspiring us to be thoughtful about our future and sponsoring this post.

Haven Term is a Term Life Insurance Policy (ICC15DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC.

Whitney
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