Have you ever thought about how the future will look?
We’re not talking about Star Trek or Terminator here. We’re talking about the near future, like the next 20 years.
Specifically, have you thought about what your loved ones’ futures would look like without you? Without your income? How would they do without your paychecks coming in?
If that’s not a pretty picture, you should check with an online insurance company like Haven Life. You could leave your family up to $3 million — and you can get a quote in only a few minutes.
How You Could Leave Your Family up to $3M
You might be thinking this sounds like a lot of work. Traditional life insurance providers would require you to scan and fax documents to insurance agents and then potentially have to wait weeks to hear back.
But Haven Life lets you get an instant decision on coverage, based just on the health information you provide online.
Just enter your birthdate, gender, state and whether you’re a smoker, then choose a policy length of 10, 15, 20 or 30 years. If you’re like most people, you probably want what’s called “term life insurance,” which is the simplest, cheapest and most popular kind of life insurance policy. It pays a lump-sum benefit to your loved ones if you die during a specified “term” — in this case 10, 15, 20 or 30 years.
Finally, choose how much coverage you want, ranging from $100,000 up to $3 million¹. Remember that the cash benefit from a life insurance policy is intended to help replace your income or satisfy your debts if you die.
It’s to replace the money you would have earned if you had lived. It could also pay for a mortgage, funeral expenses, credit card debt and child care costs.
It’s Cheaper than You Think
Your earnings really add up over time — especially 20 or 30 years. That’s why you shouldn’t be scared away by the idea of a half-million-dollar or $1-million policy.
People tend to overestimate the cost of life insurance. For instance, nearly half of millennials think life insurance costs about five times what it actually does, according to a study² by the life insurance industry group LIMRA.
We’ve seen some people get a policy for as little as $14 a month³.The actual cost of your premiums would depend on factors like your age, how much coverage you want, etc. But you might be surprised at how affordable it is. That’s another reason why it’s worth getting a free quote.
We like Haven Life because it’s fast, easy and affordable, and the whole application is done entirely online. You can get a free quote without a medical exam. (You may need to get a medical exam to get coverage, but it can be done at a location that’s convenient to you.)
Plus, Haven Life is owned and backed by MassMutual, a trusted insurer that’s been in business for more than 160 years.
The younger you are, the cheaper a life insurance policy is. Once you purchase a policy, the premiums will stay exactly the same throughout the term of that policy.
In other words: You’ll never get a better deal on life insurance than you will right now, while you still have your health. By getting coverage now, you’ll help protect your loved ones at the best price possible. Get your free quote here.
Mike Brassfield (firstname.lastname@example.org) is a senior writer at The Penny Hoarder.
Haven Term is a Term Life Insurance Policy (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. Policy and rider form numbers and features may vary by state and may not be available in all states. In NY, Haven Term is DTC-NY. In CA, Haven Term is DTC-CA. Our Agency license number in California is 71922 and in Arkansas, 100139527.
¹Coverage amount available for those ages 18-59 is up to $3M.
²According to the LIMRA study, “A Matter of Opinion: Employer and Employee Perceptions of Benefits Priorities and Strategies”
³This quote is based on a healthy, non-smoking 30-year-old female could get a $250,000 policy for a 20-year term starting at just $14 per month.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.