February is always filled with hearts, chocolates, and exchanges and declarations of love as many search for the best gift to proclaim their feelings. In the end, the meaning behind the gift is the most important and reveals just how much you care about someone. While the ways to express your love can be seemingly endless, this year give the memorable gift of life insurance. Though not a very glamorous option on the surface, here’s why Life Insurance is a great way to show the depth of your love this Valentine’s Day for the ones you hold most dear.
If shelling out big bucks for gifts that will be only enjoyed for one day doesn’t appeal to you, consider putting your money where it’s going to matter more, such as a life insurance policy. It’s a common misconception that life insurance is always very expensive, however, studies show that many continue to overestimate the true cost of a policy. This is especially important to understand while you are young, as the older you get, the higher your monthly premiums will be. This is also true for your health condition as the healthier you are, the less you will pay and the better coverage you will receive. Purchasing a life insurance policy early in life could actually save you money as you can lock in a low premium rate for an entire term. Term life insurance is generally much more affordable than other policies, and you can get an idea of how much or how little you could be paying each month by checking out some sample average rates. Compare the difference in price of some popular Valentine’s Day gifts with the monthly price of a life insurance policy for a healthy, 30-year-old male:
|Gift Options||Average Cost|
|Flowers & chocolates||$60-100 for both|
|Dinner for two||$80-100|
|Massage||$60 per hour|
|Wine Box subscription||$55 monthly|
|Term Length||Policy Amount||Average Monthly Rate|
For many, the price of life insurance may be about the same as paying for a meal for one; an expense which can easily fit into the average budget. Because life insurance may be much more affordable than you think, don’t wait to make such a valuable decision for your life and the lives of your loved ones.
We often think it’s diamonds that last forever, but life insurance can come close. Unlike other common material ways of showing affection like flowers or chocolates, a life insurance policy can last for much longer. Generally, life insurance policies are taken out for a term of 10 to 20 years, but the benefits of a policy can be felt far beyond that time, should the worst happen. Whether you choose a short term or a more permanent life insurance policy, it is guaranteed to last as long as you need it, and the death benefit can be an invaluable support to your family for years beyond.
Because each person has different needs, your life insurance policy can be tailored and adjusted to your specific situation. Consider first what your financial needs are for a life insurance policy and whether permanent or term life insurance is more suitable for you. If you choose a term policy, there are many options for the set term which usually ranges from 5 to 30 years. This way, you can take out a life insurance policy for a specific amount of time that you might need to have such security, such as the time your children are born until they graduate form college. Nowadays, some options are available that will help you stay safe as COVID-19 continues to spread. For example, no-exam life insurance can provide means for you to obtain a policy without the risk of coming into contact with the virus. You can also specify the conditions surrounding your beneficiaries and even add life insurance riders for specific purposes that may provide benefits now or after death. Finally, it’s even advisable to evaluate your life and make any necessary changes while you are in the middle of your term. There is no “one size fits all” philosophy, so it is important to research all of the available options in order to end up with the best policy for you.
Life insurance is an extremely thoughtful gift as it prioritizes your family’s financial security above all else and shows that you care about the people who depend on you most. It’s difficult for many to think about the aftermath of your death, but life insurance provides the peace of mind that your loved ones will have financial security for many years. The life insurance death benefit can be used not only to make up for the income lost in the death of the policy holder, but it can also be used for other purposes such as funeral expenses. Additionally, you don’t have to worry about the life insurance payment being taxed or collected for debt payment (except in specific cases). With an adequate policy amount, you can have confidence that your loved ones will be protected no matter what happens to you.
With the future uncertain as ever, there has never been a better time to focus on the present and count your blessings now. The financial stability of life insurance can ease some of those worries you have about the future, so you can go through life and take advantage of the time you have now with your loved ones. With your family’s future in a financially secure position, you can focus your mental and physical energy into the things that matter most to you today.
No matter how you choose to spend you Valentine’s day, you can choose to give the ultimate gift that lasts with life insurance. Our team of professionals at LifeQuote are just a click away to help get you a policy with the coverage you need, from term, perm, to even no-exam options. Get started today with a free instant quote or use our calculator to find out how much life insurance you need for your specific situation. Consider the steps you can take today to insure your love and make a decision to bring a financially secure future to your loved ones.