You Don’t Need To Be A Millionaire To Leave Up To $1.5 Million In Life Insurance To Your Family

A man sits in the middle of the bed in-between his two daughters. His eldest stands and brushes his hair while he braids his youngest daughter's hair.
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Let us guess: You’ve sort of thought about getting life insurance — Hmm, I should probably do that sometime.

That way, if something bad happens to you, you’ll still be able to look out for your loved ones. Thanks to your thoughtfulness and smart decision-making, they’ll be more financially stable and won’t be left stressing about paying the bills without you.

But you just haven’t gotten around to it. You figure it’ll be kind of a hassle, and you really don’t need another bill to pay, right?

Are we getting warm? OK, but what if we told you it’s surprisingly easy and affordable to check this off your list?

An Affordable Solution

Let’s start with the basics: Life insurance is probably cheaper than you think. In general, people overestimate the cost of life insurance. For instance, nearly half of millennials think life insurance costs about five times what it actually does, according to a study by the insurance industry group LIMRA.

Meanwhile, a company like Bestow offers term life insurance rates starting at just $20 a month.

No Waiting, No Medical Exam

Here’s another thing: It’s not the hassle you think it is.

Historically, getting life insurance could be a weeks-long process. You could be asked to go to a doctor’s office to get a physical and bloodwork, then organize and send back results and other paperwork.

But newer companies like Bestow are changing the game. Bestow uses algorithms instead of medical exams to evaluate applicants.

If you’re between the ages of 18 and 60, you can get a free quote without a medical exam — or even having to get up from the couch. In fact, most customers who apply for a Bestow policy do it from their phones. It takes as little as five minutes.

With Life Insurance, Sooner is Better

I’ll worry about this later, you’re thinking. Maybe 10 or 15 years from now.

Here’s the problem with that: You probably won’t get a better deal on life insurance than you will right now, while you still have your health. You’ll never get any younger than you are right now. And the younger you are, the lower your premiums usually are. So, by getting in early, you’ll be protecting your loved ones at what’s likely your best possible price.

“Term life insurance is an affordable way to get started with a death benefit that can cover you through the most important upcoming years — a new mortgage, young children, etc,” says Kerri Moriarty, a financial business strategist based in Boston.

Getting a free quote  from Bestow takes just minutes, and if approved, you could get coverage today. Now’s a great time to start planning for the future. To get the best deal, apply while you’re young and healthy.

Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. He has life insurance.