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What are the advantages of life insurance?

Life insurance does not only benefit your beneficiaries. A policy has advantages that extend to policyholders as well.

Life insurance does not only benefit your beneficiaries. Life insurance policies has advantages that extend to policyholders as well.

Depending on how your beneficiaries choose to use it, the proceeds of a life insurance policy, known as a death benefit, can help pay the rent and/or mortgage; your children’s education; help pay lingering debts, and in the event of  your untimely demise, can help those who are mourning your loss to address financial needs and worries during a difficult time.

But while all of that is true and important, there are other life insurance benefits, too, for the insured person and if you’re thinking about getting coverage (which you need if you have loved ones who depend on your income), they’re worth considering.

It’s cheaper and easier than you think

Permanent life insurance coverage lasts a lifetime, but can be costly. Term life insurance covers you for a fixed number of years and is surprisingly affordable. For example, a healthy 35-year-old woman could buy a 20-year, $500,000 Haven Term policy, issued by MassMutual, for about $18 per month. Also, the process is quick and easy. You can rustle up an initial quote for yourself by answering a few questions.

One of the main things that affects the price of life insurance coverage is the age of the person taking out a life insurance policy. As your age increases, so does the price you’ll pay to buy a policy. So it is usually more affordable to buy life insurance coverage when you’re young and healthy.

If you’ve decided to buy a term life insurance policy, you can easily apply online for coverage at Haven Life. A helpful member of our customer success term is available if and when you need it. If your Haven Term application is approved, you can start coverage that day. For medically underwritten coverage, it’s common to need a medical exam to verify the application information and to finalize your rate. At Haven Life, if a medical exam is needed, this can be taken at a time and place of your convenience. Some may qualify for temporary life insurance coverage while waiting for the medical exam results and a decision on the application.

It’s usually tax-free

In the event that you die during your life insurance term, the death benefit paid to your beneficiaries is typically tax-free. Not only does this mean your money goes straight to them, but it also means you can do less math.

When you’re deciding how much to get insured for, you can work out your family’s future needs without trying to calculate what happens if the tax code changes over the next couple of decades, which means you can put away the calculator and the crystal ball.

It gives you inner peace

When you get home or auto insurance, you’re obviously hoping not to experience a car crash, burglary or flood, and term life insurance is similar: you plan not to use it. If you outlive the term, you don’t get the money you spent on the premium back (but you’re still alive, which is incalculably valuable), so you should think about what the policy bought you, namely: peace of mind. Even a good life comes with some worries, especially if you have kids and/or a partner, and a life insurance policy can give you tremendous tranquility, knowing that there is a financial backup plan for your dependents. If you’re interested in inner peace, it’s also worth noting that term life insurance is cheaper and less time consuming than a yoga retreat, and you don’t need to leave the house for it.

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It gives you outer peace

The sense of calm you feel when you know you’ve protected your family with life insurance will also be felt by your family themselves (definitely the adults, and probably the kids once they understand what things cost). If you’re the bread-winner, your partner will have the proceeds of the policy to help with financial needs during a difficult time, which makes for a markedly less stressed household, which is better for everyone in it (including you).

It makes you discuss death … but not for too long

When you’re assessing your life insurance options, it’s inevitable that you and your partner will think about mortality, and that’s actually a good thing. Only 1/3 of us have living wills, so it’s important for families to discuss what each person wants if they should die unexpectedly or end up unconscious in the hospital. While you’re talking about life insurance, it might also be worth discussing preferences to be outlined in your wills, especially since you can create them at no cost as one of the several benefits of being a Haven Term policyholder.

Once you’ve had those conversations about death – well, you’ve had them. And it’s the same with life insurance. With such weighty matters decided upon, you can get on with the business of living, only with less worry than before. And that may be the greatest advantage of all.

It’s not just easier life insurance, it’s an easier life.

Learn about the perks that come with being a Haven Term policyholder.

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About Michael Davis

Read more by Michael Davis

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:

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