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:
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 Selectquote.com and Accuqoute.com