Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

How to Truly Say “I Love You” to Your Family

February 09, 2017 at 5:00 AM

Chocolate and roses are classic Valentine’s Day gifts. But I am dead serious when I tell you that the most caring and loving gift you can ever give your loved ones is to protect them with life insurance.

I know, I know. Not exactly romantic. But in terms of material things that we can buy for others, you can’t tell me there is anything that will bestow more protection and peace of mind. Yet a recent survey finds that many parents with children don’t have life insurance. And a significant portion of families that do have insurance, have $100,000 or less of coverage, which I can tell you is way too little.

So are you ready to show your family the love? Here’s how:

  • Think about whether anyone is dependent on your income. Kids. Siblings. Elderly parents. If anyone relies on your for all or some of their support, the next question I have for you is whether your savings and investments could support them if you were to pass tomorrow. If the answer is “no” then you need to say yes to life insurance pronto.
  • Aim for a death benefit that is at least 20 times your loved one’s income needs. Let me be clear, if you are relying on life insurance through work, you do not have anywhere near enough protection. Most employers provide just one year’s income. It sounds like a lot, but it’s not really enough to take care of your loved ones. One year’s salary isn’t going to help pay the mortgage for very long, or help send a five year old to college.

    To make sure your loved ones will be okay, I recommend you buy life insurance with a death benefit that is 20 to 25 times the annual income you want to replace. So for example, if you wanted to replace $50,000 in annual income you would buy a policy with a $1 million to $1.25 million death benefit. Why so much? Because your beneficiaries could invest the money conservatively-in municipal bonds for example-and live off of the income for a very long time.

    Now I know that sounds expensive, but trust, me I bet you can afford it. Just keep reading.

Buy a term life insurance policy. Most of us only need a life insurance policy for a set period of time. Until the toddlers are adults and supporting themselves. Or until we have time to build up our own assets. Or maybe to insure your elderly parents would be okay if something were to happen to you. In that case, term insurance is the right fit for your needs. Term means that it is good for a set term. That can be one year, or 10 years or 20 years. If you die during the term, your beneficiaries receive the death benefit. After the term, your insurance expires. Because the insurance is not permanent, the cost can very affordable. For example, a 45 year old woman in good health could buy a $1 million level term policy (level means the annual premium never changes) for an annual premium of less than $1,000. That’s less than $85 a month for incredible peace of mind! You can shop online for a term policy at and

