find a broker

Find a Broker

FR

LoginMy Account
Western Financial Group Western Financial Group
  • Personal

    Home Insurance

    Home Insurance

    Condo Insurance

    Renter's Insurance

    Seasonal Property Insurance

    Mobile Home Insurance

    Vehicle Insurance

     

    Car Insurance

    Motorcycle Insurance

    RV Insurance

    Boat Insurance

    ATV Insurance

    Snowmobile Insurance

    Vehicle Replacement Insurance

    Health & Life Insurance

    Life Insurance

    Disability Insurance

    Critical Illness Insurance

    Mortgage Life Insurance

    Financial Insurance

     

    TFSA

    GICs

    RESPs

    RRSPs

    Travel Insurance

     
  • Business

    Commercial Insurance

     

    Business Insurance

    Business Life Insurance

    General Liability Insurance

    Commercial Property Insurance

    D&O Liability Insurance

    Rental Property Insurance

    Legal Protection Insurance

    Errors & Omissions Insurance

    Cyber Liability Insurance

    TotalProtect Insurance

    Fleet Insurance

    Farm Insurance

    Product Liability Insurance

    Employee Benefits

    Employee Benefits

    TotalGuard Insurance

    Group Insurance 

     

    All Insurance Programs

    AMM Municipal Insurance Program

    CRA Insurance Program

    CVMA Insurance Program

    Crop Inputs Insurance Program

    Haven Municipal Insurance Program

    Hospitality Insurance Program

    Juno Restaurant Insurance

    BCRFA Restaurant Insurance

    Groupex Insurance Partnership

    CAM Movers Insurance

    Musical Instrument Insurance

    Independent Retail Insurance

    CAMA Insurance Program

    Biz Benefits Partnership

     

    Event Liability Insurance

     

    Charity Events or Fundraising Insurance

    Conferences and Conventions Insurance

    Corporate Events and Seminars Insurance

    Farmers’ Market Insurance

    Festival Insurance

    Hole-in-one Contest or Golf Tournaments Insurance

    Product Launches and Promotional Events Insurance

    Sporting Event Insurance

    Wedding Insurance

    Industries

    Cannabis

    Construction

    Contractors

    Daycares

    Greenhouses

    Hotels and Motels

    Manufacturing

    Municipalities

    Professional Services

    Property Management

    Retail

    Restaurants, Cafes, Delis, Fast Food

    Skilled Trades

    Technology

    Welders

  • Services

    MyWestern

    Payment Setup

    Registry Services

    Community Emergency Resources

    Personal Insurance Claims

    Commercial Insurance Claims

    Risk Management

  • About Us

    About Western

    Who We Are

    Executive Team

    Divisions

    Partners

    Western Coast Insurance

    Wyatt Dowling Insurance

    Sustainability

    Diversity, Equity and Inclusion

    Western News

    Blogs

    Careers

    Contact

    Communities Foundation

    Our Giving Programs

    About the Foundation

    Annual Giving Reports

    Annual National Walk

    Community Infrastructure Grants

    Foundation FAQs

    Sponsorship

    Western Communities Foundation

    Your donation will help improve local communities.

