Our latest survey shows that you're talking about money rather than politics. (We would do that too.) This is how you get the most out of it
Holidays are here soon, and for many of us, vaccination means we can meet our families again for the first time in almost two years. Of course we want to catch up. But sooner or later, the conversation will turn to some familiar topics: Sports. The news. Policy. COVID-19, and everything that comes with it these days.
Or … maybe there's another way. According to a recent Haven Life survey of more than 1,000 individuals, most (58%) have also started having financial conversations with their families in the past six months, and most (59%) also find such "difficult" discussions frequent. is better face to face. Similarly, 42% of people prefer to have tough conversations when they are not in a hurry, and 27% like to have backups in the form of friends or family to provide support. Overall, it seems that most people would rather talk about money, even if it is stressful, over the turkey this year than about perennial topics such as politics (54%) or newcomers such as covid-19 (45%).
feeling. Money is often passed down from generation to generation, and having conversations with your relatives about financial planning makes sense when you are all in the same room together. (Our apology to Zoom.) As I said, 35% of respondents said that money remains an inconvenient topic of conversation and 29% say that they find the holiday stressful enough as it is. As a result, only 35% say they are "very likely" or "likely" to act on insurance or financial planning calls during the holidays.
Comfortable or not, these conversations are important. For example, buying a life insurance policy can help ensure that your loved ones are protected in the event of the worst happening to you. Telling your loved ones that they will be cared for – or making sure your relatives have made plans for their own loved ones – is a true gift.
So what can you do to help transform conversations to action? Take these tips to facilitate positive and rewarding conversations about money.
In this article:
Take time to talk
You know the feeling: you have something important in mind and you have practiced the conversation in your head a thousand times. You take a deep breath, you look over at your loved one and … they scream on the TV during a football match. Or take a big bite of turkey. Or just distracted, or otherwise not present. "I'll wait until later," you say to yourself, and then never come again.
In fact, it's easy to postpone these conversations. We have all done it. But do you know what else is (for the most part) simple? Creates a calendar invitation. Or send a quick email or text message before the holiday and say you want to talk. Commit to a time and place, communicate these plans in advance so that no one feels overwhelmed, and come prepared with a list of conversation points and questions. Yes, these calls are stressful, but having a plan can make them feel more comfortable.
And hey, if your call is about life insurance, we have good news: Applying for a lifetime insurance from Haven Life can take less time. . than an hour. (In some cases much less than an hour.) Calendar thereafter.
Find Out What You Already Have
In a way, these conversations are a turning point in a story about your finances. But to talk about where you want to go, you must first actually know where you are and have been.
For example, if you are talking about life insurance, you may already have coverage from an employer. If so, it's good – but is it portable? (Portable means you keep it if you change jobs – most life insurance policies offered by an employer are not portable.)
Also, do you know how much coverage you need? Try using an online life insurance calculator to determine how much coverage is right for you and your family, and then compare that to the actual coverage you already have in place. This is useful information to have before you talk to your relatives about life insurance, but it may be useful now as well.
Think about the future
If you are considering providing financial coverage for your loved ones and dear ones in case of your premature death, your head (and your heart) are already in the right place. But let's take a brighter view and imagine that you have many, many years ahead of you. Sure, you get some peace of mind knowing that you have a life insurance policy in place. But can your new policy do something for you while you live?
At Haven Life there is something called Haven Life Plus. This is a bonus rider available to qualified Haven Term policyholders, and it includes a suite of inexpensive and free services that benefit you while you are still alive . There is a free training app subscription. There is a free jet lag app subscription. There is free secure document storage online. There are discounted services at a nationwide chain of clinics at many CVS and Target sites.
And then there are free services from Trust & Will and Lantern. The former offers, yes, trust and will services (worth up to $ 699), conveniently online and easy to use. The latter offers end-of-life planning services, to ensure that your wishes are formulated clearly and simply for your loved ones, a gesture that will make the grieving process less stressful. After all, you are already thinking about what will happen to your loved ones after you are gone; Haven Life Plus helps you take care of yourself while you're still here.
Remember who this really is for
You may have already thought about what to give your partner, parents, siblings, children and / or eccentric (if withdrawn) rich uncle. (Only us?) Well, if you're having a difficult conversation about money or life insurance, what you're really talking about is giving a gift to a loved one – often a partner or a child.
The loved ones. may not appreciate it here and now, especially if they are young, but this gift is a way of saying that you have taken the time and care to think about what would happen if you were not nearby. There would be bills to pay, and without your income there would be less money to pay them with. This is where life insurance comes in. Simply put, it is a way to ensure that your family's financial needs are taken care of and when something happens to you. If it is not a gift, we do not know what it is.
(And it is worth noting that in our survey, respondents said that receiving the gift of life insurance from a loved one would be "well-meaning" (33%), "caring" (33%) and, yes, "surprising" (33%) – and we suspect they mean the good kind of surprise.
That being said, and this is just a guess: you should still probably get your kids something they can, you know, unpack. (It's a bonus tip. You're welcome. And have a nice weekend!)
About Louis Wilson
Louis Wilson is a freelance writer whose work has appeared in a wide range of publications, both online and in print, often writing about travel, sports, popular culture, men's fashion and grooming, etc. He lives in Austin, Texas, where he has developed an unbridled passion for breakfast tacos, with his wife and two children.
Read more by Louis Wilson
Our Editorial Policy
Haven Life is a customer-centric life insurance agency supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe it can be refreshingly easy to navigate life insurance decisions, your personal finances, and overall well-being. ). We believe it can be refreshingly easy to navigate life insurance decisions, your personal finances and overall well-being.
Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less difficult if they suit your situation.
Haven Life is not authorized to provide tax, legal or investment advice. This material is not intended to provide and should not be used for tax, legal or investment advice. Individuals are encouraged to seek advice from their own tax advisor or legal counsel.
Haven Term is a life insurance policy (DTC and ICC17DTC in some states, including NC) issued by the Massachusetts Mutual Life Insurance Company ( MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term DTC-NY is 1017. In CA, Haven Term DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by C.M. Life Insurance Company, Enfield, CT 06082. Police and driver form numbers and features may vary by state and may not be available in all states. Our agency license number in California is OK71922 and in Arkansas 100139527.
MassMutual is rated by A.M. Best companies like A ++ (Superior; Top category of 15). The grade is valid from 1 April 2020 and may change. MassMutual has received various ratings from other credit rating agencies.
Haven Life Plus (Plus) is the marketing name for the Plus skier, which is part of the Haven Term policy and offers access to additional services and benefits free of charge or at a discount. The driver is not available in all states and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made available under Plus Rider, which are provided by third party providers (partners). For more information about Haven Life Plus, visit: https://havenlife.com/plus.html