During a holiday when we traditionally celebrate our love for others, one could argue that something like life insurance doesn’t usually come to mind as the perfect gift. But if you think about it more carefully, is there a better, more long-lasting way to show the depth of your affection than by protecting and ensuring your loved ones’ security if you can’t be there for them?
That’s why LifeHappens.org declared February Insure Your Love Month − because at its most basic, the reason behind buying life insurance is love. A month that’s highlight is Valentine’s Day is the perfect time to raise awareness of this new gift idea.
The many reasons life insurance is the perfect gift for those you love:
Just starting out: If you’re not married, you probably don’t think you need life insurance yet. But, if you have student loans to pay off and your parents co-signed any of the loans, they may be responsible for them if something happens to you. Life insurance can help provide the funds to finance repayment.
Saying “I do”: Starting a life together comes with a tremendous amount of excitement – and financial changes. Car payments, mortgage payments – and remember those student loans? You’ll want to make sure your spouse is able to handle the expenses, both the ones you brought with you and the ones you’re planning together, if the unexpected happens.
Car seats, soccer balls, and more: Raising a family is unimaginable joy. But the expenses are unimaginable, as well. According to the USDA, it costs $245,340 to raise a child to age 18, and that’s before he or she goes to college. The home and life you’ve made together are precious. Making sure that the hopes and dreams you have for your family can happen if you aren’t with them could be considered the truest form of love you can show.
The next stage: Even though you no longer have the financial concerns of raising a family, you’re now moving into a time of new ones. Make sure your loved ones aren’t impacted if something happens to you – for instance, if pensions stop, or if there could be many final medical bills or expenses to cover. You wouldn’t want concerns and worries to trouble your spouse at a time when his or her ability to cover expenses could be compromised by age or situation.
Enhance coverage through work: You may have some coverage through work and think it’s enough. But coverage you have through your employer isn’t portable – it doesn’t come with you if you switch firms. You should have coverage independent of your employer as part of your complete financial plan.
Ensuring peace of mind: Knowing you are protecting your loved ones’ security if anything happens to you can help free you of stress and worry. And let you get on with the best parts of life.
Ready to celebrate Insure Your Love Month?
As a NYSBA member, you have access to group life insurance with the New York State Bar Association Insurance Program. As you know, our entire purpose is to provide members with exclusive insurance and benefit solutions with rates that are not available to the general public.
Giving the gift of life insurance is something St. Valentine himself would have probably suggested if he thought about it And, good news − you really don’t even need to leave out the chocolates or the rhyme when you give it:
Roses are red,
Violets are blue,
Here’s a life insurance policy,
Because I love you.