brier February 10, 2014 No Comments

Are you stumped as to what to get your significant other for Valentine’s Day? Have you considered Life Insurance?  It may not be as romantic as flowers but the benefits will last much longer.  Loving someone means you want the best for them, but if you die without being adequately insured, it could force the one you care for to find work or get a second job, move to a less expensive home and put plans on hold – all while grieving. “When you lose someone tragically, the emotional burden is enough to deal with,” says Jeff Rose, a certified financial planner.

When people marry it is expected that they will depend on and support each other financially.  Often though it turns out the life insurance is a good way to protect your fiance, girlfriend, boyfriend or partner.  If you have been dating and have fallen in love but you partner carries a lot of debt, but having life insurance it helps to make sure in the event of your death they will be able to handle the bills without financial ruin.

If you are sharing a bank account and mortgage with someone that is based on 2 incomes the loss of one could be quite detrimental and by providing life insurance it ensures that your loved one will be provided for and able to manage the remaining bills and other financial obligations.

Also while planning for your wedding and future you will want to consider life insurance options at a time when you are younger and in better health. The older you get the more your rates will go up and coverage will be more limited and harder to obtain.

The list can go on and on as to why life insurance is a necessity.  Providing for your children and grandchildren or other loved ones is another big reason to review your options.

According to Marvin Feldman, president and CEO of the LIFE Foundation you can start by following these steps to determine the coverage that will best suit your needs and budget.

1. Estimate your needs – Use an online calculator to get an idea of how much coverage you need, Feldman recommends. If you already have coverage, the calculator will help you figure out whether it’s enough.

2. Go to a pro – Visit a certified financial planner or life insurance agent who can help you decide which type of life insurance is best for you. For example, should you buy term life insurance, which pays a set amount if the policyholder dies during a certain time period, such as 20 or 30 years? Or would you be better off with a policy that accumulates a cash value? A pro can help you sort through other details, such as who, or what, to name as your beneficiary, Rose says.

3. Don’t procrastinate – If you’re putting off getting life insurance because you’re too busy, see whether your employer offers life insurance. Rose usually advises against getting life insurance through work because the amount offered can be too low and many people change jobs regularly, forcing them to get new insurance each time. However, he says it can be a temporary solution for procrastinators. “It can be as simple as going to HR and signing a form and having $10 a month deducted from your paycheck,” he says.

Chocolate, romantic dinner – or life insurance?

In a survey conducted by the LIFE Foundation, one out of four people said they thought life insurance would make a good Valentine’s gift.

So, should you buy life insurance, wrap the policy in a red bow and give it to your loved one on Valentine’s Day in lieu of diamond earrings, a hot air balloon ride or a box of truffles?

That’s probably not the most romantic thing to do, Rose says. “Valentine’s Day is for the flowers, the chocolate, the dinner and the card,” he says. “But the day after, it’s time to get on the ball and get life insurance.”