Give the gift of financial security with life insurance this holiday season

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

The holiday season can be overwhelming—with gift shopping, a packed schedule of activities, travel, family dynamics and the added pressure of finances. While it’s a joyful time of year, it’s just as important to prioritize your well-being. This year, why not give yourself—and your family—the gift of financial peace of mind?

Many people use the end of the year as an opportunity to get organized and tackle tasks they didn’t manage earlier. This often includes making financial changes and setting goals for the future.

Have you experienced any major life changes recently? Bought a house? Welcomed a child? Got married? Retired or started planning for retirement? If you’ve been meaning to tackle some financial planning but haven’t gotten around to it, now is the perfect time. Use this season to address those financial priorities and set meaningful resolutions for the year ahead.

Protect life’s newest milestones

Did you recently experience a major life event such as getting married, buying a house, or having a child? If so, congratulations. If you don’t already have life insurance, now is the time to consider it. Coverage can help pay off the mortgage, support your spouse or partner with expenses and contribute to a college fund, providing crucial protection if you die prematurely. 

Half of adults say they would experience financial hardship if a primary wage earner passed away, so make a plan to protect your family.

Review or kick-start your retirement plan

The number one financial concern people cite is having enough money for retirement. According to LIMRA research, 40% of Americans worry that they won’t have enough saved to retire comfortably. 

If planning for retirement is high on your list, there are a few key steps you can take to set yourself up for a secure future. If you have a 401(k) or IRA, check your contribution levels and consider increasing them. A financial advisor can also provide information on annuities, which can provide a steady income in retirement.

Check on your benefits

Ensuring you can support yourself if you become disabled and unable to work, along with covering medical bills, are also critical concerns to address.

While open enrollment for benefits has likely closed for most people by now, it’s still a great time to review your coverage and ensure your plans align with your needs for the upcoming year. Take a look at what your employer offers for disability benefits and check if there will be a gap between what will be paid and what you will need. Will you still be able to fund your other financial goals, like your retirement savings?

If there is a gap, look into supplementing with individual insurance. Need more than your medical plan will provide if something catastrophic happens? Supplemental health products—such as critical illness insurance, accident insurance and hospital insurance are available to provide benefits if you’re diagnosed with a critical condition, involved in an accident or hospitalized.

Plan for elder care needs

Aging is a natural part of life, and most of us will need support at some point. According to LIMRA data, only 29% of consumers believe they own some form of long-term care coverage, whether that be a standalone or a combination product. However, LIMRA estimates just 3% to 4% of adults over age 50 have some sort of long-term care insurance.

Long-term care costs can be significant, and while many people aim to remain in their homes as long as possible, even home care comes with a high price. While Medicaid may cover some expenses, it only applies after you’ve spent down your assets. Contrary to popular belief, Medicare does not cover long-term care.

That’s where long-term care insurance comes in. Long-term care insurance can cover the costs of in-home care or an assisted living facility. It can also support your family members, including respite care and care coordination. 

There is a lot to think about and plan for. A financial advisor can help you develop and implement a plan. This holiday season, take a little time to care for yourself and your family by starting the planning process — whether it’s thinking about your financial future, exploring life insurance options, building a retirement strategy or ensuring you’re prepared for life’s unexpected events.

Karen Terry

 

 . .

Karen Terry leads the Individual Product Research team, developing and implementing LIMRA's research program for individual life, disability, long-term care and critical illness insurance products in the U.S. and Canada.