Protecting Your Valentines With Term Life Insurance

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites...

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UPDATED: Feb 25, 2020

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Valentine’s Day was named after one or more early Christian martyrs, Saint Valentine, and was established in 496 AD. The day is traditionally a time to celebrate love and express affection for others through the giving of flowers, gifts, and handwritten notes appropriately called valentines.

Life insurance is not likely the kind of gift that will win you style points with your true love. But having life insurance shows your loved ones you care for them and have their best interests in mind. The basic purpose of life insurance is to provide financially for our loved ones in the event we are not around to take care of them.

Three Guidelines for Family Protection

Family protection is one of the most common uses for life insurance. Here are a few guidelines to consider when purchasing this type of coverage:

  1. The amount of Coverage – Consider your annual salary and multiply that by the number of years you believe your family would need the income. Add in any large items you would want to be paid such as mortgages and college tuition. Consider any intangibles such as retirement funds for your spouse or care for elderly parents. Better yet, use our Term Life Insurance Estimator.
  2. Coverage Length – Take the above considerations and think about the age you should be when you no longer these obligations. Purchase a term length long enough to get you there. If you find you still need coverage at that age, you will have options to convert your policy to a permanent one or, provided your health is good, purchase another term life insurance policy.
  3. Spouse Coverage – Remember your better half. Think about the responsibilities you would take on in the event your spouse died. You will want enough coverage to help you with things such as child care and to cover lost income. Many life insurance companies will now cover a non-working spouse as well.

While a new life insurance policy may not be the gift of choice to warm the hearts of your valentines, it may provide something crucial to them someday.


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