Life Insurance Happy Hour Style

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martinis and your money

Life Insurance Happy Hour Style

This podcast is sponsored by Haven Life, an online life insurance agency that lets you buy quality term life insurance online in 20 minutes. All of the comments and points of view shared in this podcast are our own.

Today is the last Friday of the month and in case you are new to this blog or my podcast, on the last Friday of the month, I host a happy hour on my podcast where the happy hour ladies and I talk about various money topics while drinking cheap drinks! Today, we are talking about life insurance.

Life insurance is one of those topics most people don’t want to talk about because most people don’t like to think about the possibility of death, especially while they are still young. Yet, life insurance is something that you should start thinking about sooner than later. I recently shared on this blog some considerations for life insurance; and in this podcast episode we all share if we have life insurance and our reasons for this decision.

What are we drinking?

Melanie from Dear Debt — Malbec

Tonya from Budget and the Beach — Red wine

Mrs. Frugalwoods from Frugalwoods.com — Boxed red wine, also a Malbec

Brittney from Haven Life — Pinot Noir

Shannon — Cosmo

Podcast Notes

  • Shannon says it is important to think and talk about life insurance to see if it is the right option for you.
  • Melanie does not have life insurance right now because she is single, has no kids, no house, and no huge expenses.
  • She has learned a lot about life insurance over the years and says it can be a really great way for parents who co-sign their children’s student loans to protect themselves in the long run if something were to happen to their children.
  • Shannon has a 26-year-old client who has a term life insurance policy so she can protect her parents if anything were to happen to her—and her monthly payment is only $12/month.
  • Brittney says a lot of people don’t think about getting life insurance because they think it is going to be more expensive than it actually is.
  • If you purchase a policy while you are young and healthy, it’ll likely be less than your internet bill or even a combination of your streaming media services. (Not that she would ever suggest getting rid of those.)
  • The younger and healthier you are when applying for term life insurance, the cheaper your premium often will be.
  • Tonya also does not have life insurance, but she believes it is very important for people to have if they have dependents.
  • Brittney does not have life insurance for the same reasons as Melanie, but says she will get a policy either when she gets married or has children.
  • and Mrs. Frugalwoods started researching life insurance when they found out they were having Babywoods and discovered that they actually didn’t need life insurance because they are self-insured through their assets. She does admit, however, that their frugal lifestyle is what has made this possible.
  • Shannon says the one thing people don’t think about when it comes to life insurance is the situation where they lose someone and absolutely cannot go back to work.
  • Out of the Happy Hour group, Shannon is the only one who has a policy.
  • Melanie says if having life insurance gives you peace of mind, the expense is worth it.
  • Frugalwoods says they made their decision about life insurance based on where they are right now and will reevaluate that decision anytime a big life event happens.
  • Haven Life has a calculator to help you find out how much coverage you need.
  • Shannon asks the group what they think about taking out a policy for their children.
  • The most important thing isn’t necessarily deciding to go out and by a life insurance policy right now, but educating yourself about your current financial situation and what your needs may be.

Find out how affordable life insurance can be.

Do you have life insurance? Why or why not?

Haven Term is a Term Life Insurance Policy (DTC, ICC14DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

3 COMMENTS

  1. I and my husband are now considering to take life insurance for the whole family. I hope that we could decide on the perfect life insurance and your discussion is a big help on our decision making. Thanks!

  2. We agree! For many people life insurance can be difficult to discuss because no one wants to think about death and how we have to deal with death. However, it is really important to plan and talk about life insurance so thanks for doing so and thanks for all the info!

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