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Why December is the best time to buy life insurance

It’s the month of presents, holidays, and more. But it’s also a great time to buy life insurance. Here’s why.

‘Twas the night before New Year’s, when all through the house, not a creature was stirring, not even a mouse.

And why’s that? Because you’re heading into 2021 with “get life insurance” crossed off your to-do list, and your life has immediately become calmer and quieter.

Oh, you haven’t taken care of that yet? For those that are wondering when to buy life insurance, December is the month to do it.

Here’s why you should prioritize getting term life insurance coverage during December, which somehow is here already.

In this article:

Life insurance makes a heartfelt gift

Simply put, a term life insurance policy provides financial protection for your loved ones in case something happens to you. Those loved ones, or beneficiaries in life insurance lingo, will receive a lump sum payout for the amount of coverage you purchase should you die before the end of your term. (And if you don’t die before the end of your term, good news: You’re alive!)

In other words, this is something you do for other people, and something that will benefit your family after you’re gone. In a sense, life insurance is the ultimate gift — something you give someone both now and later, even when you’re not there to give it to them. Buying life insurance now is a way of saying “I love you enough to protect you even when I’m not around.”

Also, it’s easy to wrap.

Life insurance will keep you warm at night

Well, not literally. But you will sleep more soundly knowing that your family is covered in case the worst should happen. We all have enough to worry about —  in 2020, especially — so think of a life insurance policy as giving yourself peace of mind, not to mention a measure of long-term comfort to your loved ones that they will be able to cover any final expenses should anything happen to you. No mere blanket can do that.

Which reminds us: Who needs life insurance, anyway? Simply put, anyone who has other people who depend on them for their financial well-being. For example, if you have kids who would be impacted by the loss of your salary, you probably want life insurance to serve as an income replacement. If you have a partner who depends on you for income (or for managing the house), you probably want life insurance. If you take care of aging parents, or if you have outstanding debts that would become someone else’s responsibility, you probably want life insurance.

Everybody has value. But if part of the value you bring to your family can be measured in dollars, you probably want life insurance.

Life insurance is a great use of that travel budget

So you’re not visiting family this year. Or taking that dream cruise or family vacation to Hawaii. Turn lemons into life insurance lemonade by repurposing those savings for your life insurance premiums.

Consider this: The price of one round-trip ticket from Chicago to Honolulu over the holidays is around $600 right now. (Keep in mind, prices are lower due to the pandemic.) For a family of four, that adds up to $2,400, before considering food, accommodations and other expenses. Well, guess what? Since you’re probably tabling that trip for now, you can put that $2,400 toward paying for a new life insurance policy. And that goes a long way. For a 35-year-old man in excellent health, a 30-year term life insurance policy for $1 million from Haven Life will cost about $77 / month. That means your $2,400 will pay for two-and-a-half years of that policy. For a half-million dollar policy, which would cost that same man roughly $41/month, that $2,400 will pay for nearly five years of that term.

Point is, if you’re fortunate enough to be a little extra liquid this year, now is a great time to get coverage.

Quotes for term life insurance

Age Gender Health Face Amount Term Length Premium
30 Male Excellent $500,000 30 $36.26
30 Female Excellent $1,000,000 30 $54.46
35 Male Excellent $500,000 20 $24.63
35 Female Excellent $750,000 20 $29.42
40 Male Excellent $600,000 15 $29.90
40 Female Excellent $800,000 15 $35.12

Quote for Haven Term policy

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2020’s been hard. Life insurance will make 2021 (and beyond) easier

At some point, we will move on from this trying year. And that’s putting it mildly. There was a once-in-a-lifetime pandemic. (We hope!) Unimaginable economic hardship. A divisive election. And a series of tragedies that made it even more clear how far we have to go in terms of racial justice. Suffice it to say, it hasn’t been easy.

Thinking about the future is often a great way to pull through difficult times. And one thing you can do today to help make tomorrow a little brighter is take a few minutes to apply for a term life insurance policy that will cover your loved ones in case the worst should happen.

It’s the holidays. You might have a little extra time

We know, we know — typically, you spend this season running around, searching for gifts for everyone on your list, going to your holiday party and your partner’s holiday party and your friends’ holiday parties and … whew, it’s exhausting just thinking about it. But this year, you’ll be shopping online. You’ll be attending those parties virtually. And, well, you’ll be working from home, which means no one has to know you’re finding new clothes for your kiddos during your Zoom meeting. Point is, you might have a little time to spare, and it only takes a few minutes to apply for decades of coverage. Pretty great ROTI (return on time investment), if you ask us.

Life insurance is more affordable than you think

Get your free quote

Buy life insurance now. Scratch something off your 2021 to-do list

The end of the year is a great time to take stock and set goals for the 12 months ahead. Maybe you want to build up an emergency fund. Maybe it’s time to buy your first house. Maybe this is the year you get out of debt. Whatever your plan, term life insurance coverage is an important part of it. For a small investment in your monthly premium (see table above), you can provide coverage that your loved ones can use for a whole host of things.

What kind of things? Well, anything they want, technically. But typically, families will use that payout to cover funeral and burial expenses; help pay off a mortgage; invest in a child’s education (including college); food and other monthly cost-of-living expenses. Essentially, all the things you would pay for if you were still around.

Life insurance is the perfect stocking stuffer. And it’s guaranteed to fit

Look, we’ve already explained why it’s a perfect gift. But it’s also a superior gift — you don’t have to worry about getting the wrong size, or figure out how to wrap it, or how to sneak it into the house and into a stocking without anyone noticing. All you need to do is say “Honey, I have life insurance coverage now, because you and our family deserve it. Happy holidays!” (And maybe put a bow around a printout of the policy.)

Pro tip: It might help if you also get them something else, despite the possible inconveniences we just mentioned. You know, just in case.

But whatever you do, you’re ultimately showing your loved ones you care, that you’re thoughtful, and that nothing — not even the unforeseen — will stop you from taking care of them.

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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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