If you died tomorrow, what would happen to your family?
I know, it’s not something you want to think about… but it’s also not something you should ignore.
But many of us do — even responsible people, who love their families.
People like Ty, a 39-year-old from Seattle who’s been married to his high-school sweetheart for 18 years and has four kids under age 15.
As their sole provider, Ty recently realized ignoring the possibility of his death was like letting his family go skydiving — with really old parachutes.
Way too risky.
So he decided to secure his family’s future in 15 minutes with $52 per month. Here’s how.
Why He Decided to Secure His Family’s Future
Ty has a full-time job in marketing — his wife stays home to take care of their four children.
Although Ty says his wife “works a hell of a lot harder than I do,” it’s still his responsibility to financially provide for his family.
And if he passed away, he wouldn’t be able to do that anymore. Like many of us, Ty knew the solution… but never acted on it.
“I’ve always known I needed life insurance,” he says, “but I’ve never gone about getting it for several lame reasons.”
Reasons like: It was complicated. It took weeks to get approved. It required stacks of paperwork and signatures.
Since Ty’s best friend actually is, in fact, a life insurance agent, he’d made “a few feeble attempts” to get it in the past — but never completed the process because it was “such a pain.”
Eventually, though, Ty realized those excuses weren’t good enough.
“Even when I’m no longer here on this Earth making some corny dad jokes, I’m going to live on through my kids,” he says. “That made me wake up and realize I need to be a better provider for my family.”
How He Got Life Insurance… Without the Hassle
So when he read about Haven Life, an online life insurance agency promising a much faster, better life insurance buying process, he decided to give it a shot.
Ty knew how much coverage he wanted and immediately got a quote and, through Haven Life, compared the pricing of their policy to other insurers. He decided to move forward with applying online.
He answered some basic questions in the application — about his age, health and family history — and was approved for coverage instantly.
“I spent maybe 15 minutes on the website, and the end of it, I was approved for life insurance,” Ty says.
Ultimately, he chose a 15-year, $750,000 Haven Term policy with a $52 monthly premium.
For the next 15 years, Ty will pay $52 per month to Haven Life. If he dies during this period, his family will receive a one-time payout of $750,000.
If he doesn’t, his term length will expire in 2031 and he can decide whether or not to extend coverage (likely at an added cost, though.) For many younger than Ty, life insurance can be even less expensive.
“My gosh, it was so slick and so easy,” he says. “Haven Life made it easy for me to do something I knew I needed to take care of anyway.”
Unlike traditional life insurance providers, Haven Life is an online-only platform (no scanning and faxing paperwork to an agent) that provides an instant decision on coverage (no waiting for weeks) and coverage begins that day.
Ty did need to take a medical exam to finalize coverage though. For Ty’s physical, a nurse came to his workplace.
“She drew some blood and 15 minutes later, she was gone,” he says. “I was really impressed that I didn’t have to take a day off or an extended lunch break.”
Today, Haven Life even announced that many qualified applicants won’t need to take a medical exam. Instead of needing a medical exam to finalize coverage, Haven Life bases approval on the health information provided in the application process.
Is it Worth the Cost?
Let’s be clear: Not everyone needs life insurance.
If you’re single or financially independent (we can dream, right?), there’s likely little reason for buying life insurance and paying a premium each month.
But, if you have people who depend on you, it’s worth considering.
“Really, it boiled down to love,” Ty explains. “I love my family and this is one way I’m trying to take care of them.”
Each month, his $52 payment automatically gets taken out of his bank account — an amount he said he hasn’t even noticed.
What he has noticed? He sleeps better.
“I know it sounds cliché,” he says, “but I feel so much better mentally, knowing my family is taken care of.”
So, for him, the added line on his budget has certainly been worth the price.
“At this point if I pass away, my family’s life gets better, financially speaking,” he says.
“As their husband and father, that’s a pretty great gift — and the peace of mind that brings me is worth a hell of a lot more than $52 per month.”
Your Turn: Have you considered life insurance?
Sponsorship Disclosure: A huge thanks to Haven Life for working with us to bring you this content. It’s rare that we have the opportunity to share something so awesome and get paid for it!
Haven Term is a Term Life Insurance Policy (DTC, ICC14DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC
The post How 15 Minutes Can Secure Your Family’s Financial Future — Even If You Die appeared first on The Penny Hoarder.