Life events that make you wonder, “Do I need life insurance?”


No matter if you’re fresh out of high school, starting a career, a new parent, or years into enjoying retirement, life can be unpredictable. You can plan for your future, but you can’t really anticipate everything that might be thrown your way. That’s where life insurance can help. Our whole life and term life insurance policies offer peace of mind through all the expected and unexpected life events to come.

Are you wondering, “Do I need life insurance?” Our experts say life insurance is important for everyone. Still not convinced? Read on to see the life events that could prompt you to get a policy, or the many times you could benefit from one.

Going to college

While you’re busy exploring universities and course loads, explore life insurance. College is a major expense. Getting life insurance at this stage ensures your loved ones aren’t left paying off your student loan debt should something happen to you. Securing your policy while you’re younger (and likely healthier) also helps you lock in a lower rate for the future. And, it’s more affordable than you might think.

Building your life

Getting married and buying a house are only some of the exciting milestones you experience as you start to build your life. These fun-filled moments can also prompt important conversations about accumulating debt and the importance of life insurance. Should something happen to you or your partner, whole and term policies can protect your family, their income stream, and their way of life. Ensure the policy covers the cost of your home or other bills so your loved ones can maintain their standard of living. With life insurance, you can keep building happy memories and have protection for everything to come.

Thinking and planning ahead

Life is unpredictable, and there is no way for people to guess when things may happen to them. Regardless of who you are, a single person or a part of a family, there is someone you are leaving behind. Unfortunately, this also means your loved ones have to take on your debt during their grieving period. Life insurance can help them with these costs, which can create peace of mind during a hard time. See the many benefits of investing in life insurance as a single individual.

Growing a family

Having a child is a time of overwhelming joy coupled with a little trepidation. As much as parents would love to shelter their kids from any possible harm, it’s impossible to avoid. Starting a life insurance plan for your children while they are young can help protect their financial futures. When you start a plan young, there are lower rates, time to build on it, and protection for health issues. This cost-effective idea will be extremely beneficial to your kids as they grow … and one day, they will thank you for it.

Changing careers or starting a business

Changing jobs can be intimidating, especially if your plans are to start your own business. During this stressful and exciting time, it can be reassuring to know there is coverage to safeguard against surprises. Life insurance protects business owners and their labors of love from the unfortunate death of a crucial employee, collateral damage, loss of income for family, and when appointing a successor. Getting or adjusting life insurance coverage is a crucial step when switching jobs.

Retiring or declining in health

As you age, you can look forward to retirement and having more time for the things you love. But this can also be a time when one’s health starts to decline. As you near retirement and plan for the rest of your life, life insurance may be an important part of the process. It can help you leave behind funds for burial or other expenses so family members aren’t left to cover the costs.

Stop asking the question, “Do I need life insurance?” and start enjoying life with more peace of mind. While these are some of the moments that could lead to wanting life insurance, you don’t need a special life event to enroll in a whole life or term life policy. Talk to a local, independent agent today to find the best plan for you and your needs. Learn more about the benefits of life insurance by visiting lifehappens.org.

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What is a primary beneficiary?


What you need to know about who would receive your life insurance death benefit.

child sitting on mom's lap on a beige colored couch

Time for a little word play. What does beneficiary mean exactly? The word beneficiary has its roots in the Latin benefactum, meaning good deed. And that’s a good way to think of naming someone, or someones, or something, as a beneficiary on your term life insurance policy. Simply put, a life insurance beneficiary is the person who will receive a policy payout (called a death benefit) if you were to die with coverage in place. It can be a person, multiple persons, a trust, or even an organization — or some combination depending on your needs.

But what distinguishes a primary beneficiary from all others (like a secondary beneficiary or contingent beneficiary)? And how do you choose that primary beneficiary, anyway? These are important questions — arguably the most important questions you’ll face when buying a life insurance policy. After all, why are you buying a policy in the first place? To help financially protect those you love in case you’re not around to do so yourself. (That’s that good deed we were talking about earlier.)

With all that in mind, here’s what to consider, and what you need to know, when choosing who to name as your primary beneficiary on your life insurance policy.

In this article:

What is a beneficiary?

Again, a life insurance beneficiary is a person who will receive the life insurance payout from a policy if you were to die. The proceeds from the life insurance payout, known as a death benefit, can be used to help pay for your beneficiary’s financial needs, both those that come with death (funeral arrangements, burial expenses) and those that we have in daily life (mortgage payments, child care). ​​

A policy owner will choose the designated beneficiary for their life insurance benefit. Because you might not want to put all your financial eggs in one person’s basket, you can name two (or more) people as beneficiaries, outlining the percentage of the policy payout each would be given by the life insurance company.

The word beneficiary has its roots in the Latin benefactum, meaning good deed. And that’s a good way to think of naming someone as a primary beneficiary.

What is a primary beneficiary, anyway?

A primary beneficiary is a designated individual, chosen by the policyholder, who would receive the proceeds of the policy if he or she were to die. When selecting a primary beneficiary, you can name a person or persons or even a revocable trust (or living trust) or other legal entity. Most importantly, the primary beneficiary is the “first in line” to receive the death benefit.

For some, designating multiple beneficiaries — say, a spouse or partner and a parent — may make sense, especially if both could face financial hardship. For others, one primary life insurance beneficiary, with a contingent beneficiary named, makes the most sense. The latter is what we commonly see at Haven Life, where most customers name their partner as the sole primary beneficiary.

Keep in mind that your primary beneficiary must be legally competent to accept the proceeds. This raises the question of whether it is possible to name minors as beneficiaries. The short answer is yes, as long as certain steps are taken — specifically, creating a trust and naming a guardian who will oversee that trust to ensure your estate is executed in accordance with your wishes.

Whomever you choose, you’ll want to make sure you notify your beneficiary (or beneficiaries) that you’ve designated them. This will ensure they know your wishes, and can act accordingly in the event something happens to you. Also, keep in mind that, with most life insurance policies, you can change your beneficiary designation at any time.

The primary beneficiary is the “first in line” to receive the death benefit.

What is a contingent beneficiary, and why would I need one?

A contingent beneficiary is who would receive the death benefit if something happened to the primary beneficiary. After all, life is full of unexpected outcomes. Selecting a contingent beneficiary is a prudent way to protect yourself and your loved ones from a number of “what-if scenarios,” such as your primary beneficiary not being alive at the time a claim is made. It’s common for policyholders to name their spouse or partner as the primary beneficiary and then their children or their children’s guardian as the contingent, for example. That way, if anything happened to both parents, the proceeds would go to the children or their guardian to manage.

Also, you know how we’re always saying we want to make life insurance less hard here at Haven Life? Listing a contingent beneficiary will make life less hard for that person. Basically, if something happens to you and your primary beneficiary, your death benefit would be paid to your estate if you hadn’t named a contingent beneficiary. It might then be subject to distribution through the probate court which will cause a delay in disbursing money — a complicated situation for your loved ones during an already stressful time. (Note: If you’ve already set up a living trust and plan to name it as the primary life insurance beneficiary this might not be an issue.)

