Note: This post was originally published on May 2, 2018 and has been updated for clarity and accuracy based on current data.
When you and your partner have time to spend enjoying the life you’ve made together, the last thing you probably want to talk about is the fact that it’s going to end someday. Maybe you’ve always tried to avoid the topic of life insurance, pushing it around like your kids used to push around lima beans on their plates. We get it. It’s a tricky subject to navigate, emotionally speaking.
This can leave your family vulnerable, though, and a conversation about life insurance may be the first step to better financial protection for the people you love. Even if you already have some coverage, you may want to discuss final expense life insurance. At an average of $8,000-10,000, a funeral bill isn’t exactly the legacy you want to leave for your loved ones, and a final expense life insurance policy may help cover some of those costs.
Dwelling on death isn’t the healthiest thing to do, but planning for it can actually be pretty empowering…especially when you do it together. Here are a few tips for making a hard conversation a little bit easier.
1. Come prepared
When two people try to talk about something they both wish they didn’t have to talk about, there’s a good chance that at least one of you will try to change the subject. This is why it’s important to come to the table (or the couch, porch swing, etc.) with enough information to keep the discussion on track.
Before you sit down to talk, jot down your goals, intentions, and priorities, and invite your partner to do the same.
How much life insurance do you think you may need?
What expenses do you foresee that life insurance helping to cover?
What’s your target budget?
What are your end-of-life wishes?
These could be some good jumping-off points for a productive conversation.
2. Choose the right time and place
Don’t try to squeeze in a discussion about life insurance at the end of a long day or when there are likely to be a lot of potential distractions. Block off enough time that you won’t feel rushed. Avoid tackling the subject when you didn’t get enough sleep the night before or when it’s been too long since your last meal (because let’s face it, most of us aren’t our best selves when we’re exhausted or “hangry”).
A comfortable environment can go a long way, too. Pour two cups of hot coffee and sit side-by-side on the deck if it’s a nice morning. Light a few candles and snuggle under your softest blanket if it’s a chilly evening. Or grab a long lunch at a tucked-away table in your favorite restaurant. Whatever feels right!
3. Agree to disagree
Chances are, you and your partner have been together long enough to know that there will always be things you don’t see eye-to-eye on. However, fingers crossed, you’ve also become experts in the fine art of compromise. Be patient, acknowledge each other’s concerns, and talk through them.
Cost is usually a big point of hesitation when it comes to purchasing life insurance, but the good news there is that you may be overestimating what that cost actually is. On average, respondents to the 2018 Insurance Barometer Study thought that life insurance was three times more expensive than it actually is.
If you’re considering final expense life insurance, keep in mind that this type of policy typically maxes out around $20,000-30,000, so monthly premiums tend to be much lower than some other forms of life insurance. It’s also worth noting that the application process for final expense life insurance generally doesn’t include a medical examination. 50% of people said they’d be more likely to buy life insurance if it didn’t require a medical exam, so this may be a selling point (for at least one of you…because you know, 50%).
4. Get a professional opinion
Once you and your partner have talked things through on your own )and maybe grabbed a quick online quote from Final Wishes Covered℠), it might be time for some professional guidance. Talk to a financial advisor if you’d like, and then give us a call at (888) 432-7066. Our agents are here to answer questions, address concerns, and help you choose a product that best fits your budget, needs, and values.
A thoughtfully-constructed life insurance plan is one more way that you and your partner can help take care of each other and take care your family…and we think you’ll agree that’s worth having a tough conversation!