That Quiet Fear Parents Carry
You’re doing dishes after a long day. The kids are asleep, your spouse is scrolling through the TV, and your mind drifts—just for a second—to that what-if scenario. What if something happened to me? What would happen to my family?
Most people don’t like thinking about life insurance. It’s morbid. It feels like betting on bad things. But responsible parents and partners don’t avoid uncomfortable questions—they confront them with a plan.
Life insurance isn’t for you. It’s for the people you love.
Why Life Insurance Matters (Even If You’re Young and Healthy)
If you’re in your 20s, 30s, or 40s, life insurance might not feel urgent. But here’s the truth:
The earlier you get it, the cheaper it is. And the more your family needs you, the more they need it.
Life insurance is a financial safety net that steps in when you can’t. If your family depends on your income, your presence, or your caregiving, they need protection if something happens to you.
In a 2023 survey by LIMRA, nearly 44% of households said they would face financial hardship within six months if the primary wage earner died. (source)
Let’s make sure your family isn’t one of them.
What Is Life Insurance, Really?
Let’s simplify this. Life insurance is a contract between you and an insurance company. You pay a monthly premium. In return, if you pass away while the policy is active, your family (the beneficiaries) gets a lump-sum payout—tax-free.
This money can be used for:
- Replacing your income
- Paying off the mortgage
- Covering childcare and education
- Eliminating debts
- Funding future goals, like college
It’s not a windfall. It’s a way to keep life stable when everything else feels uncertain.
The Two Main Types of Life Insurance (And Which One You Likely Need)
There are dozens of options, but most people only need to understand two: term life and whole life.
1. Term Life Insurance
Term life is the most straightforward, affordable option for families.
- Covers you for a set period (10, 20, or 30 years)
- Premiums are low because it’s temporary
- Pays out a death benefit if you pass during the term
- Does not build cash value
Best for: Young families, new parents, homeowners, and anyone who needs high coverage for low cost.
Example: A healthy 35-year-old parent can get a $500,000 policy for around $25/month.
2. Whole Life Insurance
Whole life covers you permanently but comes at a cost.
- Lasts your entire life (as long as you pay)
- Builds “cash value” over time, which you can borrow against
- Premiums are much higher (up to 10x more than term)
Best for: High-income individuals, complex estate planning, or those with lifelong dependents (like a child with a disability).
Unless you have unique needs or advanced planning goals, term life is the better fit for most families.
How Much Life Insurance Do You Really Need?
A good rule of thumb:
Get 10 to 12 times your annual income.
If you earn $80,000 a year, you’ll want a policy worth $800,000 to $960,000. Why?
That amount allows your family to:
- Replace your income for years
- Pay off big debts (mortgage, student loans)
- Handle everyday expenses
- Fund your kids’ future (education, weddings)
Use this formula as a starting point:
Annual income × 10 + mortgage balance + other debts + education costs = recommended coverage
There are also free life insurance calculators available online from reputable sources like NerdWallet or Policygenius.
When Is the Best Time to Buy Life Insurance?
The best time? Yesterday. The next best time? Today.
- The younger you are, the lower your premium
- The healthier you are, the more options you have
- Waiting increases the cost—or worse, you could be denied coverage after a health issue
Don’t wait for the perfect moment. Life won’t send a calendar invite.
Common Myths That Stop Families from Getting Life Insurance
Let’s bust a few lies that might be holding you back:
“I’m young and healthy. I don’t need it.”
You won’t always be. Getting coverage early locks in low rates for decades.
“I can’t afford it.”
You probably can’t afford not to. Term life policies can cost less than a streaming subscription.
“I get life insurance through work.”
Employer-provided policies are often 1–2x your salary—far below what your family needs—and disappear if you leave the job.
How to Get Life Insurance in 3 Simple Steps
You don’t need to know everything. You just need to get started.
Step 1: Get a Quote
Compare providers online in minutes through trusted marketplaces like:
Step 2: Choose Your Coverage
Pick a term and amount that matches your life stage:
- 20- or 30-year term
- 10–12x your income
- Pick a company with strong financial ratings (A.M. Best “A” or higher)
Step 3: Complete the Application
Some policies require a quick medical exam (many don’t). Once approved, your coverage starts immediately.
Frequently Asked Questions (FAQs)
How much does life insurance cost?
For a healthy 30-year-old buying a 20-year term policy:
- $250,000 coverage: ~$15/month
- $500,000 coverage: ~$25/month
- $1 million coverage: ~$35–40/month
Prices vary based on age, health, lifestyle, and term length.
What happens if I outlive my term policy?
The coverage ends. You can either:
- Renew it at a higher rate
- Convert it (some policies allow conversion to whole life)
- Get a new policy (if you still need coverage)
Can stay-at-home parents get life insurance?
Absolutely—and they should. Even if you don’t earn a salary, your contributions (childcare, home management) would cost tens of thousands to replace.
Do I need life insurance if I’m single with no kids?
If no one depends on your income or would be financially affected by your passing, you may not need much coverage—just enough to cover burial and debts. But if that changes, reassess.
Let’s Recap: Why This Matters
- Life insurance is a gift, not a gamble
- It’s for them, not you
- It’s simple to get, and doesn’t have to be expensive
- The earlier you act, the better
The truth is, you don’t know what tomorrow holds. But you can control how prepared your family is if the worst happens.
Your Next Step: Make the Call
This week, carve out 15 minutes and get a quote. Talk it over with your spouse. Don’t wait for perfection—just take a step.
Because peace of mind isn’t something you stumble into. It’s something you choose.
And when your kids grow up and realize you protected their future—before they even knew they needed it—they’ll thank you.
Protect Their Future—and Help It Grow
Getting life insurance is about protecting the people you love. But real financial security doesn’t stop at protection—it grows with consistent investing.
That’s where Mostt comes in.
Mostt is the investment app designed for parents who want to build a better future for their kids. Whether it’s saving for college, future opportunities, or giving your child a financial head start, Mostt makes it easy to get started with as little as $25/month.
You don’t need to be a finance expert. You just need to start.
Protect what matters. Then invest in it.
Open your account with Mostt today and make a move your future self—and your family—will thank you for.