And FYI: You can have more than one primary beneficiary and more than one contingent beneficiary; you simply need to designate what percentage of your life insurance proceeds you want to allocate to each of your primary beneficiaries. Haven Life, for example, permits up to 10 primary beneficiaries and 10 contingent beneficiaries. And again, insurance companies will let you change your beneficiary designation at any time.

Additional “just in case” scenarios where a contingent beneficiary would be needed:

  • Primary beneficiary cannot be found
  • Primary beneficiary refuses to accept the proceeds
  • Primary beneficiary has predeceased the policyholder
  • Best life insurance company.

  • The process of getting life insurance with you is a very smooth process. I really liked the way you communicated through the process and were on top of the things. I really appreciate it. Thank You for my peace of mind and my family’s peace of mind.

  • Super easy! I was putting off purchasing life insurance as all I wanted was a term policy and was dreading the thought of having to meet or speak to a broker and deal with the dreaded upsell tactics. While researching options, I stumbled across Haven Life and began looking into it. Thrilled that I did. I could not have imagined an easier, more streamlined process from beginning to end. Very easy process and excellent, easy-to-understand documentation on the site.

  • Very simple to use, everything is straightforward.

  • Good service with easy and relaxed communication that was not pushy. Helped with what I wanted and the whole process maybe took 25ish minutes from calling to getting approved to setting up my online access. (if you are approved right away)

How do I decide who to name my primary beneficiary?

Naming beneficiaries is an important part of life insurance planning. Some may choose a family member like a parent, sibling, or spouse. For most people, they are buying a life insurance policy because they have someone in their mind who they want to financially protect – so often it’s a simple choice of who to name as a designated beneficiary. At Haven Life, we frequently see individuals name their significant other as the primary beneficiary, but your situation may be different. Alternative choices could be elderly relatives who you financially support, friends who are like family or even charitable organizations that have had an impact on your life.

What if I need to change my primary beneficiary designation?

It is important to review your beneficiary designations from time to time. This is especially true if you have a major life event such as marriage or divorce. Or perhaps in the unfortunate case that the person you have named as a primary beneficiary dies. If your life circumstances dictate a change in beneficiary designation, fear not. It is simple to change your beneficiary designation if needed. At Haven Life, this can be conveniently managed in your account center online.

Can I have more than one primary beneficiary?

You can have more than one primary beneficiary; you simply need to designate what percentage of your life insurance proceeds you want to allocate to each of your primary beneficiaries. Haven Life, for example, permits up to 10 primary beneficiaries and 10 contingent beneficiaries. No matter how many primary beneficiaries you have, the total percentage allocated must equal 100%. How you divide that 100% is up to you, the policyholder.

What if my primary beneficiary cannot be found?

If your primary beneficiary cannot be found when the time comes to receive a payout, the payout will go to your contingent beneficiary, if you have one. A contingent beneficiary steps in as the primary beneficiary if the primary beneficiary is no longer able to receive the benefit. Overall, this is why it’s important to not only name a primary beneficiary and contingent beneficiary, but to also review and update the beneficiary and his or her contact information periodically.

Protect your primary beneficiary with life insurance

Whether you choose to have multiple primary beneficiaries or just one, it’s important that your choice reflects who you’d want to receive the life insurance benefit. At the end of the day, life insurance helps us leave a financial legacy to our loved ones after we are gone. Properly selecting, naming and notifying a beneficiary is the best way to help ensure your loved ones will receive the death benefit in a time-sensitive manner, at a time when they’ll need that peace of mind most.

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About Louis Wilson

Louis Wilson is a freelance writer whose work has appeared in a wide array 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 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 that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

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 hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

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. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider 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 Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. 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). For more information about Haven Life Plus, please visit: https://havenlife.com/plus.html

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Get our most-read stories, twice a month

  • Easy Breezy
    Wanted to get this done for a while and this was the easiest experience I could find. I feel great knowing that there is some protection for my husband and likely dogs.

  • It was an easy process. The turnaround was also feasible.

  • This was hands down the easiest way I have come across for looking into and getting life insurance. Fast, simple and shows you cost etc… Definitely glad I listened to the wife and looked into it.

  • Plan on spending another $20 a month from your initial quote even if your in perfect health. Had their exam, everything came back in the normal ranges (green) but still jacked up my initial rate quote. Little disappointing.

  • Easy and smooth application process. Great coverage!



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Who should be your life insurance beneficiary?


Naming the appropriate life insurance beneficiary isn’t that challenging, but it should still be done thoughtfully. Here’s how.

Mother holding toddler son near a blank wall

When my daughter, Lucy, was born, I knew I needed to get life insurance. But as a single parent, I was stumped when it came time to select a beneficiary. Should I name my father, who, at an advanced age, is more focused on his own end-of-life options? I also have two brothers, one who has kids and one who doesn’t. If I were to die, which brother would be up to the task of managing a policy payout?

I’m not alone in my confusion. When I shared my experience, an unmarried friend in a domestic partnership shared her own, entirely different, set of questions when deciding whether the beneficiary on her life insurance policy should be her partner or her parents. “Who should be my beneficiary?” seems to be one of the most asked questions when it comes to life insurance planning and beneficiary designation.

While a good rule of thumb may be to choose the person who would be most financially impacted by your death, the decision can get confusing, especially if you have several people in your life who may have cosigned on loans or mortgages, be actively involved in raising your child, or may financially depend on you.

Knowing what a beneficiary is, what you can expect when it comes to certain life insurance beneficiary rules, and how naming beneficiaries works, may help you narrow down the best decision for your situation.

In this article:

What is a beneficiary?

A named beneficiary is a person who will receive the payout from a life insurance policy if you were to die. The proceeds from the payout can be used to help pay for financial needs – those that come with death, such as funeral arrangements and other end-of-life expenses, along with day-to-day bills like the mortgage and childcare.

You can name two (or more) people as beneficiaries, outlining the percentage of the policy payout each would be given. You can also name a contingent beneficiary, who could receive the death benefit if something happened to the primary beneficiary.

For some, naming two beneficiaries — say, a surviving partner and a parent — may make sense, especially if both could face financial hardship. For others, one beneficiary, with a contingent beneficiary named, makes the most sense. The latter is what we commonly see at Haven Life.

Who should you name as a beneficiary?

Who you name as the designated beneficiary is unique to your own circumstances. Some may choose a surviving spouse as a named beneficiary while others may name a child or a parent. One substantial reason people purchase a life insurance policy is for peace of mind when it comes to family, knowing that life insurance protection is in place in the event of your death. Think about it this way, your life insurance is really their safety net. If you live with your partner, would they still be able to pay bills or a mortgage without your income? Similarly, if you provide support to your parents, how would they face finances challenging without you around? Would they be responsible for taking on any of your debt?

Maybe your parents cosigned on your mortgage or student loans or helped you out with a downpayment. Maybe your partner had to take a step back from their job when yours relocated.

