Life Insurance a Good Way to Financially Protect Loved Ones

02/10/2010

A group that represents the nation's life insurance industry is using Valentine's Day as a way to raise awareness about the importance of providing financial protection for loved ones.

According to the LIFE Foundation, a recent survey found that one-quarter of respondents say receiving life insurance as a Valentine's gift would make them feel loved. The group also found that 76 percent of women and 64 percent of men say they would skip on celebrating Valentine's Day if it would increase their personal financial security.

"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 LIFE Foundation CEO Marvin Feldman.

The group advises people to figure out how much coverage they need before settling on a life insurance policy, and to be aware of the various types of policies that are available. People may also want to consult with a professional on their insurance options.

Industry experts generally advise people to carry coverage equal to five to seven years' of their annual salary, although this may vary based on the size of one's family and other factors.

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