Nationwide Life Insurance review
This post was created in partnership with Nationwide.
If you are a mom, life insurance is one of the fundamentals of financial planning — no matter your income, or whether you are the breadwinner or a stay-at-home or single parent.
Even if you aren’t wealthy, imagine what your kids’ life would be like if they didn’t have the benefit of your income in the event of tragedy. Consider the cost of every day expenses, child care, education, and housing that will still need to be paid if something happens to you.
Life insurance, which provides a tax-free cash payment, helps take care of that worry.
Many of you know this but are still putting it off. Below are some common reasons that may be stopping you from getting life insurance:
You just don’t think you need life insurance
I know, we all think we are invincible, but the fact is there is always a possibility of something happening at any time. I’ve seen first-hand how families have struggled because they were not prepared for the unexpected.
You think your life insurance policy through work is enough
This is a common perception, and it may be true depending on your situation, but it’s important you understand the limitations of an employer policy. They are contingent on your employment with the company (no job = no insurance!). And you can’t lock in a rate with these policies, so the price is going to go up as you age, so you may be paying more in the long-run. And finally, they usually only cover 1-2x your salary. How long will that last your family? Is it enough?
You don't totally understand how life insurance works and who gets the money
Life insurance can be really confusing and there are a lot of misperceptions. While it can cover burial expenses, as a mom, this is only part of what you need to be thinking about. You also need to consider how your family will survive without your income. I know it isn’t pleasant to think about, and that may be a reason why you have put it off, but you really shouldn’t.
You think it is too expensive
Many people think it is expensive, but the truth is, it’s often very affordable. For example, if you are a 40-year non-smoking female old and in good health, you could obtain coverage for less than $20 per month. You can always increase your coverage later, but it’s best to lock in a rate while you are young because it does get more expensive as you age.
You’re uncomfortable paying for something you may never need
I’ve heard this one before as well, and although we never want to waste money, this is one time I hope you waste money (nothing ever happens to you). However, on the off chance something does you need to be prepared, the consequences can be disastrous financially if you’re not prepared.
To help you feel more confident to get started thinking about the best way to protect you family, I’ve worked with Nationwide to answer some basic questions about life insurance.
What type of life insurance is best for me?
The answer to this question depends on your goals and your unique situation, and it is best to talk to a life insurance specialist. However, if you are between the ages of 20-50, term life insurance (term refers to the length of time you are insured) may be a good option for you as it is the most affordable way to protect your family during the years when it is most needed. There are other types of insurance for people seeking life-long coverage, but it tends to be more expensive.
To learn more about the different types of life insurance click here.
How much life insurance do I need?
The simplest way is to think about the amount of coverage you need is to add up the balance on your mortgage, your credit card debt, and the amount of money want to leave to the people you love, minus your savings. If you are on a budget, determine what you can afford monthly and start with that.
To find out exactly how much you need check out Nationwide’s planning calculator
How do I get a life insurance quote?
There are many ways to get a quote online, but this is a big decision and you may want to talk to somebody. I recommend you get a quick quote and then if you still have questions call Nationwide. Their life insurance specialists will find solutions to meet your family’s needs.
I have chosen to partner with Nationwide because they are a trusted brand that has been around for over 90 years. They are more than just another big company selling insurance and financial services products. They are in the business of helping you solve problems.
The site ConsumersAdvocate.org gave Nationwide Life Insurance a 10/10 for reputation and customer service, and a 9/10 for its policies, highlighting the high number of features and flexibility.
Nationwide has been accredited by the Better Business Bureau since 1955. The company has received a grade of A+ from the BBB, and an A+ Standard & Poor's Financial Rating.
Emma Johnson is a veteran money journalist, noted blogger, bestselling author and an host of the award-winning podcast, Like a Mother with Emma Johnson. A former Associated Press Financial Wire reporter and MSN Money columnist, Emma has written for the New York Times, Wall Street Journal, Forbes, Glamour, Oprah.com, U.S. News, Parenting, USA Today and others. Her #1 bestseller, The Kickass Single Mom (Penguin), was named to the New York Post's ‘Must Read” list.
Emma regularly comments on issues of modern families, gender equality, divorce, sex and motherhood for outlets like CNN, Headline News, New York Times, Wall Street Journal, Fox & Friends, CNBC, NPR, TIME, MONEY, O, The Oprah Magazine and The Doctors. She was named Parents magazine’s “Best of the Web,” “Top 15 Personal Finance Podcasts” by U.S. News, and a “Most Eligible New Yorker” by New York Observer.
A popular speaker, Emma presented at the United Nations Summit for Gender Equality. Read more about Emma here.