While what you “owe” everyone in your life is dependent on the terms of those specific agreements, thinking about this question can help you assess how the money from a payout may be used and who the designated beneficiary should be.

Here, some common scenarios new policyholders face when having to select a beneficiary:

I’m married with kids

Congrats, you’ve got it easy. If you’re married with kids, naming a spouse as a primary beneficiary is the go-to for most people. This way, your partner can use the proceeds of the policy to help provide for your kids, pay the mortgage, and ease the economic hardship that your death may bring. This is true even if one spouse is a stay-at-home parent. If he or she were to pass away, how would childcare and household upkeep be paid for? In this case, it could be smart for both spouses to have a policy with their partner named as the primary beneficiary, Don’t forget to also include contingent beneficiaries, which would usually be parents or designated guardians for the kids.

I’m married with no kids

You, too, should have a straightforward decision when it comes to naming beneficiaries. In this case, most people list their partner as a beneficiary and a parent as a contingent beneficiary.

One employee at Haven Life (who is also a policyholder) named her husband as the primary beneficiary and her mom as the contingent beneficiary in case something happened to her partner. The 30-year, $500,000 policy the employee purchased is enough for her husband to pay off the mortgage and have some extra cash to help him live comfortably and financially.

Other beneficiary considerations for married couples without kids: A charity you love, family members who you financially support, a close friend, or your sibling.

I’m a single parent

You may be buying a term life insurance policy to help ensure your child will be taken care of financially if you were to die. You can name a child as a beneficiary, but you should be aware that life insurance companies cannot pay out a policy to a minor. When a minor is a primary beneficiary, most states utilize the Uniform Transfer to Minors Act, which allows the proceeds from a life insurance benefit to transfer to a child’s named custodian. This can get complicated, though, which is why it’s important to list a custodian immediately upon naming a minor as a beneficiary. (For example, at Haven Life, if a minor is listed, we require a custodian to be named in order to complete the beneficiary designations.)

Other options are: naming a trust as a beneficiary on behalf of your child, or you could name a trusted family member, who you know has the best interest of your child in mind, who may also be the custodian named in your will

If you’re a single parent whose financial plans overlap with a family member — for example, maybe you have a multigenerational living arrangement in place — those circumstances should also come into play with your decision.

I’m single with no kids

If your parents or another family member cosigned a mortgage, student loan, or car loan, naming them as a beneficiary will help them shoulder the financial terms of the agreement if you were to die. Additionally, consider who would be likely to take the lead in funeral arrangements for you. Naming this person as a beneficiary can prevent them from the financial burden of a funeral (or help them plan the greatest funeral of all time.)

Remember: you can always change your beneficiary as your life circumstances change. But kudos to you for getting a policy while you’re young and healthy. The long-term cost savings on life insurance are worth it.

I have multiple financial obligations to family members

You don’t necessarily need to choose one beneficiary. With Haven Life, you can choose up to 10 primary beneficiaries, which you can designate how much of a percentage of the death benefit they would receive if you were to die. Of course, the more beneficiaries you name, the less money would go to each. In general, most people name one or two primary beneficiaries, and one or two contingent beneficiaries to ensure that their bases are covered.

How to select a contingent beneficiary

A contingent beneficiary is a person who the life insurance payout would go to if the primary beneficiary was no longer able to receive the insurance benefit (for example, if both you and your partner were to die at the same time). Think of them like an understudy to the primary beneficiary.

For example, if you’re married with kids, a contingent beneficiary could be the guardian named in your will. No one likes thinking about what would happen if both parents were to die at the same time, but going through this thought process can help ensure that your children would be financially taken care of even if you were both no longer here.

When should a beneficiary be a trust?

While I ended up naming my brother as a beneficiary for my life insurance policy — he’s also named as my daughter’s guardian in my will — I could have established a revocable living trust to be named as my life insurance beneficiary as a way to ensure that my daughter be provided with the funds from a policy payout.

The option of creating a trust has benefits for married couples, too. If both were to die, a trust ensures that a life insurance payout will be used for the wishes of the insurance policy owner, and can avoid a lengthy court process.

Establishing a trust can help parents direct how much money and at what age their children receive it. It also provides a trusted family member, friend, or a professional trustee with the ability to provide the needed oversight, guidance, and control to ensure that the funds are used wisely for the long-term benefit of your children.

“The trustee, typically a family member, can distribute the funds to the children per the trust’s specifications,” says Chris Huntley, author of Life Insurance Beneficiaries and Minor Aged Children. “For example, the trust may allow for annual distributions to be made to the new guardian/s to help raise and care for the child, or allow money for his/her first car or tuition for college.”

If considering a trust, consult with a tax advisor to ensure that you aren’t accidentally setting up a situation where proceeds from a life insurance policy will be regarded as a gift. Most of the time, life insurance proceeds aren’t taxable, but if the beneficiary, insured, and policy owner are three different people, you may need to reconsider the structure of your life insurance policy.

When naming a trust as a beneficiary, you must include:

  • Name of trust
  • Address
  • Tax ID number (SSN/ EIN)
  • Date of trust
  • Type of trust

Common mistakes when naming a beneficiary

Beneficiary designation isn’t always easy, and mistakes can happen. Turns out, naming a minor (without a custodian) as a beneficiary is a relatively common mistake that I’m glad I narrowly avoided making. Knowing what not to do can also help you suss out the best person to name as a beneficiary. Some other things that trip up policyholders when naming a beneficiary:

Not telling someone they are the beneficiary

While this might seem like a surprising scenario, it’s pretty common. No one likes to talk about or even think about death. Talking through your wishes — and hearing your would-be beneficiary’s input — brings up important questions and discussions that can help clarify if you’re on the same page. And, it’ll provide you both with peace of mind. Make sure your beneficiary knows you purchased a policy, how much it’s for and where they can find the details of the contract in the event of your death. Use this time to also make sure all their information, including date of birth, address, up to date contact info and social security number, is accurate.)

Naming a minor as beneficiary

Legally a child under 18, and in some states under 21, can’t access a life insurance death benefit. If you haven’t named a legal guardian or set up a trust to manage the money, the court will handle distributing the death benefit for you, which can get very complicated. There are a few ways to navigate this tricky situation. Often, the easiest solution is to set up a UTMA custodianship with the life insurance company. This ensures that the child receives the full death benefit for the policy. You’ll also need to name a custodian who will be responsible for the assets until your child is no longer deemed a minor by the state (typically between ages 18 and 21). Another option is to set up a trust fund that can receive the life insurance proceeds. If you decide to go the trust route, make sure it specifies how the money should be delivered – installments, a lump sum when the child turns a particular age, etc.

Forgetting to update your beneficiaries

Just like you should review your policy needs after major life events, you should also revisit your policy beneficiaries and the listed information periodically. Common oversights include incorrect contact information, listing a former spouse, or listing a legal guardian when a child is no longer a minor. The last thing a beneficiary should have to worry about when losing a loved one is how to collect the proceeds, which they may need immediately to cover timely expenses.

