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February 15, 2012

How to insure a great Valentine's Day

(Continued)

One final word on life insurance: Don't wait too long before purchasing a policy or upgrading your existing one. Your life insurance premium is based, in part, on your age, so the sooner you act, the better. Also, the time to buy life insurance is while you are healthy, because poor health could prevent you from obtaining coverage.

As important as it is, life insurance isn't the only protection you and your loved ones may need. During your working years, you are actually more likely to become temporarily disabled, due to injury or illness, than you are to die. If you weren't able to work for a while, you could help your family maintain its lifestyle if you had an adequate disability income insurance policy. Your employer might offer you some coverage as a benefit, but it might not be sufficient, either in terms of income or the length of the disability covered. Consequently, you may want to explore an individual disability insurance policy.

When you think of romantic Valentine's Day presents, "insurance" probably doesn't pop up right away. Yet, by making sure you've got all the coverage you need, you may actually be giving your loved ones the greatest gift they'll ever receive.

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Edward Jones Financial Adviser Michael Quinn submitted this column. Quinn's Edward Jones office is at 25 Railroad Square, Suite 201, Haverhill. He can be reached at 978-372-8453. Join the discussion. To comment on stories and see what others are saying, log on to hgazette.com.

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