Let’s face it — thinking about life insurance isn’t most people’s idea of a good time. Not only can insurance be dry and complicated, but the idea of death is pretty unsettling.

Still, no one wants to leave their loved ones unprepared, and life insurance is one of the worker benefits that many employers offer during the end-of-year open enrollment season.

That makes now a great time to learn more about it, especially if you are wondering whether getting coverage through work is right for you.

Choosing between term and whole life insurance

Term life insurance covers you for a set term, meaning period of time. It can be relatively simple to get and typically costs a lot less than whole life insurance, which covers you for the rest of your life and has additional financial benefits beyond a lump sum death benefit (we’ll get into this below).

But there’s a tradeoff: If you outlive your insurance term, you’re left with nothing to show for it. Plus, the term life insurance offered by many employers — known as group term life insurance — often covers workers just for the length of their employment, so if you change jobs, you may have to find new coverage.

Is your employer policy enough?

Employers that offer group term life insurance often provide a baseline benefit amount and pay all or most of the premium for you.

Since there’s little or no cost, and usually no medical evaluation or paperwork required, taking this coverage is one of the few no-brainers you’ll encounter in your benefit selection.

However, one of the big drawbacks to getting term life insurance through work could be a low benefit amount. More than half of employers who offer life insurance provide one year’s worth of pay or less, and just 2% offer more than two years’ worth, according to a 2023 study by Guardian Life.

Then the question becomes: Do you need to buy more coverage? There is no one-size-fits-all answer, but here are some ways to determine what your family will need if you aren’t around.

How much life insurance do you need?

Life insurance is meant to protect loved ones from financial disruption, so at a basic level, you want to think about replacing your income.

•  Some experts recommend getting coverage for at least 10 times your annual salary.

•  Or, you could multiply your annual salary by the number of years you have left before retirement.

•  Or you can add up a list of expenses. Some financial planners recommend carrying enough insurance to pay off all your debts (including a mortgage if you share a home with someone) and to support your spouse and dependents for one year after your death. Other considerations may include college tuition expenses for children, the cost of health insurance, replacing your 401(k) match, childcare expenses if your surviving spouse were to return to work, and the cost of replacing your contributions to the household (home maintenance, tax preparation.)

If it seems daunting, don’t stress. A life insurance calculator (here’s ours) can be a good place to start.

What about getting your own policy?

Leaving aside the affordability of getting coverage through your job, there’s no doubt buying your own life insurance policy gives you a lot more control.

You can choose the exact kind of coverage you want: term life, whole life, or universal life, which is another type of permanent coverage.

Permanent coverage, which is much less commonly offered by employers, comes with higher premiums. But it never expires, and it offers savings and investment options — and the ability to borrow against the cash value of your policy.

Here’s another consideration: Even if term life insurance makes the most sense for you, and your employer offers additional coverage at an extra cost, is that employer coverage the best option for you?

On the one hand, the employer’s group discount can make coverage more affordable. And you may be able to get a better deal if you’re older or have health problems.

On the other hand, there can be less flexibility to add a spouse to the policy or make other adjustments. And don’t forget employer-provided life insurance is linked to your job — and sometimes to full-time status. If you leave the job or cut back your hours, you could lose coverage.

Who might benefit from taking out term life insurance?

For people on a tight budget, term life insurance is the most affordable choice. You can use lower-cost term policies to cover your insurance needs and invest separately in an investment account, such as an Individual Retirement Account or workplace 401(k).

Generally speaking, term life insurance can be a good choice for people who are looking for protection until retirement, when a surviving spouse would inherit their retirement assets and Social Security survivor benefits. Or, would-be parents could consider their children’s graduation timeline when buying a term policy.

Who might benefit from taking out whole life insurance?

If you’re looking to reclaim some of the value of your premium payments, whole life may be a good option because policyholders can withdraw payments tax-free or take tax-free loans against the cash value.

Whole life insurance may also be a good choice for someone who fears a surviving spouse might run out of money in retirement.

Whether you opt for term life for its affordability and simplicity, or whole life for its lifelong coverage and financial benefits, the key is to ensure your coverage matches your family’s future financial needs. Remember, life insurance isn’t about you — it’s about providing for those you love when you’re no longer able to do so.

Coverage and pricing is subject to eligibility and underwriting criteria.

Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.

Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderlifeTM policies. SoFi is compensated by Ladder for each issued term life policy.

By selecting Get a Free Quote, you agree to Ladder sharing with SoFl information about any insurance application you submit and any policy you may obtain SoFi Technologies, Inc.(“SoFi”) will be paid by Ladder when a policy is issued to customers through this SoFi Protect link.

Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years.

All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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If your Italian getaway or summer road trip feels like years ago, your next big trip probably can’t come soon enough. But should you travel in this unpredictable economy, when you’re trying to save money?

Only you know what feels right for your budget, but there are cost-conscious travel options. Whether you’re considering a romantic getaway, a solo adventure, or a family vacation over the holidays, here are five ways to keep your expenses in check.

1. Be flexible with your schedule. Traveling when others aren’t can be a great way to lower your costs (and avoid crowds.)

•   Go abroad during Thanksgiving week: This year fares to Western Europe, Canada, and Western Asia are down 10% to 30%, according to Going, a subscription travel site for bargain hunters.

•   Fly on a holiday: Fares tend to be lower if you’re willing to fly on Thanksgiving, Christmas Eve or Christmas Day itself, according to Going.

•   Fly midweek: Flights on the weekend can sometimes cost more, though it’s not a hard-and-fast rule.