Not considering government assistance

If your beneficiary receives government assistance of any kind, you’ll want to ensure that receipt of a death benefit from your life insurance policy won’t disqualify them from further assistance. For example, if you have a special needs child and name him or her as your beneficiary, they may no longer be eligible for government assistance because of the sum of the “gift.” This is another instance where you’d want to look into naming their legal guardian as the beneficiary or establishing a special needs trust fund.

Assuming a will covers all updates

Your life insurance policy is a legal contract, which means the terms listed on it are the ones that go into effect if you die. Your will does not control or trump this contract. For example, if your will lists the beneficiary as your husband and the life insurance policy has your ex-husband listed as the beneficiary, the death benefit will be paid to your ex. Best to avoid that potentially uncomfortable situation altogether by consistently monitoring your beneficiary designations.

(Accidentally) making your death benefit taxable

Here is where things can get pretty tricky. Typically, a life insurance death benefit is received free from federal income tax. However, some beneficiary arrangements may cause the death benefit to be included in the insured’s estate. If you are planning on making significant changes to your beneficiary, you should consult an expert or your insurer first to make sure you are aware of the tax implications.

Beneficiaries: The heart and soul of life insurance

The purpose of purchasing a life insurance policy is to help provide financial protection for your loved ones. To do that, you must name someone as the beneficiary.

It’s important not to treat naming a beneficiary like a checkbox in your life insurance application process. Be thoughtful about who you are naming as a beneficiary, the information you provide on them and periodically check in to ensure accuracy.

No matter what your personal circumstances are right now, two things are clear: Buying a life insurance policy now, rather than later, means you can lock in lower rates, since the younger and more healthy you are, the less you’ll pay in premium. For instance, a 30-year-old woman in excellent health may be able to purchase a 30-year, $500,000 Haven Term policy, issued by MassMutual or its subsidiary C.M. Life, for around $26 a month.

Additionally, you should remember to assess whether you need to make any beneficiary changes if your life circumstances change. A few extra minutes maintaining your policy can provide a whole lot of peace of mind down the road.

The time your term life insurance is in place could be filled with many huge life milestones like getting married, buying a home, having a child … having a second child — all of which will benefit from the peace of mind that affordable coverage was secured long ago. Due diligence early on and throughout the life of your policy would save your loved ones unnecessary stress and potentially a lot of money if anything were to happen to you.

What Haven Life customers are saying:
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About Anna Davies

Anna Davies is an innovative copywriter, magazine editor, award-winning essayist. She has written for The New York Times, New York Magazine, Refinery29, Glamour, Elle, and others, and has published 13 young adult novels. She lives in Jersey City, NJ, with her family and loves traveling, running, and trying to find the best cold brew coffee in town.

Read more by Anna Davies

Our editorial policy

Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

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 hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

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. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider 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 Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. 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). For more information about Haven Life Plus, please visit: https://havenlife.com/plus.html

You might also like

Get our most-read stories, twice a month

  • Easy Breezy
    Wanted to get this done for a while and this was the easiest experience I could find. I feel great knowing that there is some protection for my husband and likely dogs.

  • It was an easy process. The turnaround was also feasible.

  • This was hands down the easiest way I have come across for looking into and getting life insurance. Fast, simple and shows you cost etc… Definitely glad I listened to the wife and looked into it.

  • Plan on spending another $20 a month from your initial quote even if your in perfect health. Had their exam, everything came back in the normal ranges (green) but still jacked up my initial rate quote. Little disappointing.

  • Easy and smooth application process. Great coverage!



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Wondering, “When should I get life insurance?” The sooner, the better.


Every year, your potential life insurance premium cost increases about nine percent, according to Investopedia. Have you ever considered getting a policy while you’re young? It’s actually the best time to invest in whole life or term life insurance for better rates and more peace of mind.

Still wondering, “When should I get life insurance?” Read on to learn the perks you can gain from getting a policy early.

  1. The cost is the lowest it will be. Some of the more significant factors in determining your life insurance rate are age and health. As we age, our health can start to decline, and coverage will be harder to find or be more expensive. Starting a life insurance plan in your teens or twenties (or even earlier) when you’re at one of your healthiest points will lock in a more affordable rate.
  2. It protects those around you, even those you don’t suspect. Even when you’re young, there are many people who depend on you, ranging from your parents and siblings to a cosigner on a loan. A simple and cost-effective life insurance plan could help support those people with unexpected costs in the event of your passing.
  3. It helps plan for life events. As much as people would like to guess, we don’t know what our futures look like. Perhaps marriage and kids are in the plan, or maybe buying a house, or starting a business. An early life insurance policy will grow with you through all these changes, provide peace of mind, and leave an inheritance for any person you support or who will help manage your estate. With college, marriage, children, home buying, career changes, and more on the table early in life, consider a life insurance plan now to accompany you through it all.
  4. It grows your portfolio. There are many monetary benefits to getting life insurance while you’re young. Building assets is one of them. Not only does a life insurance policy help build your credit, but a whole life insurance plan can actually increase your worth. The financial benefits make life insurance an even smarter move when you’re young and start accumulating wealth and growing your assets.

Never question, “When should I get life insurance?” again. Instead, set yourself up for a smarter future. Learn more about the perks of early policies in our blog, Life Insurance 101, or by visiting lifehappens.org. Then, talk to a local, independent agent to enroll in the life insurance coverage that’s right for you.

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Does term life insurance have a cash value?


They say that value is simply what someone is willing to pay for something. So, in that sense, sure: We suppose term life insurance could have a cash value, provided you can find someone willing to pay for it.

But, does term life insurance have cash value? The actual answer in the real world is a bit more complicated. We’ll lay it out for you below.

Cash value life insurance

Before answering the big question, it helps to know what cash value actually is. So what is cash value life insurance? This type of life insurance coverage has a cash value component that grows over time. A policy owner can benefit from a cash value policy by drawing from the funds.

No, term life insurance does not have a cash value

So to answer the question: No, term life insurance doesn’t have a cash value component. You are, perhaps, thinking of permanent life insurance, which some literally refer to as cash value life insurance. (These policies also go by whole life insurance, variable life insurance, and universal life insurance. No wonder people get confused!)

While the death benefit of a permanent policy can protect your family financially if you were to die (by helping to replace your income, for example), the cash value of a permanent policy accumulates as premiums are paid. You are able to borrow or withdraw some of this growth and use it for any purpose – such as for paying premiums, college or supplementing retirement.

Keep in mind that: Loans and withdrawals can impact the total death benefit paid to your beneficiaries and the total cash value of the permanent insurance policy.

The idea of building up cash value in a life insurance policy can be an attractive feature to some because it means you have something tangible to show for your premiums. However, because they build cash value, permanent life insurance policies are much more expensive than term life insurance policies — sometimes as high as 6 to 10 times more expensive.

