Why February is the best time to buy life insurance

Buying life insurance coverage can be a smart financial move at any time, but February may be ideal.

A term life insurance policy is a great way to buy coverage for your loved ones at an affordable price.

Find out why you should check off this important financial task on your to-do list this month.

Show your love with financial protection for loved ones

What better way to say “I love you” in a month with a holiday devoted to showing your love than by giving the gift of financial protection to your loved ones?

Sure, getting a life insurance policy might not seem like the most romantic gesture. But ensuring that a policy payout will help financially support your beneficiaries if you pass away is a selfless act of love.

Celebrate sticking to your New Year’s resolutions

With life insurance, generally, the younger and healthier you are, the less you pay for coverage.

If you resolved to get healthier in the new year and have kept your resolutions, you might already be seeing the benefits in February. And your improved health 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.

30-year term life insurance rates
AgeCoverage$250,000$500,000$750,000$1,000,000
25Male$20.03$31.51$44.27$57.02
Female$16.59$25.69$35.54$45.38
30Male$21.91$34.88$49.32$63.77
Female$18.01$27.69$38.54$49.38
35Male$24.84$40.25$57.38$74.51
Female$21.10$33.53$47.29$61.06
40Male$34.31$59.11$85.66$112.22
Female$29.47$46.83$67.25$87.67
20-year term life insurance rates
AgeCoverage$250,000$500,000$750,000$1,000,000
25Male$13.61$19.76$26.64$33.52
Female$12.07$16.95$22.42$27.90
30Male$13.82$20.19$27.28$34.37
Female$12.50$17.82$23.72$29.63
35Male$14.93$22.34$30.51$38.67
Female$13.39$19.33$25.99$32.66
40Male$21.32$34.59$48.88$63.17
Female$18.01$28.27$39.41$50.54
10-year term life insurance rates
AgeCoverage$250,000$500,000$750,000$1,000,000
25Male$10.53$13.95$17.92$21.90
Female$9.86$12.66$15.99$19.32
30Male$10.53$13.95$17.92$21.90
Female$9.86$12.66$15.99$19.32
35Male$10.83$14.38$18.57$22.77
Female$10.08$13.09$16.64$20.18
40Male$14.05$20.32$27.49$34.65
Female$12.95$18.53$24.79$31.06
Source: Haven Life

Reduce your stress with the simplicity of buying a policy online

Buying life insurance can be a quick, easy way to feel virtuous and relieve stress.

You can easily apply online for coverage thanks to innovators like Haven Life, a MassMutual-backed online life insurance agency.

Historically, most medically underwritten life insurance policies require a medical exam. However, Haven Life offers the InstantTerm process in which some applicants for the Haven Term policy who are ages 18–59 and seeking a $1 million death benefit or less might meet the criteria that allows them to finalize coverage without a medical exam, based on the information they provided during the application process.

Keep in mind that it’s always very important to be honest in the application process. The issuance of the policy or payment of benefits may depend upon the answers given in the application and their truthfulness.

If approved and you like what you see, you can get started without even having to leave the house in the cold of February.

Don’t worry if you have to complete a medical exam after you submit your application. The exam takes about 20-30 minutes. You can schedule your appointment online or over the phone.

The examiner can meet you at home, your place of business or an exam office. Pick a place for the medical exam where you’ll be most comfortable giving a blood and urine sample. We find that most Haven Life customers choose to have the paramed examiner come to their homes. Use this helpful guide to prepare.

Enjoy peace of mind now

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.

February can be the perfect time to buy a policy that will provide the financial protection your loved ones need.

Life insurance needs aren't one-size-fits-all.

Start your life insurance checkup

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.

Real Rate is based on your application and third party data obtained during underwriting.

Haven Term is a Term Life Insurance Policy (DTC 042017 and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Our Agency license number in California is OK71922 and in Arkansas, 100139527.

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