What expecting parents need to know about buying life insurance

Suggested ad (Haven Life)

After your little one arrives, your world is never quite the same – in the best way. That tiny baby is going to influence some big changes in your life, including changing the way you plan for the future. Suddenly, a need to protect your family financially takes on a whole new meaning and level of importance.

It makes sense that buying life insurance is a natural next step for so many people after they decide to start a family. It gives you peace of mind, it helps provide financial security for your family, and it’s easier than ever to buy quality coverage thanks to modern technology. There are a few things that can be helpful to keep in mind as you look for a life insurance policy that’s right for your family.

Term life insurance is affordable

Term life insurance is the policy choice recommended for many people because it’s affordable, low maintenance, and lasts for a specified term length – hence the name. Basically, you have life insurance coverage for as long as you need it, whether that be 10, 15, 20, or 30 years.

Across the board, term life insurance policies are a lot more affordable than most people realize. If you buy a policy while you’re young and healthy, you can usually lock in a low monthly premium rate for the duration of the policy term length.

For example, a healthy 30-year-old mom of two who makes $55,000 a year could purchase a 30-year, $500,000 policy for about $28 per month – about how much a family might pay for TV streaming services each month. A low monthly payment can equate to hundreds of thousands of dollars in coverage.

It’s actually pretty easy

Modern technology has given us the limitless power of search engines, easy access to videos of puppies and babies, and even cool pregnancy apps! Our partners at Haven Life thought we could also use a solution for buying life insurance that’s actually simple.

Haven Life is a life insurance startup backed by 160-year-old insurer MassMutual, and they’ve made it possible to buy affordable, high-quality term life insurance entirely online. Their technology can analyze your application in real-time to give you a decision on coverage immediately – not days or weeks later like most companies. If approved, coverage can begin on the same day. This way, you can have your family’s safety net in place before your little one even arrives.

Not all coverage is equal

Some people get life insurance coverage through their employer benefits, which is a great work perk. However, most employer-provided policies only offer coverage that’s one or two times your annual salary, which isn’t nearly as much protection as most parents need. A common recommendation is to have coverage that’s five to 10 times your annual salary.

In addition to leaving you underinsured, coverage through your employer typically ends when you switch jobs. If you wanted to continue coverage at that point, you would need to reapply and, because you would be older, pay more for that same financial protection. It’s also important to remember that life insurance through work is a “group rate,” which typically isn’t as affordable as an individual policy would be as a young, healthy new parent.

When you have a growing family to financially support, individual life insurance coverage is usually the best fit for you because you get an individual rate, coverage tailored to your needs, and a policy that goes where you go.

You’re doing great!

You’re making a lot of big decisions as an expecting mom, so don’t forget to pat yourself on the back for all your hard work! You’re doing your research, checking things off your to-do list left and right, and figuring out the best steps forward.

If you know life insurance is something that you need for your growing family, don’t hesitate to use Haven Life as a resource! Their life insurance calculator and quote tools can help you choose a policy that’s right for you.

With Haven Life, you can fill out an application entirely online in minutes and receive an instant decision on high-quality coverage. If approved, you could even start coverage today. Tap the button below to learn more and get a free quote.

Get your free quote from Haven Life

This ad is brought to you by 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

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