Because of the expense and complexity, people often consult with a financial professional before applying for a permanent insurance policy to determine if it’s right for them.

Why term life insurance doesn’t have a cash value

Term life insurance is what those in the know call “pure” insurance. That is, you pay premiums at a set rate for a set period of time (like 10, 20 or 30 years), and if you die while you’re covered by the term policy, the insurer will pay your beneficiaries a set amount.

If you outlive your term life insurance policy, well, you don’t get any money out of it. But you’re still alive, which seems like a win. It’s simple, cheap and effective — and provided you use tools like an online insurance calculator, you should have plenty of coverage for your loved ones in the event the worst should happen.

With the different types of life insurance policies, some prefer a term life policy as it provides flexibility in terms and is generally more affordable. And while no, you won’t be able to take out money once you’ve paid your term life insurance premiums, you’ll also be paying a fraction of the premiums you would with a permanent life insurance policy. And again, you’ll be providing outsized value to your loved ones in the event that you pass away while covered. You can’t put a price on peace of mind.

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About Louis Wilson

Louis Wilson is a freelance writer whose work has appeared in a wide array 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 unbridled passion for breakfast tacos, with his wife and two children.

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How much life insurance do I really need?


Deciding how much term life insurance you need is part art, part science. Here’s an easy way to calculate the coverage amount that’s right for you.

baby laying with dog on a white bed

Buying life insurance: actually simple. (Especially online.) Shopping for life insurance: Not so simple, given how many insurance companies there are and how many options there are for coverage.

One place to start is asking yourself a simple question: How much life insurance do I need? You’ll often see term life insurance policies worth amounts like $250,000, $500,000, $1 million and more. But how do you know which life insurance policy makes sense for you and your family?

That answer to what is the right amount of coverage is: It depends, but there’s no need to overcomplicate it.

Your goal is to buy enough life insurance coverage to provide a robust financial safety net for your family. You also want to avoid getting too much coverage because then you’re paying an excess in premiums that could be used for an emergency fund or a family vacation. With life insurance, you’re aiming to help replace your income in the event that something happens to you as well as take care of some big ticket items like your mortgage.

Here, then, are seven questions to ask yourself to figure out how much life insurance you need:

In this article:

Do I really need life insurance?

It’s a fair question. It’s common to purchase a life insurance policy once you get married, have a child, or buy a home—in other words, once you have dependents who, well, depend on your income. In fact, those dependents are going to be a big factor in how much life insurance you need.

But what if none of those things apply to you? Then you might not need life insurance yet.

However, securing coverage makes sense in other situations, too. If you’re young and healthy, a medically underwritten term policy can lock in an affordable rate for your coverage duration, whether that be 10, 15, 20 or 30 years. Paying a low premium is a nice piece of security, no matter where you are in life. For example, a term life insurance quote for a healthy 30-year-old woman buying a 30-year, $500,000 term life insurance policy is about $25 per month.

Ultimately the need for life insurance boils down to whether you have people in your life who depend on you financially. This could be parents who cosigned your private student loans, a sibling who you help financially support, a grandparent who lives with you, a spouse and children who depend on you. The beneficiaries can use the policy’s death benefit for a number of financial needs – to help pay for funeral expenses, meet day-to-day living expenses or plan for the future, to name a few. Your policy can act as a financial safety net for your beneficiaries to use the life insurance proceeds as they see fit.

Does the life insurance rule of thumb work for me?

You may have come across the 5-to-10-times-your-salary rule in your research. What is that? Essentially, you take your income and multiply it by at least five and up to ten. The result is the amount of life insurance coverage you need.

This, of course, produces a wide-ranging result. Which end of the spectrum is right for you will depend on what you anticipate your beneficiaries will need if you are no longer there. For example, if you have children, you may buy more coverage with the idea that a policy payout could help pay the cost of college tuition.

While 5-to-10 is a good rule of thumb, each family’s life insurance coverage needs are different. If you have more substantial savings and assets, perhaps a lower face amount is right for you. On the flip side, if you have several debts you are paying off, then maybe you should aim for the higher end of that range. Keep in mind that how much life insurance coverage you buy will affect how high (or low) your premiums will be.

A life insurance calculator can factor in the right financial information about you and your family to provide a more personalized estimate.

What if I have debts?

Commonly held debts include a mortgage, credit card debt, or privately funded student loans. These debts may not be forgiven when you die, in which case they must be settled by your estate or cosigner, and in some cases, your spouse. Death is hard enough—no one wants to leave their loved ones mourning and financially struggling.

All of which is to say that yes, debts affect your life insurance needs. When filling out a life insurance needs calculator, be sure to include all your debts so they will be factored into your coverage estimate. For example, factoring in the remainder of your mortgage principal into your coverage needs will help ensure that your beneficiaries will have a life insurance payout large enough to help pay off the house or afford the monthly note.

What else should I consider when determining how much life insurance I need?

In some areas of life, bigger is better. Life insurance is not necessarily one of those areas. The larger a life insurance policy, the more expensive the premium payments will be, which is why it’s important to choose a policy that adequately covers your needs but isn’t so large that it’s a hardship on your budget now. There is no wrong amount of coverage because some coverage is better than nothing. But,  the best way to determine how much life insurance you may need is to consider how the policy would likely be used.

Once a policy payout is paid to a beneficiary, the money is theirs to do with as they like. The dispersal, a lump sum, is usually tax-free. A beneficiary could use the money toward financial obligations such as final expenses, large debts, attorney fees, the mortgage, the car loan, other monthly payments, or daily costs. A policy payout could be used to help pay for the cost of a child’s education, given to charity or invested. In short, there’s no wrong way to use a life insurance policy payout.

That said, talking with your intended beneficiary about how you hope the money would be used can help you settle on a policy amount you’re comfortable with.

What if I have life insurance through my employer?

A group life insurance policy through work is a valuable employee benefit, but if you have a real need for coverage, the amount provided for free is usually not enough. Many employer-sponsored plans are limited to one or two times your annual income – far less than the amount of coverage most experts recommend. In addition, a life insurance policy offered as an employee benefit usually terminates once you separate from your employer. An individual term life insurance policy is independent of your employment status.

If you have named the same beneficiary on both an employer-provided life insurance policy and a personal term insurance policy, your beneficiary would get both payouts if you were to die, which could be helpful to them as they navigate life without you.

Do both my spouse and I need life insurance?

As you’re researching life insurance, you may wonder if you and your spouse should both get a policy. The answer is yes. Even if one spouse doesn’t work outside the home, think of what that person contributes to the family, including childcare and household maintenance, and the expense to hire someone to provide those services if he or she were to die. You and your spouse may also have separate financial obligations. For example, does one spouse hope to financially assist his/her parents now or in the future? That info should be considered when evaluating the best policy for both of you.

Some, but not all, spouses carry the same coverage. Coverage amount levels depend on your incomes, financial obligations, and the life insurance premiums you can afford. A conversation about your present and future financial obligations is part of a smart plan, and it’s a valuable step toward choosing the best policy for each of you. Hey, it’s definitely a different Friday night date idea, right?

