I don’t know if it’s because 40 is rapidly approaching, or if it’s because I’m watching my children grow up, but I have been thinking about the future lately. Specifically, I’ve been thinking a lot about how my family will fare if/when I’m not here someday.
It’s funny, but life insurance never seems to come up when you’re “planning for the future.” When you’re in college, planning for the future means finding a job; maybe buying a home and starting a family. When you have that family and home, planning for the future means college for your kids, and retirement down the road. Life insurance never seems to come up in the conversation. Why?
I believe it’s because people don’t think they’re ever going to die. Or moreover, they’re afraid to actually think about dying, so why buy life insurance for something they never think about, or think is going to happen?
I say that because, that’s pretty much where I fell on the topic. That was until my wife brought up the importance of getting life insurance. I said I didn’t see why we need to incur an extra cost for something that wasn’t going to happen, and wondered why we couldn’t wait until we were closer to retirement.
My wife went on to explain that was a gamble she was not comfortable taking. She explained that growing up, her parents stressed the importance of their life insurance, and how it wasn’t something to be so flippant over. She explained how she never wanted to lose me, or I lose her. Then she asked me to imagine how I would feel, being in the lowest, darkest point in my life. Grieving the loss of my soulmate. When suddenly, bills beginning to pile up, and I’m living on one salary with no extra money to relieve the growing financial burden. It was not something I ever wanted to imagine, but I did, and she was right.
Losing your spouse is not something anyone wants to consider, but the harsh reality is, it happens; people pass away. Sometimes unexpectedly. I’m sure we all know someone – or know someone who knows someone, that has passed away suddenly. It’s awful. But the harsh reality is that the mortgage, car payments and credit card bills don’t just stop coming because you’re grieving. So why not create a safety net to be there for you; to hold you up when you are down?
All the material symbols people associate with being grown up and having your act together mean very little to me anymore. What means the most to me is making sure my family is taken care of in the event something should happen to me. Or, if the same should happen to my wife.
While money will never replace someone you love, my wife and I want our kids to be taken care of, and each other to have the peace of mind knowing that we have a plan in place to help coverage our bills and living expenses if we should lose one another.
We applied for life insurance a couple years ago, and the experience could not have been more unpleasant. We looked into a couple of the bigger companies, who tout that they are the best at offering coverage for life insurance, and care about all their customers, as if they were family.
The company we decided to go with is the same company we have all our other insurance through (home/auto, everything). Seemed like the right choice. Seemed like we’d be seen as valued customers, since we’ve been there forever, I’m a veteran, etc. NOPE!! Not only were we made to feel not valued, but they tried to upsell us (trying to get us to buy more than we needed) at every turn. Not only that, but they labeled my wife as high risk, thus being able to charge us more for insurance, simply because she had postpartum depression after our son was born. I was also labeled as semi-high risk because I had lost over 70 lbs within the last year, and since people typically put weight back on, I was seen as a risk. Needless to say, we were not feeling very positive after the whole experience.
A couple years have gone by, and we have another kid and our expenses have changed Now, more than ever, we are feeling the need to get life insurance.
That’s why I was over-the-moon excited when I was connected with the good people at Haven Life. This whole writing/blogging definitely has it perks when it comes to meeting and connecting with people.
Haven Life is a life insurance startup (backed by MassMutual) that is bringing a dose of freshness to this stale game. And while they are still relatively the new kid on the block, they have already established themselves as true insurance innovators. The experience is entirely online. The decision on coverage is immediate. And once you’re approved, you’re done. End of story. Have Life’s policy is issued by MassMutual, another company I’ve had financial dealings with; always with great success. So you receive a better experience and high quality protection: win-win.
The ease of this process all came about because co-founder Yaron Ben-Zvi and his wife were, like my wife and I, in the market to purchase life insurance after having their first child. They too found the process underwhelming, but for Yaron, it was more about the inefficiency of the process. He found himself wondering, How is it, in the age of technology, that this process isn’t completely online, and much simpler?
As soon as you punch up the homepage at HavenLife.com, the first thing you see is a big tab that says, “Get a free quote.” Settling in for what I expected to be a lengthy form-filling session to find out how much life insurance might cost me actually turned out to be this:
That’s right, 7 questions. Seven questions, and maybe 5 minutes total looking at the life insurance calculator, and BOOM, I had a quote for how much life insurance may cost with Haven Life and understood how much coverage I needed.
For example, a 20-year, $500,000 term life insurance policy for a very healthy 40-year-old man would start out at about $31 per month.
Obviously, the free quote is just the starting point. From there, you can fill out the application online, and once submitted, you instantly find out if you’re approved for coverage and what their initial estimate for your real rate is. If approved, you can start coverage immediately. No more waiting weeks or even months for a decision. They also say that some qualified, healthy applicants up to the age of 45 may get to skip the medical exam.
If you have a spouse or children who rely on your income (don’t we all!), then I encourage you to at least try out the free life insurance calculator and understand if you need coverage and if so, how much. If you know you need it and have been putting it off: stop. You know it’s important and now buying a policy isn’t anything like what me and my wife went through.
Protect the ones you love, friends. The peace of mind is worth it.
This post is sponsored by Haven Life, but the life insurance-loving views I expressed are my own.
Haven Term is a Term Life Insurance Policy (DTC, ICC15DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC
I was compensated by Haven Life for this post, but all words and opinions are my own.