Tag Cloud

eight month living expense money-aware childshop online guaranteed level term policyone annual feedo you need life insuranceMotherco-sign be good exampleshort term goal spring summer traditional vs roth 401(k)401(k) Contributionschildren under 18cut monthly cellular billearn allowanceprovider of financial supportinterest capitalizationmortgage interest tax deductionMoney MarketChanging Livesuniversal college accessconfidentreduce withholdingpublic service loan forgiveness programlife insurance name trust as beneficiaryprescription tierDurable Power of Attorney for Health CareTelepicturesIRA contribution gifted moneyFICO credit score credit card mortgagelong-term care premiumsAARP Social security calculatorkids schedule paymentspresident ObamaForbesdepreciating asset borrowing plan lower mortgage interestFinancial Solutions For YouWarner Bros Television Groupsecure creditbe true to yourselfCredit Card Interest Ratehigh credit score discountidentity fraudStaffords this year have a fixed 6.8% interest rateSuze approvedcollege studentEric Dodge verify wellness screening and programsSuze is my biggest mentorallowance taskpay off debtEmergency Savingsfinancial argumentswrite new goalface your financial fearunexpected expenseSave Us Moneydo not pay allowance for good behaviorgrandparent IRA contribution burn outovercome financial fearshealthy gumsdebt freeStock Investmentsprotect loved ones mental healthiffy incomeNew York Lifecharges on credit cardno private loanshome ownershipFiscal ResponsibilityOverspendinglong term goalHDHP's are good for youenjoy saving Financial Power of Attorneyemotional stakesrefinanceprotect your familyno splurge push yourself to save more for retirementproperty taxdental discount planconfident of solutionFinanciallow-cost index mutual fundHeartbest loan deal credit cardrising home pricesno interestFinancial Educatorcredit utilization ratebest interest rates2016 adjust withholdingengaged in financespeace of mindpay high rate off firstEmployer Matched Contributionlong-term care credit managementRetirement SavingsUniversity of Floridastore credit cardswomen longer life spanloved ones dependent on incomeFundssmall changes federal student loan deferment InterestSelectQuote.comage appropriate goalsBankPrime Rate Rise 2015live below your meansrequire chore in exchange for allowanceLong Term Care Insurance US Tax Codedon't derail retirement savingsno tax on withdrawlsis it necessarycommissionsRichsummer job match income wives should be involved in retirementsavingsCombo Insurance ProductsFinal Goodbyehome related tax break bonus school get credit cardresponsibleritual schedulecostly legal home buying mistakesVital Documentsgraduation740 credit scorecompare monthly expensesrent vs buyFICO Scorelong term careheartachealways use all paid time offbetter loan dealsstay positiveoverspend on giftsCivil Rightsfinancial fearscnbc alarm clockhighest possible benefitpaying for collegeFederal Funds RateSwap Older Annuities or Life Insurance Inflation BenefitExhibitionworkaholicno late fee Suze Orman's Money WarsDeath Benefitis it necessary?bad retirement planningmoney vowsrolloverbill paying prioritiesphysical healthretirement plandebtyours, mine & oursstudent loan repayment estimator401KFinancial Gift CliffLong Term Care shoppingAlarm Clockonly refinance if it paysInfluential Celebrity20% down payment avoid feesquick closingplanlow down paymentadjust allocations required disclosureWall StreetFederal Reserveconsider roth 401(k)20 year level term don't defer interest payments15-year refinance dealbad decisionshigh deductible health care plancar leasingkeep a schedulemeet monthly term life insuranceworst financial mistakeHigh FICO Score = Better Rateprotect dependent don't do five year car loan20% down paymenteliminate credit card debtbe kind to yourselfHDHP'sGay CouplesPost-Divorceteach importance of helping othersPay Off Debt Before RetirementFinancial Cliffis it true? community collegeno fee transferinsurancehealthy teethMost Influential Celebrities Listcomparison shoppingemployer funding HSAautomatic paymentclosing feesmortgageFree Debt Eliminatorloan is giftunsubsidized Stafford loandental insurance three year car loanCollege of Veterinary Medicineno negativityStudent Debt Crisislow mileage discountgrandchild summer job IRA contributionpreexisting condition not coveredARM CautionHSA tax savingsFinancial Awareness Video Festivalincrease retirement savingsreplace permanent life insurance with termMust Have DocumentsRevocable Trustallowancestudent loan repayment plansuccesswomen long term carebuying a carclosing disclosureopen enrollment review pay more than minimumpremiumlearn good financial choicesSelfishpercentage of women widowed 75-84Adequate Auto and Home Insuranceraise deductiblesARMescrowrepay student loanscontribute household expenses balance transfer housing market8 month safety netpaid in fullultimate compounding giftcollege graduate30 year mortgage PBS SpecialBaby Boomersmax benefit coveredRoth 401(k)Ashley Springerhome buying seasonraising interest ratesInvest for savings growthno sneaking in feessocial security not going broke20 to 25 times annual incomeexercise reguarlybest interest of investorone credit cardcostly insurance mistakeHDHP healthy aging Suze changed my lifeinitial tax break automate student loan paymentsCredit Card Rate IncreaseHoliday ShoppingAuto Savings Communication Skills gift up to 14,000mortgage disclosurefocus on new truth multiple lendersno life insurance financially irresponsibleno private loan2015 financial roadmapFinancial Systemhigh premiumsWashingtonteach your child good money habitsbuy homegay marriage ban end Florida kid borrow firstfinancial aidSuze Orman Scholarshipalternative FICO scorebuy down higher insurance deductiblespecial saving accountHow To Build CreditGoodbyeGiftMinor