What if I need to change the amount of coverage later on?

If it has guaranteed level premiums, your term life insurance policy rate is locked into place for the length of the term. Over time, you may find that your needs change. Maybe you’ve paid off your house or have a robust college savings fund for your children. It’s usually pretty simple to lower the amount of coverage you have as your needs change. At Haven Life, for example, you can lower your life insurance policy any time to help save on life insurance premiums.

If your financial needs are greater, you may need to look at purchasing more coverage. Maybe you’ve upgraded to a more expensive home and would feel more comfortable with a larger policy. Maybe your income increased. (Hey, it’s nice to dream, right?) Usually, that requires a new application and medical underwriting.

Armed with an online life insurance calculator and after asking yourself the right questions, it can be simple to figure out the right amount of life insurance for you, your family and your budget. By purchasing while you’re relatively young and healthy, you can lock in a term rate that’s affordable for you now, and for the length of your term.

Finding the best life insurance policy and coverage amount can provide great benefits for anyone dependent on you. It can also help ensure any financial needs, funeral expenses, or outstanding debts are taken care of. If you’re ready to shop around for life insurance policies, you can start by exploring different life insurance quotes.

Default author headshot

About Louis Wilson

Louis Wilson is a freelance writer whose work has appeared in a wide array 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 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 that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

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 hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

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. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider 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 Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. 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). For more information about Haven Life Plus, please visit: https://havenlife.com/plus.html

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Get our most-read stories, twice a month

  • Easy Breezy
    Wanted to get this done for a while and this was the easiest experience I could find. I feel great knowing that there is some protection for my husband and likely dogs.

  • It was an easy process. The turnaround was also feasible.

  • This was hands down the easiest way I have come across for looking into and getting life insurance. Fast, simple and shows you cost etc… Definitely glad I listened to the wife and looked into it.

  • Plan on spending another $20 a month from your initial quote even if your in perfect health. Had their exam, everything came back in the normal ranges (green) but still jacked up my initial rate quote. Little disappointing.

  • Easy and smooth application process. Great coverage!



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What is life insurance underwriting?


Understanding what it means can help you find the right kind of life insurance for you and your family.

Haven Life and its approach to life insurance (innovative use of technology; providing an experience that is quick and pleasant) are new, but the concept of insurance itself is very old, dating back to around 3000 B.C., when Babylonian traders and merchants started pooling money in order to protect themselves financially against loss (which was often caused by pirates). During the intervening 5,000 years, insurance products have become more sophisticated, but underwriting has remained at its core.

This raises two questions: What is underwriting, anyway? And how does it affect you?

“Underwriting is evaluation of risk,” says Laura Boylan, Haven Life’s head of underwriting services. Essentially, an insurance underwriter assesses the riskiness of an applicant, determines whether their company should insure that person, at what price, and for what amount of coverage. “This is true for all kinds of insurance,” says Laura, including home, where the “risk” would be damage to a property; auto (damage to a vehicle); and, of course, life insurance, where the thing underwriters call “risk” is usually referred to as “death” by the rest of us.

While the idea is simple (evaluate risk, attach a price to it), the risk assessment and underwriting process has become especially complex in recent decades. As with an auto or mortgage underwriting process, life insurance underwriting is based on a few factors. The modern life insurance policy began with the industrial revolution in the 1800s, but the underwriting process was fairly basic until the 1940s. Until then, insurance premiums were based entirely on age. After that, insurers started considering gender, too (male mortality rates are generally higher than female rates).. With the advent of more technology and more data from the second half of the 20th century onwards, however, the range of factors which insurers consider has expanded, as has their ability to consider them in detail.

In this article:

Rate classes

Underwriting, and insurance in general, is based on “the law of big numbers,” says Laura. “We can’t know an individual’s level of risk precisely, but we can get a good level of precision for a group of people if the group is large enough.” Therefore, insurers look at an individual in terms of age, health, behavior and other factors, then assign that person to a particular “risk bucket.” These are called “rate classes” in the insurance world. While you are offered an insurance policy tailored to you, it’s actually based on the rate class that you’ve been assigned to, based on your individual data.

So what do insurers assess in order to put people into rate classes, and therefore determine the policy you’ll be offered?

Your physical health

Physical health is also another factor that is considered in underwriting guidelines. “For life insurance underwriting we’re looking at a number of dimensions, one of which is medical,” says Laura. “We take self-reported medical histories, data such as prescription history, family history, tobacco use, and evaluate it all to get a deeper understanding of applicant health.” Sometimes a medical exam will form part of that data, although “at Haven Life life we have a no-medical exam process that allows some applicants to be issued an offer in as little as 40 seconds. It’s a wonderful experience for people that qualify,” says Laura. For those applicants who do require an exam, she has some useful advice: “Just because you might need to do a medical exam, it doesn’t necessarily mean your premium will be higher — it just means the company doesn’t have enough specific information to be confident in its decision without fluids.

Your financial health

Also considered by an insurer in underwriting guidelines? Financial health. “There’s also a financial element to your risk assessment: making sure an insurance policy is appropriate for an individual’s financial situation,” says Laura. Obviously, an insurance company wants to know if an individual has the income to afford their premium, but beyond that, can a person be over-insured? “We want to make sure the death benefit is appropriate,” says Laura, “just to make sure all the incentives are aligned appropriately.”

Behavior

Another factor considered by insurance underwriters is behavior, which includes “driving history, occupational history and hobbies,” says Laura. Unsurprisingly, a firefighter who races motorcycles in his spare time will usually pay more for life insurance coverage than someone who works in an office and spends weekends in their garden.

But for less extreme examples, isn’t the idea of dangerousness subjective? How do insurance companies define “risky”? “It’s a combination of different data from different industries and different levels of expertise,” says Laura. “For example, at Haven Life we have doctors on staff who evaluate specific diseases and how they relate to risk. Each individual situation is different. That can be as nuanced as, for a certain type of cancer, looking at the size and grading of a tumor and the probable progression of that disease. When it comes to behavioral risk — factors like driving history and hobbies — there is also data that correlates those types of things with mortality. The life insurance industry as a whole has a tremendous amount of data correlating those inputs to mortality outcomes going back decades.”

However, while “on the majority of things there’s pretty clear consensus on what’s risky and what’s not, insurers take slightly different perspectives at the margins,” says Laura. “Some carriers are very risk averse for certain hobbies. It might have just been one claim they saw [which made them that way]. By the same token, some carriers feel they have the data to support a looser stance on a specific risk. Sometimes it might come down to having a specific insurance underwriter or physician at your company that really has the expertise you need to evaluate a specific risk. There are also just different philosophies at different companies. Marijuana use is an example where, over time, different companies have moved at different speeds. Some carriers take a conservative approach and others have loosened up as it becomes legal in more states.”

