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Today’s episode is the first in the ‘resource series’ where I interview people from different financial or mental health products/services that can help us with our mental health and wealth journey.
Let’s start with this one topic that may not seem sexy but is super important. And that is life insurance.
I chat with Laura Boylan, head of underwriting solutions at Haven Life Insurance Agency (Haven Life), which is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). She works with a team of software engineers to design and build an industry-leading platform that serves as the foundation for a fully digital life insurance new business process.
Laura explains everything you need to know about life insurance, the different types, what affects the policy rates, and the different benefits.
We talk about how common mental health issues like anxiety and depression are evaluated for policies and rates. She answered questions regarding insurance coverage for bipolar disorder and suicide.
She also discusses the challenges with insurance applications because of the pandemic and how COVID-19 affects the insurance coverage and rates.
If you want to minimize the risks of financial stress to your mental health and provide protection for you and your family, you definitely want to listen to this episode.
Note: I am in no way sponsored or associated with the company involved but I may earn a commission through my referral link.
What You Will Learn From This Episode
- The different types of life insurance and how to choose the right insurance for you
- How common mental health issues are evaluated for policies and rates
- Are bipolar disorder and suicide covered by life insurance?
- Insurance application, rates, and coverage during COVID-19
- How insurance offers financial protection and minimizes the risks of financial stress
“Guaranteed issue is an option for someone that has a medical condition that might preclude them from a fully underwritten policy.” – Laura Boylan
“It’s important to prepare for anything that can happen. I mean, just look around and see the situation we’re in now. It’s important to have those plans in place to make sure that your family is taken care of. And it’s often more affordable than folks think.” – Laura Boylan
“The younger you are, the less you pay.” – Laura Boylan
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Timestamps
2:39 – What is life insurance, the different types, what affects the policy rates, and the difference in benefits
5:13 – Whole life insurance versus term life insurance – which suits you best
6:45 – How common mental health issues like anxiety and depression are evaluated for policies and rates
8:46 – Life insurance evaluation and coverage for people with bipolar disorder
11:05 – On suicide and life insurance and what is a contestability period
13:20 – What will happen if someone lies on their application
14:12 – The challenges with insurance applications during COVID-19 plus how it affects the insurance coverage and rates
16:37 – How life insurance offers financial protection and minimizes risks of financial stress
21:51 – What the life insurance payout looks like and how to know if lump sum or annuity is good for you
Resources
- Haven Life Insurance Agency – check out your prospective rates
- National Suicide Prevention Hotline
- Get access to a crisis counselor by texting HOME to 741741
- EP 9 – How Grief Affects Your Finances: An Interview with Emily Guy Birken
Connect with Laura
Connect with Melanie
- mentalhealthandwealth.com
- melanielockert.com
- Contact: mentalhealthandwealthshow@gmail.com