Children avoid burn out!00% tuition paidinterest on student loansdon't cover cosmetic dentistrypermanent life insuranceno waiting periodlife insuranceStudent Loancouple financeslow credit scoreAmericans don't use all paid vacation timehealthy youCD's3% debt transferred emergency fund savingslower interest ratebetter loan ratesvalue moneycut monthly cable billletter to suzeraise your deductibledoctor no longer in networkBankruptcyis it kind?don't charge a pennyloan no longer than 36monthsFederal PLUS loanmonthly benefit dental savings planretirment savingsFRAsave Suze Ormanlower overall drug costHDHP/HSAzero rate transfer deals20% equityWillbuy home you can afford2015 record year car sales40% toward financial goalincreased auto insurance premiumclosing costs 2% of loanterm insurance10% donate to charitycompare provider pricingdangerous retirement planholiday spendingignore 6 month grace period Fixed Rate MortgageFHA loan feesmaintain standard of livingmonthly dental insurance premiumLong Term Care premiumsbecome member student loan repaymentteenshome budget after tax costfiduciaryfraudulent returnaccelerate dental workSchool of Social Workpay down car loanback-to-school budgetdream schoollousy investmentdoctors in networkbig results social securityno apologyincentives for health care wellness screeningdon't spend age appropriate chore2016 adjust estimated taxfinancing car dangerous money seasontitle insurancedon't blow tax refundNewtownearn more on savingsdebit cardloan necessitypaid vacationAARPwould you decline a bonusbudgetderailed planMoneyJose Rodriguezreal estate marketreferrals Mortgage Credit Availability Indextelevision hostget over life insurance phobia6 month waiting periodmax employer matched 401(k) contributionAmy Lacyetsocial security never insolventfamily save at least $100 monthlyRetirement Incomepay credit debt ASAPvalentines dayhealthy retirement weightback door Roth IRAbuying car 2016Student Debt15 year mortgageorigination feesForeclosureshorter payback periodYoung Adult under 18 financial giftpurely financial standpointdon't ignore open enrollmentdear suze50 over 50standard deduction anticipated salarysetup automatic savings withdrawUniversity of Illinoisfile taxes quicklyFederal Stafford loanLovemax employee matchCOLAjanuary billsnear historic lowscreate new truthnegotiate points with bank or sellerat worst still pay 75% benefitBeautyhigher monthly payment4 Must Have Documents mobile appsavings pleasurelower rate8 Rulesspeak new goalHoliday SeasonGracebreakdown projected monthly housing costcredit unionprofessional advisorstaycationPrime Rate Increaseitemized deductionstrained relationshipfour steps to retirement savings home insurancecontribution community bankMoney-SavingHolidayincrease retirement contribution ratenot enough life insuranceinsurance mistakeoverspend on nights outEasy Life Insurance Citi Simplicity Card women live longerFinancial Awarenessget health insurancemake saving a pleasurefinancial goal phrasewaive home inspection bidETF'ssame sex marriage band end Floridano retirement funds for down paymentrefundlet them have 50% controlcommitsocial workschedule vacationBill and Penny3 bucket approach10 year repayment plan can you afford itLTC shoppingHigh Credit Scoreresponsible with moneyadd teenfinancial independenceoverspend on dining outadult childrenlower premiumtax ID theftpublic service career student loan repayment not gender specific taxessame-sex marriagetax refund fraudautomatic withdraw to savings don't extend mortgage HDHP's are not bademergency fund Urbana-Champaigncredit reportreal estate mistakesVeterinary Schooldon't buy wantsknow before you oweSandy Hook Elementary Schoolmanage student loanspoint cost offset by savingsLTCi ASAP8 month emergency fundConventional loan PMIverify retirement plan with HR or plan sponsorLifestyleAccuQuote.comemployer offered life insurancecar loanCredit scorelowest cost fund optiontoo expensive schoolloan big picture mortgage brokerinsurance yearly reviewThe Suze Orman Showmarriage inequalitycost of capitalization calculatorretirementjuggle multiple financial goalsTeachSpendingpowerfulraising mortgage rates calculate dependents annual income needswomen outlive menchildren's bookhigh FICO scorepay down student loan debtMarlo ThomasLegal Guardianreduce monthly paymentsidelinedFinancial AdviceMass Mutualhome buying budgetfull retirement ageaffordable premiumnon conventional routeSuze Orman spouse Kathy Travismarriage financial responsibilitysave moneystretch out haircut appointmentsRevocable Living TrustFICO at least 720don't use allowance as bribePhyllis Shelton expert long-term caresuitableidentity theftroth iraget the most out of social security affordabilitynew carincrease emergency savingsstudentSandy Hook Promisefocus on needsraise insurance deductibleCPI-Wcar buying mistakes3 step financial road maphigh down paymenttake actionNew american Dream only offered while employed standard rate3 savings buckets Personal Finance19 years cash flow problemCNBCteens and moneyreduce interest rateretirement accountsfile asapfinancial concernpositivedeath benefit needs for familyretain separate credit cardsadvice for college graduatesdeath benefit 20 to 25 times annual incomeCory BookerInfluentialsgift grandchild IRA contributionswitch to roth 401(k)Forbes Top 10Commencement2017 Taxespercentage men widowed 75-84student loan debtprotect and provide for minor child pay 100% cashleave a legacySatisfyingswitch to spouse coveragebetter termssecured cardLTCapproved medical 100% tax-freeborrow each year, capitalization is going to pile up Gay Rightsannual cost of living adjustmentOne Wallet At A Timehealthy retirement blood pressurepay interest while in schoolhome loan credit score below 740 Giftsgift not loan

View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel