Haven Life Insurance Agency sponsored this post. All opinions expressed are mine.
Term life insurance can be a great way to protect your family, especially if you have young children.
It’s your responsibility to make sure that the people who depend on you are taken care of in case you die.
What is this life insurance policy? When should you consider it? These are questions I have asked myself, and I am sure that many others also do.
Learn more about term life insurance and how to start.
What is term life insurance?
There are generally two types of insurance: term life and permanent life.
The concept of term life insurance is simple: you are covered for a specific period and, if you pass away, the policy pays out a death benefit. Permanent life insurance can be more complicated and offer lifetime coverage as well as a cash-value component that accumulates over time.
What is term life insurance then? This type of insurance provides coverage for a specific time period, called the coverage term. It can provide financial protection to your dependents in case of an unexpected death.
Your beneficiaries will receive the payout if you have a policy for a specific period of time and you are unfortunate enough to die during that term. Beneficiaries are usually dependents. It can help ease the financial burdens of those who depended on you financially.
A payout from your term life insurance can help you pay for mortgages, childcare costs and other day-today expenses.
What to look for when buying term life insurance
Here are some considerations to make if you decide to purchase term life insurance:
Select a term that corresponds to the years in which you will be paying your bills and need life insurance protection for the unexpected.
Purchase the amount that your family will most likely require if you are no longer around to support them. What is the best way to protect your partner and kids financially?
The most common terms are 10, 15, 20, or 30 years with a fixed payment per month. The length of the policy term is determined by your bills and if you have children.
What are the advantages of term life insurance?
Permanent life insurance can be expensive and last a lifetime. Term life is much more affordable, and covers a set number of years. The majority of people are already paying their bills and student loan debts, so they don’t need to spend a fortune on future protection.
For example, a healthy 35-year old woman can buy a 20-year Haven Term policy worth $500,000, issued by MassMutual for about $18 per monthly.
It’s easier than you might think to get term life insurance. With Haven Life, you can apply online and, if approved, start coverage the same day.
It reduces stress: If you were to die, your family would be left in a difficult situation. You can feel more at ease knowing that you are prepared and have a policy.
There is more flexibility because you are not restricted to just one or two options. You can choose to lock in your rates or select a specific length of coverage. You can choose a term of coverage that meets your needs.
Haven Life
Online Life Insurance Agency Haven Life Changes the Game
Haven Life is an innovative life insurance company that’s backed by MassMutual, a leading provider of life insurance.
The company has made the buying of term life insurance digital, easy, reliable and affordable.
Why choose Haven Life?
Haven Life can help you find the right policy if you are looking at term life insurance.
Online, you can apply for a Haven Term Policy and receive an instant decision regarding your eligibility. You can begin your coverage the same day if you are approved.
Haven Life allows you to easily apply for the program from your smartphone, tablet or laptop wherever and whenever it is convenient.
Haven Life is owned and backed by MassMutual. A leading insurer with more than 160 years of experience, MassMutual has a strong backing for Haven Life.
Adults aged 18-64 years old can apply for coverage of up to $3,000,000 (the maximum coverage amount is limited by age).
The monthly premium for a level term policy is fixed.
Haven Life Plus
Recenty, the startup also introduced Haven Life Plus. This rider is included in the Haven Term insurance policy and offers customers a range of services that are free or at a discount to help them live healthier, more fulfilling, and better protected lives.
Included in this is:
Trust & Will offers a digital solution to create legal wills at no cost for you and for your partner (a value of $129). This service includes a healthcare directive and power of attorney.
LifeSite offers a secure online safe deposit for your family documents. You can store, manage and share them at no charge.
MinuteClinic offers a 15% discount on family health services inside CVS Pharmacy, Target and Target stores
Final Thoughts
Life insurance can protect you and your family from the financial impact of the unforeseeable.
If you have a partner or children who depend on you for financial support, getting life insurance will help to ensure that they are taken care of in the event of your death.
Term life insurance policies are a good option for those who want affordable coverage and term options.
Haven Term is a Term Life Insurance Policy issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111, and exclusively offered through Haven Life Insurance Agency LLC. The policy and rider forms and features can vary from state to state. Not all states are available. In California, our Agency’s license number is 0K71922. In Arkansas, it’s 100139527.
Haven Life Plus is the name of the Plus Rider that is part of the Haven Term Policy. The Plus Rider is not available in all states and may change at any moment. The Plus Rider is not provided by Haven Life or MassMutual. Instead, it’s provided by partners.
