Picture a good life. What do you see? 

For many of us, it starts with a warm, safe home. But maybe it’s sending your kids to school or finally checking home ownership off your bucket list. 

Perhaps it’s going on that vacation you’ve always wanted, or having quick cash on hand for emergencies. Or maybe it’s much simpler, and about getting food on the table or access to medicine when you get sick.

Regardless of how you picture your “good life”, financial planning builds your financial wellness. As you prepare for the future, you’ll see that life insurance is a valuable component of a plan for financial wellness. ‍

How term life insurance can strengthen your financial planning

What is term life insurance? It’s the most affordable form of life insurance that covers you during a chosen period to give you and your loved ones financial peace of mind. 

Term life insurance doesn’t boast any built-in investment options or cash values, which can often add complexity and increase your monthly premium. Instead, you pay as you use it, and if you die during that time (typically a 10 or 20-year term), your beneficiaries are guaranteed a payout. These payouts offer financial security and can be used to cover debt, pay your mortgage, fund your children’s education, or simply pay off day-to-day expenses – making life insurance a worthwhile investment.

If you’re young and healthy, plans are very affordable, making it an inexpensive way to invest in your family’s financial security when you’re gone. And these days, you can save time by safely buying life insurance online.

The benefits of adding term life insurance to your financial plan

Life insurance and a savings plan go hand in hand. Just as you would with any financial goal, you want to prepare for the unknown, protect yourself and the people you love, and provide peace of mind about the future. Term life insurance helps you achieve these and more.

Whatever your goals may be, prioritizing life insurance can help you feel secure about your financial future. It gives you the freedom to make choices so you can enjoy life and ensures you can do what you want with your money, whether it’s buying your first home, getting married, or starting a family. 

As a young person who might be growing their family, you’ll want to help your loved ones live their best lives. For those considering marriage or investing in their first home, you might focus on setting up your future. Assessing your goals and needs is an essential part of financial planning, and life insurance should be part of striving for financial wellness.

Fortunately, term life insurance serves as your family’s financial safety net after you pass away. It’s also flexible based on your needs. You set the length of your policy and have full control of increasing your term if you outlive your policy, or want a new one altogether.

So how much life insurance do you need?

The amount of coverage you need depends on several factors, like your age, gender, debt, family and financial situation, and more. For an accurate estimate, use a term life insurance calculator to assess how much insurance you need to achieve financial wellness.

To achieve financial wellness, you don’t have to compromise homeownership or push aside retirement or other financial and life milestones. Life insurance is more affordable than most people think, and Walnut offers flexible pricing according to your needs.

The importance of financial wellness

Whether it’s making ends meet or the ability to splurge on a vacation, financial wellness can mean different things for different people. But ultimately, it’s about the freedom and security you have to make decisions with your money that makes you happy.

As part of a balanced financial plan, term life insurance can give you one foot in the future and the other foot in the present. You can take financial uncertainty for your family out of the equation and enjoy your life in the present moment.

At Walnut, we offer a holistic approach to wellness by bundling term life insurance at low monthly costs with subscription benefits that fit your unique lifestyle. Complement your physical fitness journey with mental wellness and meditation through subscription benefits to ClassPass and Headspace, or tighten up your cybersecurity and protect your financial accounts with Dashlane.