The Grown Up Things like Term Life Insurance

Hey, y’all! Kollin and I have always talked about how funny it seems to be doing such grown-up things when we don’t feel old enough to do them. For example, people are giving us a loan for our mortgage, or how we run meetings during work and hold a bunch of responsibility for multi-million dollar companies. Sometimes we still feel like the 17-year-olds back in high school when our biggest worry was what we were doing that weekend.

Having just turned 29 on May 31st, these adult things are happening more often, and like anything when you get older, your priorities shift and it’s time to handle growing up. One thing we had to talk about was the importance of life insurance. While we aren’t parents currently, talking about and having a plan for life insurance is really important. Through companies like Fabric, we’ve been able to learn more about term life insurance quotes and how policies for parents are really important.

Those 17-year-olds we still feel like sometimes maybe didn’t understand the importance of the grown-up things we all have to consider now, but as we grow up and the potential for kids come into the picture for us, there are a lot of decisions to be made around insurance. But, no one tells you that insurance can be pretty confusing. So where do you start? I found this article on 5 Reasons You Need Life Insurance and found it really helpful in understanding why getting life insurance is helpful and what factors to think about.

If there is anything we’ve all learned in the last 2+ years, it’s that life is precious and some of us have even lost loved ones too soon. In those moments no one wants to think about insurance or what the next steps are so having all that set up and in place protects your family. A recent study has shown that our age group, millennials, have been most influenced by the pandemic and purchased term life insurance policies than any other group. Forty-five percent of millennials said they are more likely to buy life insurance due to COVID-19, compared with 15% of baby boomers and 31% of Gen Xers.

And in true millennial fashion, we’re reshaping how we think about and purchase term life insurance. We’re more inclined to do our own research and spend time really learning about space before we dive into it. We want to know how it works, how we can customize it, and know that we are getting the best value for our coverage. So, what do you need to consider? I’ve nailed down some big questions:

What kind of policy do you need? Term life insurance or whole life? A term life policy will provide coverage for a certain period of time—typically 10, 15, 20, or 30 years. Finding the right policy is determined by your financial needs and goals. You should also understand what impacts your rate. There are two main factors: health and age. Be sure to compare rates for term life insurance quotes from many companies so you can make sure you’re getting the best rate.

Here are 10 more things to consider when shopping around for the best term life insurance quote. There may be thoughts of I can do this later when we have kids or the feeling of wanting to push it off, but being prepared helps have everything in line so you don’t have to worry about it later. That peace of mind is really nice so you can just keep living life and not have to worry about the adult things.

This post is sponsored by and in partnership with Responsival. As always, all opinions are my own.