Outliers

These “different perspectives at the margins” mean that if you’re a life insurance outlier — risky behavior or job; difficult medical situation — it’s best to shop around. Says Laura: “For people that have serious medical conditions there are specific insurance brokers that make their living by knowing the differences between different carriers and helping high risk applicants find the carrier that will view them most favorably.”

Each individual situation undergoes its own risk assessment based on the specific information provided. Some individuals may be considered high-risk, while others may not. Even if you’re not a high-risk applicant, we would always suggest you shop around for the best price and service before choosing your life insurance policy. A little extra time up front can pay off considerably when it’s time to select your coverage — and for anyone hoping to find cheap term life insurance policies.

It’s important to be honest in the application process. The issuance of the policy or payment of benefits may depend upon the truthfulness of answers you give in the application.

Haven Life and its approach to life insurance (innovative use of technology; providing an experience that is quick and pleasant) are new, but the concept of insurance itself is very old, dating back to around 3000 B.C., when Babylonian traders and merchants started pooling money in order to protect themselves financially against loss (which was often caused by pirates). During the intervening 5,000 years, insurance products have become more sophisticated, but underwriting has remained at its core.

This raises two questions: What is underwriting, anyway? And how does it affect you?

“Underwriting is evaluation of risk,” says Laura Boylan, Haven Life’s head of underwriting services. Essentially, an insurance underwriter assesses the riskiness of an applicant, determines whether their company should insure that person, at what price, and for what amount of coverage. “This is true for all kinds of insurance,” says Laura, including home, where the “risk” would be damage to a property; auto (damage to a vehicle); and, of course, life insurance, where the thing underwriters call “risk” is usually referred to as “death” by the rest of us.

While the idea is simple (evaluate risk, attach a price to it), the risk assessment and underwriting process has become especially complex in recent decades. As with an auto or mortgage underwriting process, life insurance underwriting is based on a few factors. The modern life insurance policy began with the industrial revolution in the 1800s, but the underwriting process was fairly basic until the 1940s. Until then, insurance premiums were based entirely on age. After that, insurers started considering gender, too (male mortality rates are generally higher than female rates).. With the advent of more technology and more data from the second half of the 20th century onwards, however, the range of factors which insurers consider has expanded, as has their ability to consider them in detail.

Rate classes

Underwriting, and insurance in general, is based on “the law of big numbers,” says Laura. “We can’t know an individual’s level of risk precisely, but we can get a good level of precision for a group of people if the group is large enough.” Therefore, insurers look at an individual in terms of age, health, behavior and other factors, then assign that person to a particular “risk bucket.” These are called “rate classes” in the insurance world. While you are offered an insurance policy tailored to you, it’s actually based on the rate class that you’ve been assigned to, based on your individual data.

So what do insurers assess in order to put people into rate classes, and therefore determine the policy you’ll be offered?

 

Our editorial policy

Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

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 hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

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. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider 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 Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. 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). For more information about Haven Life Plus, please visit: https://havenlife.com/plus.html

You might also like

Get our most-read stories, twice a month

  • Easy Breezy
    Wanted to get this done for a while and this was the easiest experience I could find. I feel great knowing that there is some protection for my husband and likely dogs.

  • It was an easy process. The turnaround was also feasible.

  • This was hands down the easiest way I have come across for looking into and getting life insurance. Fast, simple and shows you cost etc… Definitely glad I listened to the wife and looked into it.

  • Plan on spending another $20 a month from your initial quote even if your in perfect health. Had their exam, everything came back in the normal ranges (green) but still jacked up my initial rate quote. Little disappointing.

  • Easy and smooth application process. Great coverage!



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Why Fall is the best time to buy life insurance


From the comforts of financial protection to the dangers of leaf-peeping, the reasons you should get coverage this season

Beautiful African American woman working from home. She is sitting on the sofa in a cozy living room with laptop in her lap.

Smell that? It’s the refreshing scent of cool fall air, mixed with a soupcon of … could it be? Yep, that’s it: The sweet, sweet olfactory pleasures of life insurance in the fall.

Okay, maybe we got carried away there. (We did, after all, just use soupcon in a sentence.) But hear us out: Fall is almost here, and it’s a great time to buy term life insurance.

Why is that? We’ve outlined five big reasons below. But suffice it to say it’s always a great time to buy life insurance, an affordable way to provide family protection for the ones you love on the off-chance that the worst should happen to you.

If you have kids, or a mortgage, or thoughts of starting a family, or just someone who depends on you (and your income) for their well-being, you should probably consider getting a life insurance policy. Generally speaking, you want a term length that lasts until the kids are out of college, until your mortgage is paid off, and / or until you expect any dependents to no longer rely on your income for their care.

As for how much coverage you need, a good rule of thumb is a policy worth around 10 times your annual income. And best of all, thanks to competitive rates offered by Haven Life, a policy of that length and value is probably more affordable than you think.

Those are the basics. As for why fall is the best time to buy life insurance, grab a pumpkin-spiced latte, settle in under a big flannel blanket, and read these five reasons why buying life insurance in the fall is a good idea.

In this article:

Life insurance fits like a cozy sweater

Fall is a season of comfort — flannel shirts, crisp weather, and, of course, cozy, cozy sweaters. Well, it turns out life insurance offers comfort, too. When you buy financial protection for your loved ones in the form of a life insurance policy whose death benefit can be used for a wide variety of expenses — from burial or cremation costs to mortgage and tuition payments — you’ll also be getting peace of mind. It’s like an autumn sunset for the soul.

Leaf-peeping can get very, very dangerous

Did you know that every year, more than 300 deaths are attributed to accidents incurred during leaf-peeping excursions? Of course you didn’t, because we just made it up. But that’s the thing — you never know when the Grim Reaper might come knocking on your door. (And hey, fall is also the spooky season, what with Halloween and whatnot.)

But while you can never truly prepare for the unexpected, you can at least have a plan in place in case something goes awry — and a good plan includes having a life insurance policy in place, so the death benefit can help take care of your loved ones in case it does.

The sun is setting earlier

In summer, a long evening outdoors made sense — at a ballgame, at your friend’s barbecue, whatever. In fall, come 8pm or so, you’re much likelier to hit the sofa and flip on Hulu. So hear us out: Instead of vegging out with TV, use that time to do something productive — like getting life insurance coverage. And with Haven Life’s convenient online application process, you can buy coverage faster than you can watch an episode of The Bear. (It’s a lot less intense, too.)

