How today’s adults are approaching tomorrow’s end-of-life planning

End of life planning

As a modern life insurance agency, Haven Life is committed to listening to its customers, and then incorporating that feedback into its plans for the future. Case in point: Earlier this year, Haven Life asked people a few key questions, which led to a deeper understanding of what potential customers need and want to help foster a more meaningful relationship with their agency. Now, a mere seven months later, Haven Life has introduced Plus, an innovative rider that gives policyholders access to additional benefits, like a digital will and an online safe deposit box, at no cost.

More information about the new Plus offerings, along with the learnings from this research, is below. So sit back, relax, and peruse these findings from the cutting edge of insurance research.

The Plus rider is included in the Haven Term life insurance policy issued by Massachusetts Mutual Life Insurance Company (MassMutual).

1 in 3 respondents doesn’t have a death plan. Almost half do not have a will in place.

Our study also found that, among those that do not have a will, getting one is not a priority—nearly 80% of adults without a will don’t have one because they hadn’t gotten around to it yet, while another 13% stated they didn’t know how to get one.

So that’s the bad news (considering pretty much every adult should have a will). But, here’s the good news: If you’ve put life insurance protection into place with a Haven Term policy, the new Haven Life Plus rider features a digital will for you and your partner at no cost from Trust & Will. This easy, streamlined service also includes a healthcare power of attorney and directives. If you’re keeping score at home, yes, we just used words like “easy” and “no cost” in a paragraph about end-of-life planning.

More than half of those who have life insurance do not know the name of their life insurance company

Considering that these are the people responsible for helping you financially protect your family, it says a lot that most policyholders can’t remember or don’t care to remember who their life insurance is written with. With initiatives like Plus and in-depth blog posts (not that unlike this one), Haven Life is aiming to bring new value and meaning to the agency and customer relationship.

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More than 50% of respondents said they would experience financial hardship if their spouse or partner passed away.

And that’s the main reason why term life insurance is worth it—it’s an affordable, easier-than-ever way to take care of your loved ones through whatever financial challenges lie ahead. (The proceeds of a policy can help pay for things like college tuition, a mortgage, and other financial needs.) And while employer-provided coverage is a great work perk, it’s likely insufficient for your needs, not least because if you leave or lose your job you’ll no longer have coverage. Fortunately, it’s easier than ever to apply for term life insurance. Lucky you.

88% of adults keep important documents in a file cabinet, folder or not at all

Couple this with the fact that 37% of married couples have no idea how to access their partner/spouse’s important email, financial or social accounts if they suddenly passed away. Or that only 12% of adults store important documents digitally while nearly 70% admit they could benefit from a better, more organized way to store and share important documents. We know that’s a lot of percentages to process, but the top line is this: A lot of people could use an easier way to store and share their files, and digital files in particular.

The digital-first generation is only now getting to that age where end-of-life planning starts to seem important (typically, in your 30s, though it never hurts to start planning earlier), and organizing files is just one item on a long to-do list. And frankly, people still tend to stuff important documents in a folder or junk drawer and forget about them, even if that’s precisely not what you should do.

These learnings led to Haven Life Plus including a secure, online safe deposit box for storing, managing and sharing your family’s important documents through LifeSite.  LifeSite gives you and your loved ones access to critical information anywhere, anytime – whether it’s during an emergency or just while filling out paperwork in a doctor’s office waiting room (everyone’s favorite pastime). Normally, this service would set you back around $80 per year, but Haven Life Plus offers it at no extra cost during the duration of your term life policy.

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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Almost 60% of adults do not know how to dial emergency services abroad

Granted, this is the kind of information that might not be top-of-mind unless you’re not about to head overseas, so our survey respondents are excused. But still, there’s an easy way to put those critically important phone numbers at your fingertips, and it’s not putting emergency numbers for 250+ countries on speed dial. It’s called LifeLink—a free-to-all mobile app that allows users to connect with 9-1-1 accurately, instantly and at the touch of a button. And if you happen to be outside the U.S. of A. (either on business or traveling with your family), the app will call up the relevant emergency numbers for the country you’re in, connecting you to potentially lifesaving services with the tap of a finger. (Just note: The app doesn’t currently work in Alaska, though the emergency services phone number there ought to be familiar: It’s 911.)

At Haven Life, we like to also focus on learning about each other. Growing together. Which, after financially protecting your loved ones in the event of your demise, is kind of what life insurance is all about. The team at Haven Life appreciates the open, detailed feedback, and is grateful for the privilege of providing customers with peace of mind. After all, we’re in this together—for the long haul.

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Peace of mind might be closer than you think.

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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. This article is sponsored by Haven Life Insurance Agency. Opinions are his own.

Haven Life Insurance Agency LLC (Haven Life) conducted this research for educational/informational purposes only.  Haven Life is an online life insurance agency offering term life insurance issued by Massachusetts Mutual Life Insurance Company.  Haven Life does not provide tax, legal or health advice and the information in the study should not be relied on as such. You should consult your own tax or legal advisors, or other appropriate professional advisors, as appropriate with any questions.

Haven Term is a Term Life Insurance Policy (ICC15DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC. Not all riders are available in all states. Our Agency license number in California is 0K71922 and in Arkansas, 100139527.

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