The Stash Way: Consider Insurance for Your Long-term Financial Plan

Budgeting, saving, and investing are building blocks that can help you tackle the final goal of the Stash Way, which is about protecting yourself, your family, and your assets against sudden loss.

Having the right insurance can help you stay on track financially, and it can be crucial to making sure you, your loved ones, and your property are protected if the unexpected happens, such as death, an accident, an injury, or theft. 

Stash has partnered with providers that offer access to life insurance, renters and homeowners insurance, disability insurance, and auto insurance.

Life insurance 

Life insurance can help protect your loved ones against loss of income and other financial uncertainties in the event of your death. In fact, purchasing life insurance can be an essential part of a smart financial plan, which should also include regular saving and investing.

Here are four reasons why getting life insurance may be a good idea for you.

1. It can help replace lost income. Your wages and salary can be essential to your family. Life insurance can help your spouse, partner, or children replace the income you contributed when you were alive. That can include day-to-day expenses, monthly bills, and other common financial obligations.

2. It can help with burial costs. It may be unpleasant to think about, but the average funeral costs up to $10,000 today.Life insurance can help offset some of those costs.

3. Paying for educational expenses. If you have children, you’ll want the best for them, especially after you’re gone. If your beneficiary puts your life insurance payout in a custodial account, or some other educational account, such as a 529, it can help fund their educational expenses. The money can also help your beneficiary cover the cost of your remaining student loans.

4. Paying outstanding debts. You and your spouse or partner may have a mortgage or other debts, such as credit card or other loans you co-signed together. Life insurance could help your beneficiary with paying off the balance of those debts.

Renters and homeowners insurance 

If you’re a renter or a homeowner, insurance can help cover your home and your personal property (both inside and outside of your home) in the event of theft or other qualifying loss. Renters and homeowners insurance provides financial protection for your home and your belongings in case of certain incidents such as fire, windstorms, or vandalism. These policies can also protect you from liability claims, including medical bills, when someone tries to sue you for damage or injury on your property.

Disability Insurance

Disability insurance can give you paycheck protection by replacing part of your income if you are injured or become too sick to work. You can get short-term disability insurance, which can typically replace approximately 50% to 60% of your income for a period of weeks or months. Or you can get long-term disability insurance, which typically can cover slightly less of your income (usually between 40% and 60%) for a period of years, or even decades. 

Auto Insurance 

If you own a car, you most likely need car insurance. It is required in almost every state in the U.S. and can help cover medical costs, repairs, property damage, even the replacement cost of your car if you get into an accident, or your vehicle is stolen. If you plan on buying or leasing a car, you need auto insurance. 

Stash and insurance

You don’t grow wealth in a day, and you want to make sure you protect yourself and your assets as you grow your wealth. You can find out more about insurance from some of Stash’s insurance partners here. 

We’ve built a home for all your money needs in one app, uniting investing, spending, saving, and guidance under a single roof.¹ Stash offers you access to the essential building blocks for achieving financial security. 

Remember, as you’re building the financial future you want, Stash wants to be with you every step of the way to help you achieve your goals.