Is Purchasing Life Insurance a Way to Show Love: Survey Says 'Yes'
LIFE Foundation Kicks off Campaign to Encourage People to Insure Their Love
Arlington, VA – February 8, 2011 – Expensive jewelry, flowers or a nice dinner out are typical ways that Americans express their love, but according to a new survey released today by the nonprofit LIFE Foundation more than half (55 percent) of Americans would feel loved this Valentine’s Day if their significant other purchased a life insurance policy naming them as the beneficiary. Three in four Americans would give up Valentine’s Day in exchange for greater financial peace of mind. Even more Americans (83 percent) believe that purchasing life insurance is a way to express their love for their family and this is especially true of women compared to men (88 percent vs. 77 percent).
Despite these findings, there is a crisis of underinsurance in America. Ownership of life insurance is at a 50-year low, according to LIMRA. Only 44 percent of U.S. households have individual life insurance and 30 percent of households have no life insurance coverage at all. Yet, half of all U.S. households feel they need more life insurance – the highest percentage ever.
“Americans understand that you buy life insurance because you love your family, but we know from the statistics that Americans aren’t taking the steps to ensure that their loved ones are financially protected,” said Marvin H. Feldman, CLU, ChFC, president and CEO of the LIFE Foundation. “With Valentine’s Day right around the corner, why not say ‘I love you’ to the most important people in your life by letting them know that they’ll always be taken care of, even after you’re gone.”
To get Americans thinking about the close connection between love and life insurance, the LIFE Foundation coordinates an annual public awareness campaign — Insure Your Love — that takes place in the weeks leading up to and following Valentine’s Day and encourages people to express their love through the purchase of a life insurance policy.
In support of the campaign, LIFE has launched a new website, www.insureyourlove.org, which combines a variety of fun interactive tools with educational life insurance content. Anchoring the site is the Romance-O-Meter interactive quiz, through which consumers can determine how romantic – or unromantic – they are, by answering three multiple choice questions. Between now and February 28th, one lucky quiz taker will be chosen at random to win a $500 gift card, which can be used to do something special for a loved one around the Valentine’s Day holiday. Consumers can take the quiz either on the insureyourlove.org site or on LIFE’s Facebook fan page located at www.facebook.com/lifehappens.org.
In addition to information at insureyourlove.org, the LIFE Foundation offers three simple steps to help Americans assess their life insurance needs:
How deep is your love? Determine how much you need. – The first step in determining the right amount of life insurance is to think about who depends on you financially, and then ask yourself how much money your loved ones would need to maintain their quality of life in your absence. To help you get started, check out the insurance needs calculator on LIFE’s website at www.lifehappens.org/howmuch.
What’s your type? Decide what kind is right for you. – 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, and how much flexibility you want. 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.
Find your perfect match. Get professional help. – Once you’re ready to purchase a policy, it’s best to have an expert conduct a thorough insurance needs analysis to ensure that all of your needs are met. If you don’t have an insurance agent, get recommendations from friends, family members or a trusted advisor such as your lawyer or accountant. You can also visit LIFE’s agent locator search engine at www.lifehappens.org/agentlocator.
The Life and Health Insurance 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. To learn more about these topics, please visit www.lifehappens.org.