Bringing up the life insurance conversation can be daunting, especially when it means discussing end-of-life plans. But making sure loved ones are protected after you’re gone is crucial, and you don’t want to put it off.

Here’s what you need to know about discussing life insurance.

Why talking to family about life insurance matters

Life insurance is designed to leave your family with a financial cushion if the worst happens. After you die, they receive a lump sum cash payout to replace your income, pay bills or debts, or cover whatever else they need.

Having a plan in place for your family can protect their quality of life and ensure they don’t struggle financially as well as emotionally after you’re gone.

If you’re just starting out together, discussing your life insurance needs and getting covered can help give your family a way to pay their growing expenses. Later on, a policy can help cover expensive end-of-life costs, like funerals, medical bills, and late-life care.

How do you prepare to talk about life insurance with someone?

You don’t want to wait for a health scare to discuss your loved one’s final wishes, so it’s important to broach the conversation sooner than later. According to the Conversation Project, 92% of people are open to having a conversation about end-of-life wishes, but only 32% have done so.

Talking with a parent early on can help avoid the need to make decisions in a crisis situation as they age. If you’re making the decision with a spouse or partner, getting on the same page about planning is important, especially if you plan on raising kids together.

A few ways to prepare ahead of time:

• Do your research. Acquaint yourself with the major life insurance types – term life, permanent life, and final expense – to get a sense of what types of plans will meet your needs. Look into major insurers and compare the costs of different plans.
• Take a look at your finances. If you’re considering buying a policy with your partner, start by getting an overview of your income, expenses, and assets to see what you need to protect, along with what you can afford. Encouraging family members to consider life insurance? Write down a few questions about their financial situation to bring up when you talk.
• Find a good time. Life insurance can be a lengthy discussion, especially when you consider finances, individual needs, and difficult end-of-life topics. Make sure you plan for plenty of time to sit down together.

Tips for starting the life insurance conversation

You’ve prepared in advance, have the numbers ready, and found the right moment. It’s time to jump in. But if you’re wondering exactly how to start the talk about life insurance, here are a few tips:

• Focus the discussion around financial security. Life insurance is about having a long-term plan, so focus on that aspect first, especially if you’re not the one buying a policy. You can even introduce the topic by discussing how you’re already preparing for the future by preparing a will or starting a college fund for your kids.
• Lay out the costs. If you’re talking with your partner about buying life insurance, show them the work you’ve put into checking your finances, so they can see where you stand together and how you could afford a policy. And it may be more affordable than they think. Research shows that half of Americans overestimate the cost of insurance by 300%. Share this with your other family members too when you ask them about their finances.
• Listen to their wishes and concerns. Your family member may have questions, thoughts, or concerns about their future and how they want to protect it. Don’t dismiss what they have to say, but use their comments as a launching point to ask more questions about what they want and how they plan to pay for end-of-life costs.

Steps to take after the conversation

Now that you’ve taken the plunge, take a second look at your options with your family member while incorporating their feedback. Most providers offer a life insurance calculator to help you determine ideal policies and coverage amounts.

Once you’re ready to move forward on a life insurance quote, talk to an agent who can offer a range of solutions for unique needs and walk you through the application process over the phone. Then all that’s left to do is apply for your policy and get protected, so you and your loved ones can have peace of mind.

If you still have questions or are interested in buying a life insurance plan, Fidelity Life is here to walk you through the process. Get in touch with us to talk to an agent today, or shop for and buy a term life plan directly on our site.

At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed, and updated regularly to ensure the information is as relevant as possible.