This is a collaborative post with Jenny Life Insurance and BraVoMark.
A few years ago right before my mom was scheduled for a big surgery, she sat me down and we reviewed the next steps if she died. Although this wasn’t the easiest conversation we’ve ever had, it left a big impression on me. At the time, I was a sophomore in college living on campus. With a part-time job as a Teacher’s Assistant I couldn’t afford much living in New York City. If something happened to my mom, what would I have done?
Although we generally do not like to talk about death, when getting our finances in order, it’s important to consider how death can financially impact our loved ones. Although death can lead to an inheritance, it can also create an incredible burden that can cripple our family’s financial situation.
How much does the average funeral cost in the U.S.?
Ranging anywhere from $7,000 to $10,000, funerals are expensive.
The cost for home and burial services, caskets and flowers can quickly add up. And although the average cremation costs much less, about $3,500, if we don’t plan ahead, these expenses can cause some serious damage. Not to mention that when you die, your family may inherit some of your debts like a home equity line or mortgage.
So why not protect your family (and your wealth) by planning ahead with life insurance?
Planning Ahead With Jenny Life App
Let’s say you own a home, perhaps you might want to pay off your mortgage ahead of time to eliminate the burden of your spouse, children or elderly parents having to pay the mortgage. Or maybe you want to get an insurance policy that builds in the cost of your remaining balance. Remember, most people wish they had more life insurance coverage so align your insurance policy with your goals and family needs.
You can also plan for kids going to college by creating a college fund or contributing to a 529 Plan. A 529 Plan covers expenses like tuition and fees, books and computers.
When Jenny Life Insurance interviewed four women who lost their spouses, here are some of the commonalities they found among the widows:
- All wished they had more life insurance.
- They were surprised by how little the policy value was through their spouse’s employer.
- All were uncertain (at first) about how they would get the insurance payout/redemption.
Bridging the Gap
According to Jenny Life Insurance, 60% of moms do not have life insurance. With so much at stake, Jenny Life Insurance is bridging the gap by creating a new mobile app called Jenny Life.
Jenny Life is changing the way busy moms think about life insurance by making the process hassle free. With the Jenny Life app, health exams and office visits are no longer required. And within minutes, you get an instant quote. Insurance policies start at $5 a month and from start to finish, complete everything on your smartphone!
Danielle is a travel finance strategist, writer, speaker and podcaster. She paid off $63,000 of student loan debt in 4 years, bought a house at 27 and has traveled to 25 countries. She refuses to let her financial responsibilities hold her back from living life on her own terms.