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Give the Gift of Insurance

With “A Financial Valentines Day Gift for Any Couple,” Forbes.com contributor Mark Avallone offers some of the world’s most least-romantic gift-giving advice. But while his suggestion lacks romance, it could make a big difference in someone’s life. He suggests, “giving your sweetheart the gift of insurance—disability income insurance, life insurance, and long-term care insurance.”

Like other financial professionals, Avallon has seen the anxiety and havoc a sudden death or work-ending injury can wreak on a family. While you are grieving or trying to figure out how to move forward, a lack of finances can only compound your grief and stress. Will you need to leave your home and neighborhood? How will you continue to provide for your family if your partner is suddenly unable to work? Will you be burdened with trying to maintain or seek full-time work at one of the most difficult times of your life?

The three type of insurance he suggests offer different protections and a Fee-Only financial planner can help you choose what will best suit your family:

  • Disability income insurance can provide funds should a person be unable to work due to disability.
  • Life insurance offers financial protections in case of an untimely death.
  • Long-term care insurance can help if you need continuous medical care.

So while it may not seem fun or sexy, insurance is certainly thoughtful. As the article notes, “Being properly insured doesn’t just happen; someone has to make it a priority and take the time to apply for the insurance, undergo the medical exam and underwriting process, and pay for the insurance.”

However, if you decide to announce that you are giving the gift of insurance for Valentine’s Day or a birthday or any other gift-giving occasion, you might still offer a small gift as a more immediate token of affection.