Haven Life Plus is fall-ready

What is Haven Life Plus? It’s our bonus rider, a suite of services for eligible Haven Term policyholders that mean Haven Life provides something to customers while they’re still living. These on services include:

  • Aaptiv, a fitness app with countless workouts for everyone from beginners (including families) to experts. A yearly subscription normally costs $99; eligible Haven Term policyholders enjoy it for no cost.
  • Trust & Will, an online trust and will service (you guessed it). Eligible Haven Term policyholders get their choice of one individual or couples trust, will or guardian plan, at no cost (normally up to $699).
  • LifeSite, an online document storage system with military-grade encryption. Eligible Haven Term policyholders enjoy a LifeSite Plus subscription for you and up to five family members, normally $80/year, at no cost.
  • Lantern, a site offering expert guidance for both the bereaved (should you lose a loved one) and for the living, who can use Lantern’s resources for end-of-life planning. Eligible Haven Term policyholders can get a full pre-plan premium membership and 1-on-1 post-loss consultation for no cost — normally this costs $149.
  • Timeshifter, an app that helps you combat jet lag using NASA-backed science. Eligible Haven Term policyholders receive an unlimited jet lag plan, normally $24.99 per year, for no cost.
  • CVS MinuteClinic, inside many CVS pharmacies and Target stores, where you can receive services like flu shots without an appointment — and eligible Haven Term policyholders get a 15% discount on any single CVS MinuteClinic service.

All of these things will come in handy this fall — after all, there’s never a bad time to get fit, make end-of-life plans (including making a trust and/or will), secure important documents and passwords, travel across time zones, or, er, need urgent medical care.

It’s unofficially fall right now

And soon, it’ll officially be fall. And it turns out, “right now” is the actual best time to buy life insurance. For one, premiums are determined by factors like age and health, and you’ll never be younger than you are right now. (And typically, your health declines as you get older, which means you might pay a higher premium if you get insurance later rather than sooner.)

More importantly, and we hate to say it, but the worst could happen at any time. Literally any time. (Yes, even during Decorative Gourd Season.) Having coverage in place sooner rather than later will help protect your loved ones in case it does.

We hope it doesn’t, but that’s what Haven Life is all about: Making the hard things in life a little less hard.

Default author headshot

About Louis Wilson

Louis Wilson is a freelance writer whose work has appeared in a wide array 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 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 that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

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 hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

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. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider 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 Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. 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). For more information about Haven Life Plus, please visit: https://havenlife.com/plus.html

You might also like

Get our most-read stories, twice a month

  • It was an easy process. The turnaround was also feasible.

  • This was hands down the easiest way I have come across for looking into and getting life insurance. Fast, simple and shows you cost etc… Definitely glad I listened to the wife and looked into it.

  • Plan on spending another $20 a month from your initial quote even if your in perfect health. Had their exam, everything came back in the normal ranges (green) but still jacked up my initial rate quote. Little disappointing.

  • Easy and smooth application process. Great coverage!

  • It was super easy, fast, and the rate was even better than the estimate. If you are looking for term life insurance this is the place.



Source link

Agarest: Generations Of War – Collector’s Edition (GOG) Cheat Engine

Agarest: Generations Of War – Collector’s Edition (GOG) Cheat Engine





 
 
 
 
 
 
 

Agarest: Generations Of War – Collector’s Edition (GOG) Cheat Engine

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Life Insurance after Covid: How post-pandemic living impacts your life insurance needs


Things have changed since 2020. But how might those changes impact your financial needs?

Happy multiracial casually dressed business people working together and sharing creative ideas about new project while having meeting in loft office

I know I am not alone in thinking that since the start of the pandemic, time has lost all meaning. What used to feel like an hour now sometimes feels like a day, and what used to take a month now happens in a minute.

However, like many others, I’ve come to realize that what matters is not how fast or slow something happens—but rather that we take a moment to assess where we are, what we’re doing and where we want to go. Shouldn’t that be what life is all about?

In that spirit, there is no better time for making some critical decisions about your finances. Ultimately, when you are able to assess where you are today and where you want to go tomorrow, especially in the wake of a pandemic, you can have thoughtful discussions with your partner and/or financial professionals about what you need to get there. In many cases, what will best bridge that gap is having a long-term financial strategy in-place, and that includes having sufficient life insurance coverage.

As the pandemic wears on, expectations have certainly shifted. Life insurance after covid is just one example of how individuals are adjusting to this new normal. Individuals are encouraged to take control of their future now, so their loved ones aren’t faced with financial hardships later.  Here are a few ways you can stop and take stock of your goals, and how term life insurance can be a part of that planning.

In this article:

Proactively discuss what is changing

While no one can predict what the future of COVID will look like, there is growing consensus that most people want to find a “new normal.”

Every individual will have to define what that means for them and their family. But for many, this is a unique opening for you to think about what the implications of those decisions could mean financially post-pandemic.

Maybe you’re someone who has watched countless others partake in The Great Resignation, and are finally ready to go out on your own too. Doing so might entail giving up your workplace-sponsored group life insurance coverage, as well as taking out a small business loan. Should you die without your own individual life insurance coverage, let alone before the loan is paid back, know that your family members could face a significant financial hardship.

On the other hand, maybe you’re looking to purchase a new home—after all, it is no secret the real estate market is booming. Ultimately, whether you moved to the suburbs during the height of the pandemic and are ready for a return to city living or vice versa, new property often means a new mortgage. If you were no longer in the picture, your beneficiaries could use the death benefit  of a life insurance policy to help pay your mortgage. Do you have sufficient coverage in place to help pay your mortgage costs should the unthinkable happen? Now’s the time to talk through these precautions and explore additional coverage.

Acknowledge what is (somewhat) staying the same

For some, post-pandemic living might look very similar to life before March 2020. Sure, we might mask up when headed indoors, but especially if you have kids, a return to normalcy means a return to the status quo.

If this is you, this might mean that your financial situation or commitments will largely remain the same in our “new normal.” But, even still, circumstances and context have changed. If you have older children (or still have your own student loans), student loan payments, for example, were paused through May 1, 2022. Or maybe you moved your children into private schools—as many public schools experienced prolonged closures—introducing new expenses.

In other words, while your priorities might have stayed the same, the ways in which you are funding those priorities could look and feel a bit different. So even if you don’t feel like you’ve made a big life adjustment, you should make sure that, if the worst should happen, your existing life insurance coverage is still sufficient to cover the evolving ways in which you are meeting their objectives.

We are all assessing what it means to live in a post-pandemic world. Doing so is essential. As we collectively go through this process, using this time to proactively see how your priorities are or are not changing will help you put steps in place to achieve what it is you most desire — including protecting those you love for the long term. Life insurance after covid encourages individuals to better prepare for their future.

Visit Haven Life today for a more dependable future for you and your loved ones.

Our editorial policy

Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

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 hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

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. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider 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 Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. 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). For more information about Haven Life Plus, please visit: https://havenlife.com/plus.html

You might also like

Get our most-read stories, twice a month

  • It was an easy process. The turnaround was also feasible.

  • This was hands down the easiest way I have come across for looking into and getting life insurance. Fast, simple and shows you cost etc… Definitely glad I listened to the wife and looked into it.

  • Plan on spending another $20 a month from your initial quote even if your in perfect health. Had their exam, everything came back in the normal ranges (green) but still jacked up my initial rate quote. Little disappointing.

  • Easy and smooth application process. Great coverage!

  • It was super easy, fast, and the rate was even better than the estimate. If you are looking for term life insurance this is the place.



Source link