The Biggest Financial Risk Never Talked About

You’re covered by life insurance. Is your grown child and his or her children?

By Thomas Waring, Jr. Co-founder, GCW Capital Group

There’s a major financial risk lurking around the corner for far too many baby boomers with children and grandchildren. And it’s hardly ever thought about, or talked about. If your son or daughter in his or her 20s, 30s or 40s were to die today, is his or her young family covered by life insurance, or aren’t they?

If the answer is no, it’s time to have the second most important talk you’ll ever have in your parent-child relationship.

I am a boomer, myself, with a son, daughter-in-law and grandchildren—all of whom I love more than anything in the world. If the unthinkable ever happened, I would do whatever I could to help pay for the needs of the surviving spouse and children. I am certain that every grandparent would say the same.

But what would the financial cost be of that very real risk? It’s huge.

The devastating impact could destroy all of one’s own savings, and everything we have worked for to cover our own future expenses. I am happy to share today that there is yet one more option in life insurance offerings to help families avoid this risk, while potentially saving the insured a great deal of time and money.

Online Life Insurance: What’s It All About?

Online life insurance offerings have entered the scene recently, and one of the newest offerings is from Haven Life—a start-up out of New York City that is backed by MassMutual. Such offerings are a result of the industry’s realization of what the numbers were telling it. Sales of life insurance policies have declined more than 40% since the 1980s. Almost 30% of all US households have no life insurance at all. Because young adults in their 20s and 30s often think that they are immune to potential health issues or accidents, the decline accelerated.

On top of that, the cost (internally) to process one term life insurance policy (for a client under age 40) in hours worked by a financial firm can potentially exceed the commission made on the sale. In my opinion, that’s why many firms stopped offering or promoting life insurance policies.

Haven Life’s term life insurance product is called Haven Term. It takes advantage of technology to analyze the health information you provide in their online application and other available data to make a coverage decision in real-time. One can complete the process in about 20 minutes, and find out then and there about approval and amounts approved for—policies are available for up to $1 million in coverage. With their InstantTerm process, some qualified, healthy applicants don’t need to complete a medical exam. If a medical exam is needed to finalize coverage, the report will inform you of that need.

Experienced Guidance to Manage Your Risks

At GCW Capital Group, we think such offerings are a smart move for the life insurance industry. Whether one is best suited for an online offering or a traditional life insurance policy is a question that we are here to help anyone navigate. It’s one more tool in our pockets to help create solutions that matter. We hope the subject sparks conversations between new grandparents and their children that we have always been a part of.

If you have uninsured children, please start the dialogue today. GCW Capital Group provides professional, expert advice to young adults about all options—both traditional and online—that might make the most sense and offer the greatest value for an individual’s situation. We’ll help you determine which approach may be best, what amounts, and if an online or traditional source is the best option. If denied for the coverage you seek for any reasons, we also will help find out the exact reasons why, and create solutions to get you where you need to be.

Arrange a consultation today with GCW Capital Group about the latest life insurance options by calling 716-256-1682, or request an appointment using our online form, or via email at

Opinions are my own and I am not compensated by Haven Life. Haven Life Insurance Agency, LLC (Haven Life) is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual).