The most romantic holiday of the year is here! From flowers to candy, everyone looks for that something special for the love of their life. This year’s Valentine’s Day, in addition to the romantic gift, why not use the day to think about your life insurance coverage? What’s more romantic than providing for your spouse and family during the different stages of your life?
Whether you’re just starting a family or want to better protect your increasing professional success, consider the following insurance options to protect your family:
Term Life Insurance
Term life insurance provides protection for a specific period of time, such as 10-30 years. Of the different types of policies available to you, it is also the least expensive form of insurance. Depending on your family circumstances, this insurance often makes the most sense because it allows you to maximize the benefit you can afford.
If you have young children, term life insurance allows you to provide for your family’s lifestyle during the years your children are under your roof and being educated. Once they “leave the nest” and continue with their lives, you probably don’t need to ensure their care.
Permanent Life Insurance
While we generally recommend term life insurance for most of our clients, it is also worth considering a permanent life insurance policy. Unlike term insurance that has a limited life, this type of insurance provides an unending benefit throughout your lifetime to secure your spouse or children that may need lifelong support.
Permanent life insurance, available as universal life or whole life, is typically more expensive, though policies may have a fixed premium or a flexible premium depending on your choices. These policies have an investment component that can further grow the value of the policy, but oftentimes come with high hidden costs. This insurance also builds cash value, that you can usually access if necessary during your lifetime. If you are concerned about lifetime support for a spouse or family members or you have a family history of later life medical issues, a permanent policy may be the right fit for you.
This Valentine’s Day, after you’ve shown the love with flowers and candy, show your significant other that you will protect them too. If you have any questions as to which insurance policies make sense for your particular situation, contact us.