Anyway, what better way to get in the February spirit than by buying some life insurance coverage? Hear us out. After all, a term life insurance policy is a great way to help financially protect the people you love at an affordable price. And here are a few reasons to get that coverage right here, right now, in the glorious second month of the year.
What better way to say “I love you” than by giving the gift of financial protection to your loved ones?
Sure, getting a life insurance policy might not seem like a romantic gesture. But ensuring that a policy payout will be available to help financially support your beneficiaries if you pass away is a selfless act your partner will appreciate. It shows you care. It shows you can commit. It shows you can think long-term. (But yeah, maybe include a bouquet of roses with the printout of the policy.)
It shows you’re sticking to your New Year’s resolutions
You resolved to get or stay healthy. You resolved to be better with money. Well, here’s some great news: Getting coverage will help you check both those resolutions off your list.
You see, with life insurance, generally, the younger and healthier you are, the less you pay for coverage. In fact, you might already be seeing the benefits in February. And your improved health score on your medical exam — if it’s needed — could help you get a lower life insurance rate.
Take advantage of your improved health status to lock in a low rate. The following are sample quotes for a Haven Term policy, issued by MassMutual, for people in excellent health. (These are for a 20-year policy, but you can also get terms of 10, 15 and 30.)
|20-year term life insurance rates|
|Source: Haven Life|
And suffice it to say that getting a term life insurance policy is a staple of those “10 Things to Do Right Now” articles on financial websites. This is a no-brainer.
You’ll be the MVP of your family.
As the clock winds down and the confetti begins to pour, one person will stand on the field hoisting the most valuable trophy: You. Because you’ve just bought life insurance, a quick, easy way to feel virtuous and relieve stress. You’re on your own for the halftime entertainment, though. (Speaking of, it’s possible to get coverage in place, or at the very least apply online, before the third quarter begins.) All that’s left is planning your victory parade.
The best performance in a supporting role goes to… life insurance.
Look: Winning a major award isn’t just about one glorious night in an evening gown or a tuxedo. It takes months, even years, of discipline and practice to get there, and then that award can sit on your mantle for a lifetime. That’s kind of like term life insurance. (Except the part about hard work and practice.) You take out a policy, and it will be there for you for up to 30 years.
So no matter the month, don’t let the time you think it will take you to get coverage be an excuse for not getting life insurance. Your loved ones can use the payout from a policy for expenses like the mortgage, child care, shared debts and the many other day-to-day bills. Just don’t forget to thank your agency…
Cameron Huddleston is the author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances. She also is an award-winning journalist who has been writing about personal finance for more than 17 years. You can learn more about her at CameronHuddleston.com.