How Can I Bring Up Life Insurance With My Partner?
Life insurance can be an uncomfortable topic to broach, says
Kathy Tofano, Marketing Director, Gerber Life Insurance. Starting
with key “what-ifs” can help couples level-set, such as asking:
What would paying for a mortgage, childcare or building our kids’ college savings look like if one of us were to pass away?
“Thinking about current and future children, having them on your policy, and also the ability to have coverage for your spouse [aids] in that family conversation about who to cover and why,” Sharpe says.
Here’s how the conversation is unfolding for Avery and Ethan:
Question 1
Customer 1: Avery
Avery and her husband discuss their life insurance strategy in a rare 30-minute window when both their kids are asleep and they’ve finished an episode of their favorite TV series.
With a mortgage, daycare bills and contributions to a college fund on their plate, Avery is focused on a cost-conscious approach that can protect her husband and children in a worst-case scenario. She’s also intrigued by how life insurance can build cash value.
Planning to buy a home in the next 18 months—and anxious about a cutthroat housing market—Ethan and his wife are keeping their budget front and center as they consider life insurance.
Ethan is balancing big moves ahead—like a new mortgage and home renovations—while ensuring his wife has financial security if the unexpected were to happen. They’d like to start having kids in the next two years, so Ethan wants robust, affordable life insurance as their expenses continue to change.
Customer 2: ETHAN
gerber life insurance perspective
“The conversation should be like: ‘If something happened to you [or] me, would you expect to stay here in this home? … Would you be able to afford it? … Or if we have kids, how would we be able to take care of them if we didn't have both of our incomes?’"
— Kathy Tofano, Marketing Director, Gerber Life Insurance
What Type Of Life Insurance Is Right For My Family?
Avery and Ethan both want the flexibility to extend coverage to their spouses and kids, which drew them to Gerber Life Insurance’s Family Plan. The provider offers two family-focused options: the Term Life plan with coverage for a set period and the Whole Life plan, which offers lifelong coverage. “The biggest deciding factor is the amount of coverage you may need,” says Tofano. “Term gives you the most amount of coverage for the lowest cost … whereas Whole Life insurance … provides protection for your whole life, [but] it's substantially higher in cost. If you really need a large amount of coverage, [Whole is] not going to cover the bulk of your need if you have substantial need.”
Explore the benefits of each Gerber Life Family Plan and Avery’s and Ethan’s gut reactions to them:
Question 2
Term Life Plan
COVERAGE Available coverage lasts 10, 20 or 30 years, with option to include spouse and/or kids on one policy
AMOUNT $100,000 to $2,000,000 in available coverage
COST More affordable premiums at a locked-in rate that will never increase
APPLICATION PROCESS Easy application online or by phone with coverage in minutes
COVERAGE Lasts a lifetime, with option to include spouse and/or kids on one policy
AMOUNT $50,000 to $1,000,000 in available coverage
COST More expensive premiums at a locked-in rate that will never increase
APPLICATION PROCESS Easy application online or by phone with coverage in minutes
Whole Life Plan
OTHER PERKS Builds cash value; participants can borrow against the policy or turn in the policy for available cash value, adding a financial safety net
With her kids’ long-term education top of mind, Avery likes the Whole Life plan’s ability to build cash value, but appreciates the Term Life plan as a more affordable path to securing her spouse and kids’ future.
AVERY'S REACTION
Anticipating plenty of house expenses and looking to save before starting a family, Ethan likes the Term Life plan’s budget-friendliness and ability to cover himself, his wife and their future kids during critical years.
ETHAN'S REACTION
gerber life insurance perspective
“[For couples], both partners really should have individual coverage for themselves, and the Family Plan enables that in one process.”
— Megan Sharpe, VP, Marketing, Gerber Life Insurance
How Can Life Insurance Change With My Needs?
Striking a balance between cost savings and reliability, Avery and Ethan both decide to go with the Term Life plan—a popular choice among millennial customers, according to Sharpe. Getting coverage sooner is important because you can always reevaluate your policy later on, she says. “As your family and finances change, you can buy more coverage over time.”
Five years in, let’s see how Ethan’s and Avery’s plans are working for their evolving families:
When Avery’s kids are in elementary school, she launches her own consulting business.
With her Term Life plan, Avery’s family is secure as she advances her career and continues to save for her kids’ education. Down the line, Avery may consider investing in the Whole Life plan—helping her and her husband build a lasting legacy.
Question 3
Customer 1: Avery
Settled into their forever home, Ethan and his wife decide they’re ready to have kids.
Ethan feels a sense of calm knowing that their Term Life plan will ensure their home and future childcare are covered in unforeseen circumstances. With lower premiums keeping their finances in check, they can focus on the fun stuff—like turning their spare room into a dreamy nursery.
Customer 2: ETHAN
gerber life insurance perspective
“Life is unpredictable ... Life insurance is something you should have, but hope to never need.”
— Megan Sharpe, VP, Marketing, Gerber Life Insurance
Learn more about life insurance and get expert advice here.
Family Plan Term Life policies are available to adults ages 18 - 70. Family Plan Whole Life policies are available to adults ages 18 - 80. Policy Form ICC19- GLTL. Policy Form Series GLTL-19. Policy Form ICC19- GLWL. Policy Form Series GLWL-19. Product not available in NY, CA, FL, SC, SD. Home Office: White Plains, NY 10605. Gerber Life Insurance is a trademark. Used under license from Société des Products Nestlé S.A. and Gerber Products Company. WAVE # AR-FRB1(0325)