•   Explore the other shoulder season: Shoulder season is often just before or after the pricey summertime peak, when the weather is still nice but school is in session, so fewer people are taking trips. But if you ski or snowboard (or just want a cozy weekend away) some resorts may have a third shoulder season in January-February, when holiday travel is over but students and families aren’t yet thinking about spring break.

•   Go with the flow: Airlines often have low-fare calendars where they show you the cheapest dates to fly with them.

2. Tap into Travel Tuesday. Black Friday isn’t just about shopping deals. Pounce on any Thanksgiving-weekend travel sales, which in recent years have extended to not just Cyber Monday but Travel Tuesday. Just make sure you’ve researched the going rates on potential destinations so you can capitalize quickly when you see a discount.

3. Sleep cheaper. A classic Airbnb rental can easily be more expensive than a hotel, but it may be worth exploring the Airbnb “private room” route, where you’d get your own access to one area of someone else’s house or apartment. This option won’t give you the same run of the place, but according to research from Upgraded Points, the average private room Airbnb was cheaper than the average hotel in every U.S. city they analyzed. (And, it may still be worth exploring renting an entire home, depending on how much you’d save by cooking your own food.)

If you have time to plan, you may also want to consider arranging an apartment or home swap through an outfit like Intervac. A stay might also include borrowing the homeowner’s vehicle or even exchanging pet-sitting duties.

4. Mix steals with splurges. If you go whole hog on tickets for musical theater or a famous amusement park, offset those expenses with free activities on other days of your vacation. Even some of the world’s spendiest cities have great no-cost options like walking tours, farmer’s markets, or museums. For example, the Brooklyn Botanic Garden in New York welcomes visitors on “​​Pay-What-You-Wish Winter Weekdays,” and London has more than 25 museums with free admission.

5. Leverage loyalty. Using travel points and miles you’ve earned on your credit card may be a no-brainer, but members of hotel and airline loyalty programs often get other less-obvious perks too. Even if your points balance is looking meager, you may be able to get hotel freebies like late checkout, free parking, or room upgrades.

(If you’re a SoFi Plus member, you can earn rewards for booking through SoFi Travel, our Expedia-powered travel portal.)

SoFi Travel: Terms, and conditions apply. This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider’s terms: Travel Services Terms & Conditions.

SoFi Plus: SoFi Plus is a premium membership that gives members access to our best APY, discounts, rewards, and more when they set up Eligible Direct Deposit or pay the SoFi Plus Subscription Fee. Benefits are subject to change and may not be available to everyone. All terms and conditions applicable to the use of SoFi Plus apply. To learn more about SoFi Plus and available benefits and terms, please see the SoFi Plus page.

SoFi Plus members can earn 5% cash back in rewards points on all bookings except air travel through SoFi Travel using any card (“Elevated Earn”). For complete SoFi Plus eligibility, please see the SoFi Plus terms.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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Halloween is a low-effort, high-reward holiday. We don’t have to cook a feast, buy gifts, or sit through a potentially tense dinner with relatives. Instead, we get to just have fun: shriek through haunted houses with friends, gorge ourselves on bite-size candy, and find meme-worthy costumes at Spirit Halloween.

But the holiday may have even more significance this year, when high prices and worries about the economy have Americans looking for ways to cut back. According to a recent PwC survey, many people are viewing Halloween as a time for calculated indulgence — a rare chance to treat themselves (within reason.)

“Halloween is emerging as one of the year’s sanctioned extravagances, like a cultural permission slip to go bigger, louder, more elaborate,” PwC analysts Ali Furman and Kelly Pedersen wrote when they released the survey results this month.

“It’s fun and social — both IRL and on screens. And for many consumers, especially Gen Z and millennials, it now occupies the same mental category as a concert ticket or a long weekend away. It’s a fleeting experience that justifies the splurge because it promises connection and memories.”

Among over 2,000 U.S. adults PwC surveyed in September, Millennials and Gen Z were leading the spending charge this Halloween. Between costumes, candy, decorations, and events, Millennials were expecting to spend $447, on average, and Gen Z’ers were poised to shell out $328. Both generations were twice as likely as Baby Boomers to anticipate a bigger expense this year than last.

Overall, U.S. spending on Halloween has surged over the past five years, even if it’s still a fraction of what Americans spend on winter holiday hauls.

More than material splurges, Halloween has become about investing in memorable fun: Forty-five percent of people surveyed by Empower last month said they’d rather spend on experiences than decorations. Many are opting for pumpkin patches, parties, and haunted houses over 12-foot skeletons and pricey costumes.

And despite rising costs (cocoa prices are more than double what they were two years ago), over half of people surveyed say Halloween is one of their favorite holidays and the memories they make with loved ones are priceless. Some even started shopping for Halloween in July and August (#Summerween,) surveys show.

So what? The occasional treat can be crucial for staying disciplined and motivated when you’re in hunker-down mode. And that’s proving to be the mindset, as many Americans still make room in their budgets for non-essentials despite feeling financially squeezed and less secure about their jobs, according to data from Deloitte.

Halloween may even be serving as a “lipstick index“ of sorts, reflecting our desire to keep small forms of indulgence when we don’t feel we have the luxury to truly splurge.

Related Reading

Why Halloween Candy Is Getting More Expensive and Less Chocolate-y (CNN)

U.S. Shoppers Are Expected to Spend More Than Ever on Halloween This Year (NPR)

How President Trump’s China Tariffs Are Taxing the Price of Cherished Halloween Pumpkin Pastime (CNBC)

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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