Why life insurance makes a perfect Father’s Day gift

Dads work hard, and deserve a little appreciation on their special day. Unfortunately, a lot of the tried-and-true gift ideas are fleeting. As for old standbys like a necktie, well, we don’t know you, but we’re guessing you can be a little more creative than that.

In fact, here’s an idea that’s really out of the box: A term life insurance policy. (No seriously, it doesn’t come in a box.) Buying a term life insurance policy and naming the father of your child(ren) as the beneficiary is a long-term gift that shows how much you care. (And if you are a dad, well, life insurance makes an excellent self-gift, too.)

Here’s how.

It only takes a minute

Let’s talk about the dads of our lives. (Which, now that we’ve said it, sounds like an amazing soap opera.)

Some dads want to be celebrated with their friends and family. Some dads want to spend Father’s Day solely in the company of their own thoughts.

But for both types of dads (and all those in between), here’s one thing that unites them all over the world: They hate wasting time and encourage their loved ones to feel the same way.

Well, good news: You can apply for term life insurance for yourself online. Start with a life insurance quote, fill out an application, get a no-hassle medical exam, and like that, you’re good.

And for some applicants, if you’re approved, your term coverage can start instantly. (You’ll need to be truthful on your application, else you risk non-issuance of the policy or non-payment of the death benefit, which would be the opposite of a great gift.)

You can also look into no-exam coverage from Haven Simple — it’ll cost a little more per month, and you’ll need to be truthful on your application, but it can be worth it if you really, really hate needles (or find that scheduling that exam is keeping you from getting insured).

Name the guy in your life as the beneficiary, and you’re done. Which leaves you with plenty of time to plan next year’s epic Father’s Day celebration and/or day of solitude.

It’ll last

Ok, there are some more things that unite dads all over the world, and one of those things is an appreciation for durability. Think of those dirty shoes he’s had since college, or the old tool set he refuses to part with.

And the problem with most gifts is, they don’t last. Neckties go in and out of fashion. Experiential gifts, by definition, come to an end.

Life insurance? Well, there’s a gift that will stick around for decades.

Plus, taking out a life insurance policy is personal in a way that a monogrammed spatula could never be. It’s an intimate promise between you and your partner and your child (or children). It helps ensure that they have a financial safety net should anything happen to you.

It’s urgent

The fact of the matter is, what you pay for life insurance will only increase as you age. And as we all know, dads love a good bargain, and will appreciate that you got one on life insurance. (See? Another thing that unites all fathers.)

Now is the time.

If you delay, you’ll likely pay a higher rate for coverage, especially if something changes with your health. Besides, your life is no longer just about you, or you and your partner. It’s about your family—whether you are new to parenthood or an old pro—and there are certain things you can do now to take care of your family far into the future.

You can help financially protect your guy and your children by getting a term length of 10, 20 or 30 years, which will cover them during the years it’s needed most. You could get a $1 million term life insurance policy, or a little less, or a little more. (Who doesn’t appreciate flexibility?)

By purchasing life insurance, you’ll be helping take care of their expenses (tax-free) if you were to die. One of the benefits of term life insurance is a lump sum death benefit that can pay for the cost of a funeral, final expenses, your children’s college tuition, the mortgage and more.

The proverbial gift that keeps on giving? Life insurance is it.

It’s budget-friendly

If you think life insurance is expensive, think again. A healthy 35-year-old woman can buy a 20-year, $500,000 term life insurance policy for about $17.50 per month; a healthy 35-year old man will pay a few bucks more than that.

It’s 2023

Life moves pretty fast, and things can change quickly. If you wait a few years, you’ll definitely be older (that’s how time works), and you might have developed health issues that will raise your premiums. Our recommendation? Take care of this now, while you’re young and healthy.

It goes the extra mile

Some life insurance policies come with something called a rider that provides you with additional benefits to your policy. At Haven Life, eligible Haven Term policyholders enjoy the Haven Life Plus rider. It includes a no-cost virtual gym membership (a year’s subscription to the fitness app Aaptiv) free trust and will services (via Trust & Will), and a good night’s sleep — that last one comes from free use of the jetlag-fighting Timeshifter app.

It’s all those things and so much more

Let’s be real: In a time when so much is uncertain, do you really want to spend money on a gift he might not like or use? Or do you want to do right by him and your family, with a gift that is pretty much the definition of generosity? That’s what we thought.