How modern families can buy life insurance


As a parent, one of the most important things you can do for your family is get some basic life insurance on the books. This gives your family a buffer in case of emergency and gives you some much-needed peace of mind.  

But the process of buying life insurance can be complex. Getting covered can take longer than expected, even for the most well-organized mom or dad.  Case in point: according to LIMRA, a life insurance research association, 93% of American believe that life insurance is necessary and a smart option to have in place, but only 43% of Americans own life insurance.  The hurdle is that the process is difficult to navigate.

So what is the best way for modern families to buy life insurance in 2018 and take getting life insurance from concept to reality?

First, figure out what kind of life insurance you’ll need (or what works best for your family).  

There are two main types: term insurance and whole life or universal insurance.  With term insurance, you pay a given amount for a set period of time (the “term”) and if the insured passes on, the insurer pays the coverage amount.  

Whole life insurance offers coverage for the lifetime of the customer and has an investment component built in.  However, its fees are not locked in and can change over time.

Many young families choose term life insurance because it is generally much less expensive, and they prefer to handle investments on their own. 

Second, decide how you will purchase your life insurance.

The traditional route involves finding an insurance broker or advisor. They help you navigate the different options to figure out what you need.  Companies like Northwestern Mutual, Mass Mutual, MetLife, and Prudential will have you go through an application process, do a health exam, share medical records, go through the underwriting process and then discuss your coverage offer with you. The industry rule of thumb is to expect the traditional process to take 6-8 weeks.

An alternative route that is gaining traction is to buy life insurance online, using a reliable provider. In this case, technology will help you figure out what you need and get you underwritten quickly. Companies like Ladder and Haven Life give people the chance to answer a few basic questions and get a quote in seconds. If you like what you see, you will then be guided through an application, go through real-time underwriting and get a decision quickly—in some cases in less than ten minutes.

It’s good to keep in mind life insurance isn’t just for working parents or the main breadwinner of the family.  It’s helpful for stay-at-home parents too. suggests that between managing household expenses, repairs, child care, pet care, food shopping, cooking, cleaning, and transportation, stay-at-home parents put in an average of 94.7 working hours a week.They also estimate that the value of all of this labor is equivalent to almost $115,000 per year. So when your children are young, it’s especially important for both parents to consider life insurance.  

So start 2018 off right by checking life insurance off your list. Getting some basic coverage is a great start and you’ll enjoy some great peace of mind knowing your people are protected.

Ladder is life insurance built to be instant, simple and smart. We offer direct-to-consumer, fully-underwritten, term life insurance online. We do not charge policy fees and we do not employ commissioned sales agents. You can apply for life insurance coverage and get an instant decision in minutes. You can also decrease your coverage online over time, with no fees or penalties, so you can adjust your coverage as your family’s life needs change. Visit to learn more.

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Posted on January 03, 2018 at 12:02 PM