It's Time To Stop Avoiding Life Insurance, And This Is Why (2024)

This post is sponsored by Haven Life. As always, all opinions and ideas are entirely my own.

Whether we moms are working out of necessity or out of the desire to pursue a career, we all have the same motivation to take care of our families financially. But there’s an aspect of providing financially for your family that people often overlook, and that’s life insurance! It’s one thing to provide for your family right now, but it’s also important to consider how your family might struggle if you were to die prematurely. I know, not fun to even entertain the idea, but definitely worth considering.

My first foray into the life insurance market was about 20 years ago, when I left the stay-at-home mom life to go back to work. I remember feeling so overwhelmed, confused, and flustered because the process was so complicated!

But the process of learning about and applying for life insurance has gotten so much simpler and more convenient in recent years, thanks to modern technology and startups like Haven LifeInsurance Agency (Haven Life). I’ve partnered with them today to share just how approachable buying quality life insurance can be, and how much peace of mind you’ll feel by having a financial safety net for your family.

What Is Life Insurance?

Here’s a quick refresher on life insurance, for those of us who could use one. ;-) First, life insurance helps protect your family financially if you die. The payout from a policy can help them manage day-to-day expenses and can be used to help pay the mortgage, debts, child care, and other financial needs. Expenses like these, as well as funeral costs, add up and are substantial for young families.

Thinking about these things really helped me start to understand just how important it is to have life insurance coverage. Not only coverage, but the right amount of coverage for my family. None of us would want our families to struggle financially if we were no longer around.

Who Needs Life Insurance?

So now that we’ve covered what life insurance is and why it’s important, let’s talk about who should have it. You may need life insurance if you…

• Are the primary breadwinner. (Four in 10 women are!)
• Have kids or other dependents, or will soon have them.
• A single parent.
• Are soon to be married, or are in a committed relationship with shared financial obligations.
• Have debts, such as a mortgage, co-signed school loans, or medical expenses that would be left to your loved ones to pay off.
• A stay-at-home parent. (The work of stay-at-home parents has a real dollar value—Salary.com estimates it as high as $143,000 per year!)

The bottom line — if you have a partner or child who relies on you for their financial well-being, then you should consider a life insurance policy.

How Much Life Insurance Do I Need?

The amount of coverage you need depends on several factors related to your family and financial situation, but as a rule of thumb, most experts recommend a policy worth five to 10 times your annual salary.

There are several types of life insurance out there, but for many, term life insurance provides a good mix of coverage and affordability. A term policy terminates at a certain point in time (Haven Life offers policy terms of 10, 15, 20, and 30 years). You pay a monthly premium rate that remains the same for the duration of the policy.

When deciding what term length is best for your policy, consider where you and your family are in life at that moment. If you have young children and you want coverage through college, a 20-year term policy may be best for you. If you and your spouse just bought a new house, a 30-year term policy might be the best fit.

Fortunately, you don’t need to break out your calculator and try to estimate how much you need on your own. Haven Life has a really helpful (and free!) life insurance calculator that does the work for you! Simply provide a bit of information about your family structure, and you’ll get a recommendation as to how much coverage you need and the right term length.

How Much Does It Cost?

Of course, the deciding factor for most people is how much it’s going to cost. And the good news is that life insurance is often surprisingly affordable! A LIMRA report states that on average, people estimate that life insurance will cost them three times more than what it actually will! So instead of assuming it’s out of your price range, it’s probably a better idea to get a real quote! :-)

Haven Life has made getting a life insurance quote fast and easy, and there’s no obligation. They’ll give you an estimate for how much a term life insurance policy will cost, and the whole process will take just a few minutes of your time. I got a quote from Haven Life, and I was actually shocked at how affordable it was! For example, a healthy 35-year-old woman can purchase a 20-year, $500,000 term policy, issued by MassMutual, starting at about $18 per month with Haven Life.

If you decide to apply, Haven Life has made that part blissfully simple too. Their simple online application provides an instant decision on coverage once complete. You can also rest assured knowing that Haven Life is fully backed by MassMutual, one of the leading life insurance providers in the country.

I hope what I’ve shared today helps everyone understand the whole life insurance process a little better, including how easy and affordable it can actually be! I’m dedicated to spreading the word to as many people as I can, and I hope you’ll do the same. :-) Apply for term life insurance through Haven Life.

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. Not all riders are available in all states. Our Agency license number in California is 0K71922 and in Arkansas, 100139527.

This post was sponsored by Haven Life Insurance Agency, LLC (Haven Life). All opinions are my own.