Give More Than Chocolate and Roses to Those You Love

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Farm Bureau Financial Services reminds consumers to protect the people they love this Valentine season

While more than 93 percent of Americans think it’s important to have life insurance, according to a survey by the LIFE Foundation, half of those surveyed said they don’t have enough coverage. The reasons? The perceived cost of insurance, the time it takes to contact an agent and the lack of knowledge or information about the coverage they need.

This Valentine’s Day, Farm Bureau Financial Services recommends consumers expand upon the more traditional gifts of chocolate and roses with the security and peace of mind life insurance coverage can provide.

“Life insurance can help keep your family financially secure after you’re gone, and also provide peace of mind while you’re alive,” said Rich Kypta, Executive Vice President, Farm Bureau Life Insurance Company. “What better way to show someone you love them than by making sure they are provided for.”

What Life Insurance Is and Why It’s Important
Life insurance provides cash to your family after your death. This cash, also known as a death benefit, can help your family address many of the financial needs they may face upon your death. These include funeral expenses, medical bills, home mortgage, auto loans, daily living expenses, college tuition, etc. In addition, there is no federal income tax on life insurance benefits.

“Life insurance can help ensure that if you weren’t around tomorrow, your loved ones would be able to afford to continue living in their current lifestyle,” Kypta said.

However, unlike homeowners insurance and car insurance policies, consumers aren’t required to own life insurance. As a result, many people either are not covered or not adequately covered.

Who Needs Life Insurance and How Much
Life insurance is available for people at every stage of life, whether they’re married, married with kids, working or stay-at-home parents, single parents, empty nesters, retired, single or even small business owners.

The amount of life insurance a person needs can depend on age, income, mortgage amount, monthly expenses, debts, assets, number of children and other factors. As people’s lives change, so do their life insurance needs.

“Various life events require different approaches to protecting what’s important to you and planning for a sound financial future,” Kypta said.

To understand life insurance needs, consumers can take a simple life insurance needs assessment or contact their insurance agent.

Options Available
There are two main types of life insurance, term and permanent. The type that’s right for each person depends on their specific short- and long-term needs, stage of life and how much life insurance they need.

Term life insurance provides coverage for a specific period of time. Because it typically costs less, term life insurance can work well for those on a limited budget or who only need coverage for a limited time period, such as while a loan or mortgage is paid off or until children are grown.

Permanent life insurance, on the other hand, provides lifetime protection and builds a cash value that generally can be borrowed against. Depending on the policy, a person may be able to use the money in their cash value account for purchasing a home, financing college, supplementing retirement income or other expenses. In addition, upon a person’s death, benefits may be paid to beneficiaries in a lump sum or through flexible income payment options. While living, the life insurance cash value accumulates on a tax-deferred basis.

Consumers should contact an agent to learn more about different types of term and/or permanent life insurance coverage.

“The key to determining the best life insurance option to protect your loved ones is to work with an agent who understands your goals and objectives,” Kypta said.

For more information about life insurance options, consumers should contact their agent or visit

About Farm Bureau Financial Services
Through an exclusive, multi-state agent force, the companies affiliated with the Farm Bureau Financial Services brand underwrite, market and distribute a broad range of financial services products, including life insurance, investments, annuities, property-casualty insurance products and services and more, to individuals and small businesses within a marketing territory that includes 15 states. For more information about products and services, log on to or call or visit your local Farm Bureau agent.

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