What Is a Romantic Partner Really Looking for? (It’s probably not what you think)

What Is a Romantic Partner Really Looking for? (It’s probably not what you think)

In this Instagram-able world, when it comes to attributes we look for in a romantic partner, we might think “looks” and “style” would come up at the very top of the list. Not so.

And that’s good news, because besides sense of humor (which for most of us I think is set in place), being responsible with your money, or financially fit, is a key attribute people are looking for–and that is something we have control over. This infographic shows more:

Join Us for a Special “Insure Your Love” Twitter Chat on Valentine’s Day

Join Us for a Special “Insure Your Love” Twitter Chat on Valentine’s Day

Join Life Happens as we moderate a Twitter Chat focused around romance, couples and finances during Insure Your Love Month.

We anticipate plenty of activity from consumers, the media, insurance companies, agents and advisors. We hope the chat helps promote how important financial fitness, including having adequate life insurance, is for couples.

Date: Wednesday, Feb. 14 from 1:00 p.m. EDT to 2:00 p.m. EDT
Hashtag: use and follow #InsureYourLoveChat during the above timeframe

Life Happens will moderate the discussion and drive the conversation using the questions and statistics below. Pass your answers through company compliance if needed. Remember, you’ll have to use the #InsureYourLoveChat hashtag in each tweet.

[All statistics below come from the study “What Do Romantic Partners Want?” Life Happens, 2018]

Q1: It’s Valentine’s Day, and we found that people would much prefer their romantic partner plan for their financial future (44%) than buy them gifts (8%). Does this statistic surprise you? #InsureYourLoveChat

Q2: People find “being responsible with money/financially fit” a top attribute in a romantic partner (64%), second only to sense of humor (80%) and above looks, wealth or style. Why do you think it comes in so high? #InsureYourLoveChat

Q3: Women are significantly more likely than men to find a romantic partner troublesome if they aren’t financially fit (77% vs 60%). Why is there such a gender difference? #InsureYourLoveChat

Q4: Millennials are more likely than any other age group to lie about their spending habits or debt to a significant other (16%). Is it relative youth or a larger social issue? #InsureYourLoveChat

Q5: Nearly half of Americans can’t explain what a life insurance premium is. How do we combat this? #InsureYourLoveChat

Q6: More Millennials can define “bae” (44%) than “life insurance premium” (38%). Let’s discuss. #InsureYourLoveChat

Q7: Being irresponsible with money is the trait people find most troublesome in a partner (70%), ahead of no regular job (62%) or low income (24%). What do you think the reason is for that order? #InsureYourLoveChat

And don’t forget that you too can help spread financial awareness during Insure Your Love Month by participating in the #InsureYourLove Hashtag Promotion.

Submit a photo or text post that exemplifies the “This is love” theme and then tag it with the #InsureYourLove hashtag. Click here for more details.

Do I Still Need Life Insurance Once I Retire? Your Questions Answered

Do I Still Need Life Insurance Once I Retire? Your Questions Answered

Do I need life insurance once I retire?

Just because you’re retired doesn’t necessarily mean you’re financially sound.

Think of all the different scenarios that may still be applicable: You may have been required to retire early; you may have had investments that have gone sour and haven’t had time to rebuild your nest egg. Additionally, there may be a need to cover final expenses, you may have children still at home who depend on you, or you may have a family member like an aging parent or special-needs sibling that you provide financial support for.

The bottom line is this: If you owe someone, love someone, or someone depends on you financially, you need life insurance. And just because you’re retired or old doesn’t mean those three things go away.

Do I need the same amount of life insurance coverage as I did before?

If you bought the life insurance to replace income and have built up your investments, maybe not.

Then again, if you have built up your investments over the years, there may be some state or federal inheritance tax that will have to be paid upon your death. And even if there is no federal tax, there may still be significant state inheritance tax. There are also things like probate costs, administration costs; there might be final debt or a mortgage on house, too. So as long as there is some type of financial exposure, you need life insurance to match up with that.

If I don’t have one, is it still possible to buy a policy in retirement?

Absolutely. Just because you’re old or older doesn’t mean you’re uninsurable.

I just got a call from someone doing planning for the family patriarch who’s 85 years old. They realized that right now, the estate is worth more than the combined amount of federal exemption and that there will be tax to pay. That’s where life insurance comes in, at less than a dollar for each dollar of tax.

Another reason to have the coverage is if someone has taken 100% pay-out on their pension, with no survivorship provision. If that person dies, no money gets paid out to the surviving spouse. This is more common than you think. Nor is it unusual to hear that someone remarries and forgets to change the pension beneficiary. Life insurance can ensure that the spouse is taken care of.

What else should I know about having life insurance in retirement?

People don’t often talk about the living benefits of life insurance.

Let’s say you no longer need the death benefit, but are living with a lingering, terminal illness and may not have sufficient cash to pay medical expenses. The accelerated death benefit provision means you can go to the insurance company and pull down money from the policy to absorb the costs of that illness and avoid bankruptcy.

A permanent life insurance policy is also a place to put money aside that gives you a better rate of return than a low pay-out CD or putting money in a safely deposit box. It’s a way to have some safe money invested at no risk—it’s just there for when you need it.

Share this info—click to tweet it out.

Permanent life insurance is a way to have some safe money invested at no risk—it’s just there for when you need it. Click To Tweet
If you owe someone, love someone, or someone depends on on you financially, you need life insurance—whether you’re retired or not. Click To Tweet

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