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5 Reasons Why Life Insurance is Love Insurance

“Protect the financial future of yourself and your loved ones at every stage of life. Learn why life insurance is love insurance.”

With Valentine’s Day vibes making their way throughout February, what better way to spread a bit of love than protecting your loved ones with life insurance? After all, the No. 1 reason people buy life insurance is because they love someone and want to make sure they're protected financially.

Sure, it might not be the most exciting gift, but it is far-reaching and ever-lasting. In some ways, a life insurance policy may be the ultimate love letter to your family and loved ones.

In conjunction with Life Happens, a nonprofit organization dedicated to helping everyday people like you take personal financial responsibility through the ownership of life insurance and protection-focused products, we have embraced their Insure Your Love campaign with you in mind.

With that said, here are 5 reasons why life insurance is Love Insurance, as well as some advice on getting started.

valentines day love letter

Your Final Love Letter to Your Family

You, like most people, have dedicated your life to telling and showing your family you love them. That thoughtfulness doesn’t have to stop when you pass away.

By choosing life insurance coverage, you've also chosen to share ‘love’ insurance as your final love letter to those you cherish.

There are countless reasons why life insurance is considered to be a form of Love Insurance. In the top five reasons below, we have replaced the phrase ‘life insurance’ with ‘Love Insurance’. We think you’ll agree, the switch is very fitting.

  1. Love Insurance replaces your ability to earn income for your family.
  2. Love Insurance replaces your ability to care for others.
  3. Love Insurance pays for final expenses that arise after your passing.
  4. Love Insurance provides supplemental income later in life.
  5. Love Insurance ensures your loved ones won’t have to make drastic lifestyle changes.

If you’re among the 44 percent of Americans that own an individually-purchased life insurance policy, you can take solace in the fact your loved ones are protected in their time of loss.

On the other hand, if you’re among the 95 million U.S. adults that don’t have life insurance, you’re obviously not alone. Perhaps it’s time for you to review your options and explore the benefits associated with life insurance ownership.

A Latte a Day OR Life Insurance? It’s Your Choice

Eight in 10 consumers overestimate the true cost of life insurance. As a result, the percentage of people signing up for life insurance has dropped over the last couple decades.

So, let’s debunk the cost issue right now!

To put life insurance costs in perspective, consider this fun fact:


FACT | For an average, healthy adult, life insurance can cost as little as $1 a day

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latte $/day vs life insurance $1/day

Compare that against the number of lattes you purchase in one week, or similar indulgences that add up, and it's easy to see that the benefits of life insurance far outweigh the costs.

Like most product purchases, the type of life insurance you need and the cost you will have to pay depends on three circumstances:

  1. Needs
  2. Goals
  3. Finances of the purchaser

Admittedly, the process of researching and purchasing life insurance can be a daunting task.

As Mark Twain once said, “the secret of getting started is breaking your complex overwhelming tasks into small manageable tasks, and then starting on the first one.”

To help you break down the purchase of ‘Love Insurance’ into tiny bits, consider completing an annual life insurance checkup to fully evaluate your options. Then you can take action in a stress-free manner.

Taking action now will ensure your loved ones are protected during every life stage.

parents hold newborn baby in a new house

Life Insurance for Every Stage of Your Life

No matter your stage of life, there’s a life insurance product designed to meet your specific needs, goals and current financial situation.

Below are several life stage examples where having life insurance matters most. Where do you fit?

Young Family:

You welcome a baby and suddenly your world has shrunk to what you hold in your arms. Life insurance is least expensive when you purchase while you’re young and healthy. In this life stage, loving someone is about keeping his/her best interests in mind, even if he/she is too young to know what that means.

Growing Family:

You start a family and learn what it really means to love. On top of that, you have a successful career and a beautiful home. In this life stage, many experts recommend at least 10 times your gross annual income in coverage.

Single Parent:

You’re a chauffeur, guidance counselor, live-in nanny – and so much more. It’s rewarding and tough, especially if you are your children’s one and only. Life insurance is critical at this life stage.

Empty Nesters:

You’ve spent a life together and now you’re charting a new course. Before setting out on your new path, cover all your bases with life insurance. Products such as final expense and critical illness insurance might also be worth consideration.

In conclusion, providing for your family’s financial needs is one of the few things you can control when it comes to a premature death. It’s peace of mind and a way for your family to know that you loved them enough to safeguard their future. Throughout Insure Your Love month, careful consideration of your family’s needs in the post-you world means you've successfully transformed life insurance into Love Insurance.

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