Could life insurance be a perfect gift for your beloved this Valentine’s Day?

Are you planning to amaze your girlfriend by gifting her the perfect gift this Valentine’s Day? But what it could be? A diamond necklace, a new home, or, could it be a life insurance policy? Life insurance sounds weird, right? During this holidays when we’ll be celebrating love, we should try to do something that is different and would serve as a lifelong opportunity to care for your beloved, hence, making her life secure. Let us think beyond roses and cards this February, and gift her something that she will adore for life. Loving someone means you always want the best for her; always want to make her happy. But have you ensured her amazing smile when you’ll be no longer with her? Have you ensured that she doesn’t compromise with her lifestyle even after your death? Just gifting her a life insurance policy could be an answer to all these questions. Love before marriage As per experts, spouses who are financially dependent upon each other should have life insurance. But what if you haven’t tied the knot yet? Well, life insurance is undoubtedly a great weapon to protect your boyfriend, girlfriend or partner from all odds. Following are a few situations where you might feel the need of a life insurance.

• The person you’ve been dating now for sometime, or have fallen in love with, might have been carrying a lot of debt. A life insurance policy can help one to pay off the debts of other in case the debtor is no more.

• A life insurance is helpful if you and your partner stay together, operate a bank account jointly and share a mortgage that is tough for any of you to pay alone.

• If you’ve recently got engaged, your wedding is knocking on the door and you’re dreaming of a perfect honeymoon, it’s the right time to go for a life insurance. Because you’re younger now and may be healthier. Hence the premiums would be negligible. If you wait longer, the benefits would be much less.

• A life insurance can help in estate planning if you’re divorced but your kids are grown up and have grandkids too whom you want to leave money for.

Now when you know when you should go for life insurance, you might be wondering where and how to start. Well, below are few steps that experts recommend.

1. Estimate your requirements: Make an estimation of the volume of coverage you would need. If you are already having a policy in place, recalculate to see if it’s enough.
2. Hire a pro: Consult a certified financial planner or a life insurance agent to get help determine which insurance policy best suits your needs. For example, should you go for a term life insurance that offers a previously set figure if the policyholder passes away within the term, such as 20 or 30 years? Or, would you better be comfortable with a policy that accumulates a cash value? Only a professional can answer all your queries and setting up significant issues like the term, beneficiary, etc.
3. Procrastination is a crime: Don’t procrastinate since as times passes by and you turn older, you’ll start experiencing health issues and the cost of premiums will rise too. If you are into certain profession and frequently change your job, avoid taking a life insurance through your place of work. The amount offered in group insurance policies is too low and since you change jobs frequently, you’ll have no permanent coverage. Said differently, you’ll have no protection altogether.

So? Roses, candlelight dinner, or life insurance? In a recent survey conducted by Life Foundation, 25% of the people said that they thought that life insurance would be a much better choice for a good Valentine’s gift. So, would you too buy a life insurance policy for your beloved, wrap up it with a gift paper and gift it replacing a balloon ride, a diamond necklace, or a brand new car? That’s most probably not the romantic people would do, however, the most caring people would certainly.