When I was 30, my mom was diagnosed with stage 1B pancreatic cancer.
Do you know the statistics for all stages of pancreatic cancer combined?
They’re grim: The one-year relative survival rate is 20% and the five-year rate is 7%, according to the American Cancer Society.
Of course, her diagnosis left me with some serious questions: “Will I be around for my kids? If not, how can I prepare my husband for this possibility — if not emotionally, but financially?”
Fortunately, my mom is alive and well, seven years later.
What if I’m not so lucky?
I Decided I Needed Life Insurance
Here’s why I decided to get term life insurance: I reasoned that I have a higher-than-usual chance of getting cancer (I’m currently undergoing genetic testing), so I’d better think hard about how to pay for my kids’ college education if I pass away.
Here’s the reality: I might not perish from cancer. I could get in a car accident. Or fall off a mountaintop. You never know! (Sorry, I know this isn’t fun to think about.)
How Does Life Insurance Work?You pay a recurring amount of money, called a premium, to an insurance company. The insurer pays out a tax-free sum of money to your beneficiary or beneficiaries if you die while the policy is active. This is called a death benefit.
Term life insurance helps with other expenses upon your death — not just college:
● Replacing your absent income
● Mortgage costs
● Funeral and other end-of-life expenses
● Cosigned debt
● Child care or dependent expenses
● Medical expenses or long-term care
You can choose from different types of life insurance:
● Term life insurance
● Whole life insurance
● Universal life insurance
● Variable life insurance
● Variable universal life insurance
● Final expense insurance
● Group life insurance
● Simplified issue life insurance
● Guaranteed issue life insurance
I Opted for BestowBestow offers policies provided by North American Company for Life and Health Insurance®. Bestow only offers 10-year and 20-year term policies and the 20-year term is only available if you’re under 45 years old.
I chose Bestow because there’s no medical exam and both plans allow you to cancel any time, without paying any fees*. You can apply for a plan in a matter of minutes online and get approved quickly. Dust off your hands. You’re done.
Plus — no blood draw? Sign. Me. Up.
It’s Easy!I literally got life insurance in just a few steps. First, I filled out some basic information.
I chose 20 years because my kids are only 7 and 4. Ten years wouldn’t be quite enough.
Then, I added my address and email address. And created a password.
I needed to answer a few questions about my health, such as whether I have high blood pressure, cancer, etc. and report on any high-risk activities.
A popup asked whether a parent of mine had died of cancer or heart disease before age 65. I was able to say, “Nope!”
I added my beneficiaries and my credit card information. I messed around with the coverage a bit, then hit “Enter Your Payment” and I was set. Covered for 20 years!
Peace of Mind for the College Years
Is your child heading to college this fall? In that case, it’s still a good idea to get life insurance if you plan to use a tuition installment plan. What if you die while your child’s in college?
Bestow in particular only offers people ages 21 to 55, so look into different life insurance options if you’re older. Life insurance can get more expensive as you get older. Also, the more health problems you have, the higher your rate may be.
Ultimately, getting term life insurance is a great way to say, “I love you!” to your family members — including helping your kids go to college.
*Premiums will not be reimbursed after the 30-day Free Look Period.