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Hearts, flowers, candy, jewelry—it’s the season of love…and life insurance?

Buying life insurance doesn’t sound “romantic.” But it’s actually a practical and lasting way to show your love, because it protects and provides for your loved ones after you’re gone. (And it might even be cheaper than that piece of jewelry you have your eye on…)

This Valentine’s Day, give the gift of a secure financial future.

Who needs life insurance?

No one wants to think about how their loved ones will cope after they’re gone. Losing you would not only be emotionally devastating; it could also cost your loved ones a stable and comfortable future. If someone you love—a spouse or partner, children, parents—depends on you financially, you need life insurance.

In addition, if you’re an at-home caregiver, you need life insurance, too. How will those you leave behind handle the expenses of replacing all you do, whether it’s child or elder care, transportation, cleaning, or other household services.

A life insurance death benefit may help pay for such things as debt you leave behind (including your mortgage); medical, funeral and burial expenses; day-to-day living expenses for your family; and education expenses for your children.

Life insurance basics

Life insurance comes in two basic forms: term and permanent (also referred to as whole or universal). Term life insurance offers a specific death benefit for a specific time period (10, 20, or 30 years, for example.) If you want to make sure your family is financially taken care of until the kids are grown or your mortgage is paid off, term might be the right choice for you. Term life often has lower premiums than permanent life insurance, but it does not accumulate cash value.

Permanent insurance is designed for you to keep for a lifetime. Not only will it provide a death benefit, in time it can accumulate cash value you can borrow against, or you can cash in the policy if need be. Permanent insurance premiums are usually much higher than term life premiums, however.

Life insurance premiums are based on factors which include your age, gender, whether or not you smoke, any preexisting medical conditions, and your family history. Since the most important of these factors relate to your life expectancy, the younger and healthier you are, the cheaper your premiums will be. For example, according to NerdWallet, term life insurance rates for a 30-year-old man average $221 per year, and $187 per year for a 30-year-old woman. At age 40, average rates are $334 and $282, respectively.

How L & M Insurance Group can help

Buying life insurance can be easier and more affordable than you expect. At L & M Insurance Group, we can explain your life insurance options and help you find a policy that fits your budget and your goals. Let one of our life insurance professionals help you sort through policy features and types of plans. Please give us a call at 813-672-4100 or click here for an online life insurance quote.

L & M Insurance Group is an independent insurance agency, offering a full array of insurance products to meet all your insurance needs. Give us a call today if you need homeowners insurance, car insurance, renters insurance, business insurance, or if you have questions about the coverage you need.