Finding the right gift for your husband this Father's Day? Forget the expensive silk tie, do-it-all-yourself tool or the latest high-tech 
Maybe your husband, like most men, wearing a life insurance. One study showed that nearly 74% of husbands have life insurance coverage (LIMRA Person-level trends in property insurance Life USA, 2011) with most men under 55 more likely be covered by life insurance by employers than by individual life policies.
But having life insurance and having enough life insurance are two different things. The same study showed that, overall, the average insurance coverage of men decreased by approximately $ 45,000 over the past six years, with men between 25 and 64 carrying less life insurance by compared to their older and younger counterparts. This means that their beneficiaries spouses, children and other family members for whom they provide support-could find themselves at financial risk for the unexpected.
If it has been some time that you and your husband had the "life insurance talk," then let Father's Day serve as the incentive to sit down and do the numbers. Use the following scenarios as starting point for assessing the type and amount of coverage your husband currently door and consider whether it is enough. (More questions can be found here.)
- If your husband is the sole breadwinner, is there sufficient insurance to cover the mortgage, provide living expenses and pay for the education of your children?
- If you have added some "bundles of joy" since the last time he bought a policy of life, is the par value sufficient to meet the needs of your extended family?
- If one, or both, you are responsible for other family members-aging parent or a special needs siblings, for example, the money will be there to continue to provide financial support once your husband is gone ?
These are serious questions, but essential to discuss, since life events are unpredictable, as Brigette Hunter discovered. At 27, Brigette was widowed when her husband, Matt, was killed in a car accident. Because he had no life insurance, Brigette had to borrow money to pay for her funeral expenses. When Brigette remarried, she and her second husband, Anthony, both bought life insurance policies because they had three children and to support their own business. Unfortunately, Anthony died at 34 from melanoma. And while nothing can replace the love of a husband, the product of its policy Brigette allowed to keep the business running and to cover the needs of the family. You can watch his story here.
I do not know how many or what type to buy? LIFE life insurance needs calculator will help you estimate both the amount of money your family will need if the financial contribution of your husband is no longer available. Then use the Life Insurance Selector interactive product to help you evaluate what is the right kind of insurance for you: term, permanent or a combination of both. Finally, an appointment with a qualified insurance professional can still learn about the options and provisions available.
It may not be as exciting as a new power tool or as delicious as a steak dinner with all the fixings, but a new or increased life insurance policy will continue to ensure peace of mind for both of you for every day of the Father to come. And it is a gift that your husband really deserves.
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