Remember life insurance

Jul 03, 2012

People should think about life insurance on Valentine's Day.

While it may not be the most romantic thing in the world, buying life insurance should be something people think about for their loved one. Now may be a good time to start thinking about what kind of insurance is needed to protect important people in one's life.

"You don’t need permanent insurance if your dependents will all be independent in 20 years (hopefully)," Forbes writes. "On the other hand, if you’re in poor health, you may be better off purchasing additional group life insurance through your employer if possible at open enrollment. The main drawback of this is that you may not be able to take it with you when you leave your job."

Forbes said people should look to have enough life insurance to equal six to 10 times a yearly salary, but each person should look at what works best for their individual situation.

Marvin Feldman, LIFE Foundation president and CEO, said life insurance is really "love insurance," as people are essentially safeguarding the safety and future of their family.

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