Why December is the greatest time to buy life insurance


'Twas the night before New Year's, when throughout the house, not really a creature was stirring, not really 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 looked after that yet? For people who are wondering when to buy life insurance, December is the month to do it.

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

Life insurance makes a heartfelt gift

Simply put, a phrase life insurance policy provides financial protection for your loved ones in case tips over to you. Those family members, or beneficiaries in life insurance lingo, will get a lump sum payout for that quantity of coverage you purchase in the event you die before the end of the term. (And if you do not die prior to the end of your term, great news: You're alive!)

In other words, this is something you do for other people, and something that will benefit your loved ones after you're gone. In this way, life insurance may be the ultimate gift – something you give someone both now and then, even when you're not there to give it to them. Buying life insurance coverage now is a way of saying “I adore you enough to protect you when I'm not around.”

Also, it's not hard to wrap.

Life insurance could keep you warm at night

Well, not literally. However, you will sleep more soundly understanding that your family is covered should the worst happen. We all have enough to bother with – in 2021, especially – so think of a life insurance coverage as giving yourself peace of mind, as well as a stride of long-term comfort to your loved ones that they will be able to cover any final expenses should anything happen for you. No mere blanket can perform that.

Which reminds us: Who needs life insurance coverage, anyway? Simply put, those who have other people who rely on them for his or her financial well-being. For example, for those who have kids who would be influenced by losing your salary, you probably want life insurance coverage for everyone as an income replacement. For those who have a partner who depends on you for income (or for handling the house), you most likely want life insurance coverage. For proper care of aging parents, or if you have outstanding debts that would become someone else's responsibility, you probably want life insurance coverage.

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

Life insurance is an excellent utilization of that travel budget

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

Consider this: The price of one round-trip ticket from Chicago to Honolulu over the holidays is about $600 at this time. (Keep in mind, prices are lower because of the pandemic.) For any family of four, that adds up to $2,400, before considering food, accommodations and other expenses. Well, you know what? Since you're probably tabling that trip for now, you can put that $2,400 toward spending money on a brand new life insurance policy. Which goes quite a distance. 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 covers two-and-a-half years of that policy. For a half-million dollar policy, which may cost that same man roughly $41/month, that $2,400 will pay for nearly 5 years of that term.

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

Quotes for term life insurance

Quote for Haven Term policy

2021's been hard. Life insurance coverage will make 2021 (and beyond) easier

At some point, we'll move ahead from this trying year. And that is putting it mildly. There is a once-in-a-lifetime pandemic. (Hopefully!) Unimaginable economic hardship. A divisive election. Along with a series of tragedies that made it even more clear what lengths we have to go in terms of racial justice. The reality is, it hasn't been easy.

Thinking concerning the future is usually a fantastic way to survive difficult times. And something reaction you can have today to help make tomorrow a little brighter is take a few minutes to apply for a term life insurance policy that will cover all your family members should the worst happen.

It's the holiday season. You may have a little extra time

We know, we know – typically, spent this season running around, trying to find gifts for everybody on your list, visiting your holiday party as well as your partner's party as well as your friends' holiday parties and – whew, it's exhausting just thinking about it. However this year, you'll be shopping online. You'll be attending those parties virtually. And, well, you'll be working at home, meaning no one has to understand you're finding new clothing for the kiddos on your Zoom meeting. Point is, you may have a little time to spare, and it only requires a few minutes to apply for decades of coverage. Pretty great ROTI (return on time investment), should you ask us.

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

The end of the year is a superb time for you to take stock and hang goals for the Twelve months ahead. You may wish to develop an emergency fund. It can be time to buy your first house. Maybe this is actually the year you get out of debt. Whatever your plan, term life coverage is an important part from it. For any small investment in your monthly premium (see table above), you are able to provide coverage that the family members can use for any number of things.

What type of things? Well, what you 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 along with other monthly cost-of-living expenses. Essentially, all the things you would pay for if you were still around.

Life insurance is an ideal stocking stuffer. And it is certain to fit

Look, we've already explained why it's a perfect gift. But it's additionally a superior gift – you don't have to worry about obtaining the wrong size, or learn how to wrap it, or how to sneak it into the house and right into a stocking without anyone noticing. All you need to do is say “Honey, I've insurance coverage now, since you and us deserve it. Happy holidays!” (And maybe put a bow around a printout from the policy.)

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

But anything you do, you're ultimately showing all your family members you care, that you're thoughtful, which nothing – not really the unforeseen – will stop you against taking care of them.