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Best Ever Valentine’s Gift

February 11, 2016 at 12:00 AM

I have the best ever Valentine’s Day gift for the love of your life.

Life Insurance.

Yes, I said life insurance. Before you call me unromantic (or something worse), hear me out.

Valentine’s Day is all about showing the one you love how deep your love runs.

Well, making sure your love will be okay no matter what life brings seems like a pretty dramatic display of affection.

And to be honest, it baffles me how people tell me all about the love of their life, but then when I ask about life insurance they look at me as if I am crazy. When they are the crazy ones. If you love someone, you will do anything and everything to protect them. Right? Well, life insurance is a vital piece of protection.

Here’s everything you need to know about life insurance in 4 easy steps:

1. You need insurance if anyone depends on your income. That can be a spouse, a partner, children, and parents, anyone who you financially support.

2. Think through the annual income those dependents would need to take care of themselves. Multiply that amount by 25.

3. Shop for a term life insurance policy with a death benefit equal to the sum you computed in step #2.

For example: If your loved ones would need $50,000 a year to support themselves if anything were to happen to you, then you want to buy a term life insurance policy with a death benefit of $1.25 million. ($50,000 x 25). I know that sounds like a lot, but term insurance is incredibly affordable. For a 40-year-old male in good health, the premium could be less than $100 a month for a 20-year policy.

Why do I say 25x their annual needs? Because the death benefit will be big enough that your loved ones can invest the money conservatively-say in high quality municipal bonds-and generate the income they need without eating into the principal. The longer they preserve the principal, the longer they will be safe and secure.

4. Focus on how long they need protection. A term life insurance policy lasts for a specific period of time. It can be 5 years, 10 years, 20 years, or longer. The goal is to buy a policy with a term that matches how long your loved ones need protection. That’s typically not forever. For example, let’s say you and your love have young children. A 20-year term life insurance policy provides the peace of mind that if anything were to happen to you, your spouse (or partner) would have the resources to raise the kids-including college. (And an important note: stay-at-home parents need life insurance as well. Just think of all the costs the surviving parent might incur as a single parent, including help around the house, or carpooling and after-school care.)

Got it? Good. Now head over to, where you can connect with a life insurance agent who will shop around for the best term insurance policy to protect those you love.


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