Talking About Life Insurance

Talking About Life Insurance

Brian Miller
January/February 2019

Talking about serious topics can be daunting—especially when that topic concerns death. You hate to think about scenarios where life insurance might be needed. But, you still want your family to be protected in case the worst happens. This is why it’s important to have a discussion with your significant other about life insurance.

If you’re unsure how to have the conversation about life insurance with your significant other, consider these points:

You Are Not Alone

Start by knowing that you are not the only one who wants to have this conversation. One-third of all married or partnered consumers wish that their significant other would purchase more life insurance. An additional 16 percent of consumers do not know the details of their significant other’s life insurance policy. These numbers are even higher for millennials—42 percent would like their significant other to increase their life insurance.

Life Insurance Is Not a New Concept

Having serious discussions with your spouse or partner about money is no longer a taboo and it gets easier with every conversation you have. You should not feel ashamed about wanting additional financial safety for those you care about most. Life insurance has existed since the days of ancient Rome: You are part of a legacy of individuals who wanted to ensure that every member of their family was protected.

Honest, Direct Conversation Is Key

Try to express your feelings about obtaining life insurance as clearly and openly as possible. It is natural to have different ideas about your family’s future—you have those feelings because of your own values and life experiences. Understanding the underlying emotions at play when talking about life insurance can help you foster a productive discussion. Remember, you and your significant other are a partnership, and you both want the best for each other.

Talk About the Realities

What are the reasons behind why you want life insurance for yourself or your significant other? Are you worried about credit card or other outstanding debt? Are you focused on ensuring that your children have funds for college? Do you have a mortgage to pay? Would you need a way to help replace the income that would be lost in your household? These are all very common reasons people own life insurance and can serve as strong talking points during the discussion with your partner.

Lay Out the Facts

Your spouse or partner may be concentrated on the cost of life insurance. However, life insurance can actually be more affordable than you think! Consumers tend to overestimate the cost of life insurance by more than three times its actual cost. Millennials have the strongest misperception—44 percent of millennials estimate life insurance to be over five times the actual cost. If your significant other expresses these concerns, there is a good chance that they may be overestimating the actual cost of life insurance.

Above all, remember you are having this conversation because you care for each other, and want to ensure that your family is protected for the future.