When people think of February, roses, engagement rings, chocolates and other material gifts come to mind as a way to express love and appreciation for a significant other on Valentine’s Day. However, in the insurance world, Life Happens, a non-profit organization has deemed February “Insure Your Love Month,” as a way to promote the importance of families being protected by ‘love insurance,’ otherwise known as ‘life insurance.’
Thinking about the circumstances that surround life insurance isn’t always the easiest or most pleasant of topics, but ‘now’ is always a great time to review your loved one’s needs and invest in this insurance as a way of protecting your family or spouse.
Life insurance can be a little tricky and confusing for those who aren’t familiar with it, so we’ve listed four facts everyone should consider when thinking about purchasing life insurance for the first time, or when considering additional amounts.
1. Now is the time. The younger you are, the cheaper will be the premiums. Another thing to note: If you were to fall victim to a health issue before having been covered, that might cause your premiums to escalate or exclude you from coverage all together.
2. Review often. As your life evolves, so will your life insurance needs. Marriage, divorce and children are just a few scenarios that could potentially shake up your policy, so make sure you’re reviewing your benefits and updating as necessary. Side note: Many older policies with cash values were based on the life expectancy age of 72, so check for lower premiums with higher death benefits.
3. Start thinking about your estate planning needs. If you’re wanting to leave behind an inheritance for your heirs, life insurance is a perfect way to do so. Also, it may come in handy when paying estate taxes.
4. You can’t always count on your employers’ insurance alone. Many employers offer between one and three years’ salary as a death benefit, but for most families, that’s just not enough. We suggest you think about additionally purchasing your own policy and consider your employers’ offerings as ‘icing on the cake.’
For more information on life insurance, give one of the Starke agents a call or fill out one of our free, no obligation quote forms to further explore how this “love insurance” can bring protection for your family.