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Love and…Life Insurance? posted on Monday, 08 February 2010

Women say they prefer smart men who are financially responsible and a Valentine's Day gift that exhibits those traits too.

Expensive jewelry, roses and chocolates may be the most typical Valentine's Day gifts, but a new survey commissioned by the nonprofit LIFE Foundation finds a financially responsible gift might hit your love's sweet spot this year. Nearly one in four Americans say the gift of life insurance would make them feel loved this Valentine's Day.

"Our survey reveals that financial security is top of mind these days, and people are seeking significant others who have it and gifts that can help them maintain it," said Marvin H. Feldman, CLU, ChFC, president and CEO of the LIFE Foundation.

In fact, seven in 10 Americans say they would give up celebrating Valentine's Day for greater financial peace of mind. More women than men (76% vs. 64%) would give up celebrating the holiday if it meant feeling more secure with their finances.

"If you're seeking greater financial security and still haven't found that perfect Valentine's Day gift, why not surprise that special someone in your life with the gift of life insurance," said Feldman. "Owning life insurance lets those dearest to you know that you love them so much that you'll provide for them even after you're gone."

To get Americans thinking about the connection between love and life insurance, the LIFE Foundation has launched a new public awareness campaign -- Insure Your Love -- that culminates on Valentine's Day and encourages people to express their love with the purchase of a life insurance policy.

The campaign was created in response to growing concern over the number of Americans with little or no life insurance coverage. According to LIFE, 68 million adult Americans have no life insurance and most with coverage have far less than insurance experts recommend. When someone dies without adequate life insurance coverage, surviving family members often face a range of financial consequences including having to work longer hours or additional jobs, move to less expensive housing, and put long-range plans such as college and retirement on hold.

To help Americans assess their life insurance needs, the LIFE Foundation offers three simple steps:

Step 1: Determine how much - To determine the right amount of life insurance to fit your needs, think first about who depends on you financially, including your spouse, children and other loved ones, and then ask yourself how much money would they need to maintain their standard of living and future plans. To help you get started, check out the interactive insurance needs calculator on LIFE's website at www.lifehappens.org/howmuch.

Step 2: Decide what kind - Determining the type of life insurance best suited for your needs depends on a number of factors, including how long you need the coverage, how much you can afford, how much risk you can tolerate and how much flexibility you need. There are two main types of life insurance: term and permanent policies. To help you decide if you need term insurance, permanent insurance or a combination of the two, LIFE offers an interactive product selector at www.lifehappens.org/whatkind.

Step 3: Get professional help - Once you're ready to purchase a policy, it's best to have an expert conduct a thorough needs analysis to ensure that all of your needs are met. One way to find an insurance agent is to get a recommendation from your friends, family members or a trusted advisor. You can also visit LIFE's agent locator tool at www.lifehappens.org/agentlocator.

About LIFE

The Life and Health Foundation for Education (LIFE) was founded in 1994 in response to the public's growing need for information and education on life, health, disability and long-term care insurance. LIFE also seeks to remind people of the important role insurance professionals perform in helping families, businesses and individuals find the insurance products that best fit their needs.

Posted by bizSanDiego: San Diego Business News