February is all about love, with couples flocking to jewelry stores and florist shops to pick out that special something for their special someone before heading out to their favorite restaurant. But this year, why not schedule one more stop before heading out to your dinner à deux — your insurance agent’s office?
While there’s no denying that a bouquet or box of bling is always welcomed, there is another gift that can have an even greater impact on the one you love: life insurance. It ensures that your loved one (or loved ones!) will be taken care of financially, even after you are gone.
And while the vast majority of Americans—86%—believe life insurance is important, according to the LIMRA and LIFE Foundation 2011 Insurance Barometer Study, more than a third have no life insurance coverage. The consequences of that gap in coverage can be devastating. Without sufficient life insurance, many families face potential ruin when the income from their loved one is no longer available.
Even those who currently have an insurance policy in place may have underestimated the amount needed. You need to take into account two key figures: the amount of money needed to cover final expenses and outstanding debts (also known as “investment capital”) and the amount needed to sustain the household. Visit the easy-to-use Life Insurance Needs Calculator to get a working idea of what amount of coverage you might need.
And it’s not just the breadwinner who needs to have an insurance policy in place. Stay-at-home parents make significant contributions to the family’s economy, in terms of childcare and household tasks, whose value has been estimated at more than $40,000 per year. With an insurance policy in place, there will be sufficient funds to ensure that these responsibilities are met and the family’s quality of life is preserved, despite the loss.
As for singles, it’s a common misconception that those without children or a spouse have no need of life insurance. Singles may be providing financial support to siblings or aging parents, or have significant debt that, without the insurance pay-out, may pass to other family members. By evaluating your current financial situation and taking into account the needs of those who are depending on you, you may realize that purchasing a life insurance policy makes good sense.
These are serious considerations for a hearts-and-flowers month, but what better time to demonstrate the love you have for each other and for your family than by ensuring that you and those you care about are adequately protected? Then make this February extra-special by giving each other a special “gift of love” in the form of life insurance.
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