It's the month of gifts, holidays and more. But it is also a good time to buy life insurance. Here's why.
"It was the night before New Year's, when no creature moved through the whole house, not even a mouse.
And why is that? As you enter 2021 with "get life insurance" suspended from your to-do list, your life has immediately become calmer and quieter.
Oh, you have not taken care of it yet? For those who are wondering when to buy life insurance, December is the month to do so.
This is why you should prioritize getting life insurance coverage in December, which is somehow already here.
In this article:  Life insurance gives a hearty gift
Simply put, a term life insurance provides financial protection for your loved ones if something happens to you. The loved ones, or beneficiaries of life insurance lingo, will receive a lump sum for the coverage amount you purchase if you die before the end of your period. (And if you do not die before the end of your term, good news: You live!)
In other words, this is something you do for other people, and something that will benefit your family after you & # 39; is gone. In a way, life insurance is the ultimate gift – something you give someone both now and later, even when you are not there to give it to them. Buying life insurance now is a way of saying "I love you enough to protect you even when I'm not around."
It is also easy to pack.
Life insurance keeps you warm at night
Well, not literally. But you will sleep more peacefully and know that your family is covered if the worst happens. We all have enough to worry about – especially 2020 – so think of a life insurance policy as giving yourself peace of mind, not to mention a measure of long-term comfort for your loved ones that they will be able to cover all the final expenses of something would happen to you. No clean blanket can do that.
Which reminds us: Who needs life insurance anyway? Simply put, anyone who has other people who depend on them for their financial well-being. For example, if you have children who would be affected by the loss of your salary, you probably want life insurance to act as an income benefit. If you have a partner who depends on you for income (or to manage the house), you probably want life insurance. If you are taking care of aging aging or if you have outstanding debts that would be someone else's responsibility, you probably want life insurance.
Everyone has value. But if some of the value you give to your family can be measured in dollars, you probably want life insurance.
Life insurance is a good use of that travel budget
So you do not visit the family this year. Or take that dream cruise or family vacation to Hawaii. Turn lemons into life insurance lemonade by reusing these savings for your life insurance premiums.
Keep this in mind: The price of a return ticket from Chicago to Honolulu during the holidays is approximately $ 600 right now. (Keep in mind that prices are lower due to the pandemic.) For a family of four, it amounts to $ 2,400 before considering food, housing and other expenses. Guess what? Since you're probably making that trip at the moment, you can spend the $ 2400 to pay for a new life insurance policy. And it goes a long way. For a 35-year-old man in excellent health, a $ 1 million 30-year life insurance policy from Haven Life costs about $ 77 / month. This means that your $ 2400 will pay for two and a half years of that policy. For a half-million dollar policy, which would cost the same man about $ 41 / month, they would pay $ 2,400 for almost five years of that period.
The point is, if you're lucky enough to be a little extra cash this year, now's a good time to get coverage.
Life Insurance Quote
|Age||Gender||Health||Face Amount||Term Length||Premium|
|30  Male||Excellent||$ 500,000  30||$ 36.26|
|30||Female||Excellent||$ 1,000,000||30||$ 54.46||35||Male||Excellent||$ 500,000||20||$ 24.63|
|35||Female||Excellent||750,000 $||20||$ 29.42|
|40||Male||19659023] Excellent||$ 600,000||15||$ 29.90|
|40||Female||Excellent||$ 800,000||15||$ 35.12|| Quote for Haven Term policy  Haven Life logo "/>
2020 has been difficult. Life insurance will make 2021 (and beyond) easier
At some point we will go further from this experimental year.And it says miles t. There was a once-in-a-lifetime pandemic. (We hope!) Unimaginable financial difficulty. A divisive choice. And a series of tragedies that made it even clearer how far we have to go when it comes to racial justice. Suffice it to say that it has not been easy.
Thinking about the future is often a good way to go through difficult times. And one thing you can do today to make tomorrow a little brighter is to take a few minutes to apply for a life insurance policy that covers your loved ones should the worst happen.
It's the holiday. You may have a little extra time
We know, we know – usually you spend this season looking for gifts for everyone on your list, going to your holiday party and your partner's holiday party and your friends' holiday parties and … whew, it's exhausting to just think about it. But this year you are shopping online. You will participate in these parties virtually. And you will work from home, which means that no one needs to know that you will find new clothes for your children during your Zoom meeting. The bottom line is that you may have some time to spare, and it only takes a few minutes to apply for decades of coverage. Pretty good ROTI (return on investment time), if you ask us.
Buy life insurance now. Scrape something off your to-do list 2021
The end of the year is a good time to take stock and set goals for the next 12 months. You may want to build an emergency fund. Maybe it's time to buy your first house. Maybe this is the year you will be debt free. Regardless of your plan, life insurance coverage is an important part of it. For a small investment in your monthly premium (see table above), you can provide coverage that your loved ones can use for a variety of things.
What kind of things? Well, everything they want, technically. But usually families use that payment to cover funeral and funeral expenses; help paying off a mortgage; invest in a child's education (including college); food and other monthly living expenses. Basically, all are things you would pay for if you were still there.
Life insurance is the perfect sock stopper. And it's guaranteed to fit
Look, we've already explained why it's a perfect gift. But it is also a superior gift – you do not have to worry about getting the wrong size, or find out how to wrap it, or how to sneak it into the house and into a sock without anyone noticing. All you have to do is say “Honey, I have life insurance coverage now, because you and our family deserve it. Have a nice weekend! (And maybe put a bow around a printout of the policy.)
Pro tip: It might help if you also get them something else, despite the possible inconveniences we just mentioned. You know, just in case.
But whatever you do, in the end you show your loved ones that you care, that you are caring and that nothing – not even the unforeseen – prevents you from taking care of them.
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About Louis Wilson
Louis Wilson is a freelance writer whose work has appeared in a wide range of publications, both online and in print. He often writes about travel, sports, popular culture, men's fashion and grooming and more. He lives in Austin, Texas, where he has developed an unlimited 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 that navigating life insurance decisions, your personal finances and general well-being can be refreshingly easy.
Our Editorial Policy
Haven Life is a customer-centric life insurance agency that is supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and general well-being can be refreshingly easy.
Our content is created for educational purposes only. Haven Life does not support 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 be provided and should not be relied upon for tax, legal or investment advice. Individuals are encouraged to seek advice from their own tax or legal counsel.
Haven Term is a term Life Insurance Insurance (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual. Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a simplified Life Insurance Policy Issue (ICC19PCM-SI 0819 in certain states, including NC) issued by C.M. Life Insurance Companies, Enfield, CT 06082. Numbers and functions for insurance and equestrian forms may vary by state and may not be available in all states. Our California agency license number is OK71922 and in Arkansas 100139527.
MassMutual is rated by A.M. Best company as A ++ (Superior; top category 15). The rating is from Aril 1, 2020 and may change. MassMutual has received different ratings from other rating companies.
Haven Life Plus (Plus) is the marketing name of the Plus Rider, 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 is 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