Term Life Insurance: The Info & Start-Up You Need to Know About

This post is sponsored by Haven Life Insurance Agency. All opinions are my own.

Term life insurance is an important product to help your loved ones financially, especially those with young families.

When you have a partner, kids or loved ones who rely on you, it’s the responsible way to help make sure they are cared for if anything happens to you.

You may have heard about this form of life insurance before, but what is it exactly? Is it something to truly consider and when? I’ve had these questions myself and I’m sure many others do as well.

Let’s explore more about what term life insurance is and the easiest way to get started.

What is Term life insurance?

Generally, there are two types of life insurance available, term life insurance and permanent life insurance.

Term life insurance is straightforward: it covers you for a specified duration and if you die, it pays a death benefit to your beneficiary(ies). Permanent life insurance is usually more complex and offers lifetime coverage along with a cash value component that can accumulate over time.

So what is term life insurance? As noted, this type of policy provides coverage for a particular time period (the coverage term) and can protect your dependents financially in case you die unexpectedly.

If you have a term policy in place and something unfortunate happens to you within the term, your beneficiaries then receive the payout. Most people list dependents as their beneficiaries. This can greatly assist with financial burdens left behind on those who were dependent on you financially.

The payout from a term life insurance policy can help your partner pay for things like the mortgage, childcare and various day-to-day bills.

What you need to consider when looking into term life insurance:

If you’ve decided to buy term life insurance, here are some things to consider:

  • Choose a term that coincides with the years you’ll be paying the bills and want life insurance coverage in case of the unexpected.
  • Buy an amount your family would most likely need if you were no longer there to provide for them. What would provide the best financial cushion for your partner and children?
  • Common terms for the policy are 10, 15, 20 or 30 years at a fixed monthly payment. Depending on bills and any kids you may have, choosing the appropriate term length is important.

What Are the Advantages of Term Life Insurance

It’s quite affordable: permanent life insurance coverage lasts for a lifetime and can get pricey. Term life insurance is for a fixed number of years, but considerably more affordable. Most people have enough money going to bills and student loans, the goal is not to break the bank for future protection.

Example: A healthy 35-year-old woman can purchase a 20-year, $500,000 Haven Term policy, issued by MassMutual, for around $18 per month.

Easier to set up than you think: Term life insurance is pretty easy to apply for nowadays.With Haven Life, you can get a quote and apply online, and if approved, even start coverage that same day.

You feel less stress: Having a family and partner that rely on you financially can be stressful, especially if something were to happen to you and your family is left struggling. Being prepared and knowing you’ve put a policy in place can put you at ease.

More flexibility: You aren’t locked into just one or two choices. You can lock in rates and choose various lengths of policy coverage,. picking a coverage term to meet your needs.

Haven Life

How Online Life Insurance Agency Haven Life is Changing the Game

Haven Life is a new kind of life insurance startup — backed and wholly owned by leading life insurance provider MassMutual — that’s committed to making life less hard.

The start-up has modernized the process of buying term life insurance so that it’s digital, simple, dependable and still affordable.

Why Choose Haven Life?

If you’re considering term life insurance, Haven Life is a great solution for you to find the policy you need.

  • You can apply online for a Haven Term policy and get an instant decision on eligibility. If approved, you can start your coverage that day.
  • Haven Life makes it easy to apply from your phone/tablet/laptop, wherever and whenever you want
  • Haven Life is backed and wholly owned by MassMutual, a leading insurer with over 160-years of experience
  • Adults 18-64 can apply for up to $3 million in coverage (maximum coverage amount is subject to age limitations).
  • Level term policies have a fixed monthly payment for the duration of your term

Haven Life Plus

Recently, the start-up also introduced Haven Life Plus, a rider included in the Haven Term policy that offers access to a suite of no-cost or discounted services to help customers live healthier, fuller and more protected lives.

This includes:

  1. A digital solution for creating legal wills for you and your partner at no charge through Trust & Will (a $129 value.) The service also includes a healthcare power of attorney and directives.
  2. A secure online safe deposit box for storing, managing and sharing your family’s important documents at no cost through LifeSite (normally $80 per year)
  3. A 15% discount voucher for family health services at MinuteClinic, inside CVS Pharmacy and Target stores

Final Thoughts

Life insurance is an important product that can help you protect your family financially in the future for the unexpected.

When you have a partner, kids or loved ones who rely on you financially, having life insurance is the responsible way to help make sure they are cared for if anything happens to you.

If you are looking for life insurance that offers coverage term options and affordability, a term life insurance policy might be the right choice for you and those you love.

Haven Term is a Term Life Insurance Policy (ICC17DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and not be available in all states. Our Agency license number in California is 0K71922 and in Arkansas, 100139527.

Haven Life Plus (Plus) is the marketing name for the Plus Rider which is included as part of the Haven Term policy. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners).