Flowers are beautiful, but they’ll be gone in a week. Chocolates are delicious, but if you have kids, you won’t see them by tomorrow!

Valentine’s Day is all about love, so why not add something to your gift list that will have a lasting impact? A life insurance policy can be a great way to show your loved ones how much you care.

Why Buy Life Insurance?

The purpose of a life insurance policy is to pay for necessary funeral costs, leave a legacy, and/or financially support those left behind when you are gone. It is truly an act of love because you are not really purchasing it for YOU as much as those that you care about and want to protect, even after your death.

If you love someone, it is smart to have an insurance policy to assist them in the event of your death and/or theirs. And though it is really a gift to others, having a policy is a great way to give yourself peace of mind! It’s important for families and single people alike. 

How Much Life Insurance Do I Need?

While the answer to this question varies from person to person, how to determine the number does not. You will need to assess the financial gap you will leave behind as well as the legacy you would like to impart. Think about the income you contribute to the household, the charities you actively support, your children’s future education plans, etc. Think about the costs of your funeral, burial, and/or cremation. 

The idea is to leave your family comfortable, living as they would have with your financial contributions, even when you are no longer able to provide for them. You also want to ensure that they’re not relying on crowd-funding sites to cover your funeral costs in the event of your accidental death. 

Learn more about how to qualify for life insurance, here. 

Types of Life Insurance

You’ve likely heard there is more than one type of life insurance. Typically, you can receive a quote for one of two kinds: Term Life and Whole Life. As the names might imply, these two different types of policies differ in approach.

A term life insurance policy will cover you (or the loved one you purchase the policy for) up until a specific age. Take “Term-80” policies. These policies will pay out to your beneficiaries assuming you pass prior to the age of 80. These term policies do not typically accumulate value; instead, a small monthly premium is paid for the coverage, and a predetermined amount of benefits will be paid if your death is prior to the age limit.

A whole life insurance policy, as you may guess, means that it covers you for your whole life, no matter what age you pass. This policy can sometimes be one that continues to grow in value (has a payout value that may even be cashed out prior to your death in case of emergencies) as you continue to pay your rates. These policies last longer, but may cost more in monthly premiums, depending on the chosen aspects of the policy.

Which Life Insurance Is Best For Me?

If you aren’t sure which policy really fits your needs, it is best to reach out to an experienced professional. Call me anytime to set up a consultation to discuss your individual needs at  507-345-3366. You can also request a quote online at https://www.rehmins.com/. We can discuss monthly premiums, payouts, beneficiaries, and what program may fit your needs best.

Life insurance isn’t just to cover your own life, but the lives of others. You are protecting the financial futures of those you love. From your own children, to your life partner, it is smart to show your love and care by purchasing a policy to cover those close to you!