Financial Advice: Ellen M. DeSarno

Financial Advice: Ellen M. DeSarno

When it comes to showing our love, we sometimes go for a big gesture, like jewelry. Or maybe it’s something quieter, like roses and a romantic dinner.

Here's a Valentine's gift you may never have considered: life insurance.
Life insurance—a potentially large but quiet gesture that can be less expensive than many people think—lets your loved ones know that you care so much that you've made plans to provide for them after you're gone. In the short term, the death benefit can be used to pay immediate expenses, allowing time for grief without added financial worry. In the long term, it can help to replace lost income so your life partner or family can continue to pay for life's necessities.

It’s never too early to think about life insurance, because no one knows exactly what the future holds. One day, life is unfolding exactly as you planned, and the next, you're handed a life-changing event.

Just how much protection you need is something you can work out easily with your partner and/or a financial professional, who can help you break down this decision into manageable steps. You can also find assistance on the websites of not-for-profit organizations, such as the LIFE Foundation. This can help clear confusion about the many types of policies that are available and their adaptability to changing lifestyles.

The sad thing is that many people don’t have enough life insurance, while others are not protected at all. One study found that many people don’t buy life insurance because of a misperception about cost.* In this study, survey respondents thought that coverage was, approximately three times more expensive than it actually was

While you can't control the future, “insuring your love” can help safeguard your partner and your family so they can continue the good things you've created in your life.


*Study by nonprofit LIFE Foundation and LIMRA, April 25, 2012.

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