    Donate

1-866-860-1958

Get a Quote

Get a Quote

Main Menu

  • Personal
    • Home Insurance

      • Home Insurance

      • Condo Insurance

        Renter's Insurance

        Seasonal Property Insurance

        Mobile Home Insurance

    • Vehicle Insurance

       
      • Car Insurance

      • Motorcycle Insurance

        RV Insurance

        Boat Insurance

        ATV Insurance

        Snowmobile Insurance

        Vehicle Replacement Insurance

    • Health & Life Insurance

      • Life Insurance

        Disability Insurance

        Critical Illness Insurance

        Mortgage Life Insurance

    • Financial Insurance

       
      • TFSA

        GICs

        RESPs

        RRSPs

    • Travel Insurance

       
  • Business
    • Commercial Insurance

       
      • Business Insurance

      • Business Life Insurance

        General Liability Insurance

        Commercial Property Insurance

        D&O Liability Insurance

        Rental Property Insurance

        Legal Protection Insurance

        Errors & Omissions Insurance

        Cyber Liability Insurance

        TotalProtect Insurance

        Fleet Insurance

        Farm Insurance

        Product Liability Insurance

    • Employee Benefits

      • Employee Benefits

        TotalGuard Insurance

    • Group Insurance 

       
      • All Insurance Programs

        AMM Municipal Insurance Program

        CRA Insurance Program

        CVMA Insurance Program

        Crop Inputs Insurance Program

        Haven Municipal Insurance Program

        Hospitality Insurance Program

        Juno Restaurant Insurance

        BCRFA Restaurant Insurance

        Groupex Insurance Partnership

        CAM Movers Insurance

        Musical Instrument Insurance

        Independent Retail Insurance

        CAMA Insurance Program

        Biz Benefits Partnership

         
    • Event Liability Insurance

       
      • Charity Events or Fundraising Insurance

        Conferences and Conventions Insurance

        Corporate Events and Seminars Insurance

        Farmers’ Market Insurance

        Festival Insurance

        Hole-in-one Contest or Golf Tournaments Insurance

        Product Launches and Promotional Events Insurance

        Sporting Event Insurance

        Wedding Insurance

    • Industries

      • Cannabis

        Construction

        Contractors

        Daycares

        Greenhouses

        Hotels and Motels

        Manufacturing

        Municipalities

        Professional Services

        Property Management

        Retail

        Restaurants, Cafes, Delis, Fast Food

        Skilled Trades

        Technology

        Welders

  • Services
    • MyWestern

      Payment Setup

      Registry Services

      Community Emergency Resources

      Personal Insurance Claims

      Commercial Insurance Claims

      Risk Management

  • About Us
    • About Western

      • Who We Are

        Executive Team

        Divisions

        Partners

        Western Coast Insurance

        Wyatt Dowling Insurance

        Sustainability

        Diversity, Equity and Inclusion

        Western News

        Blogs

        Careers

        Contact

    • Communities Foundation

      • Our Giving Programs

        About the Foundation

        Annual Giving Reports

        Annual National Walk

        Community Infrastructure Grants

        Foundation FAQs

        Sponsorship

LoginMy Account

FR

1-866-860-1958

Get a Quote

Find a Broker

Is life insurance a good Valentine's Day gift?

Life Insurance as Valentine's gift

Feb. 8, 2021. When you think about which romantic gift you should buy for your significant other for Valentine’s Day, chances are life insurance is not at the top of your list. But when you consider the benefits, you will see that life insurance is not only an original gift, but a meaningful one that will be useful for many years.

Why is life insurance the perfect Valentine’s Day gift?

Giving your significant other life insurance for Valentine’s Day shows that you are committed, planning for the future, creative, and have their best interests in mind. You can always pair it with a more traditional Valentine's Day gift like a dinner out, chocolate or flowers!

Who should have life insurance?

Life insurance is important because if you were to pass away, your loved ones would be taken care of. Giving life insurance to a significant other ensures that the people they care about would still have financial security if they died.

Who should have life insurance?

Anyone who has others depending on them financially needs life insurance. This includes:

  • Parents whose adult children have special needs
  • Parents whose children are minors
  • Parents who want to leave money to their children regardless of their age
  • Adults who share property
  • Adults whose parents cosigned student loans for them
  • Key employees of businesses
  • Families who will have a difficult time paying for a funeral
  • People in a committed relationship whose finances are interconnected

What type of life insurance would work best for you?

There are many different forms of life insurance to choose from, so make sure to balance affordability with benefits. Some common types of life insurance are:

Term life insurance

Term life insurance is a popular choice among policyholders. It covers you for a set amount of time, or term, and pays a predetermined amount to your loved ones when you die. Different lengths of terms are available, for example, 10, 20, or 30 years or up to age 65.

Because term life insurance covers you for a set term and not your whole life, it has more affordable rates. You may want to set the term for a specific goal like until the mortgage is paid off or your children have finished college. When your term is up, you can either renew your life insurance (it will probably cost a bit more) or let it expire. Some policies allow you to convert term life insurance to permanent life insurance.

Permanent life insurance

Permanent, or whole life, insurance covers the rest of your life and has cash value. It builds investment value over time and can be cashed out or borrowed against.

Universal life insurance

Universal life insurance has investment options for your policy’s cash value and can be useful for saving for retirement and estate planning. The cash value earns interest. The premiums are similar to those of term life insurance and the premiums and death benefits can be changed. It is more hands-on than other types of life insurance and requires your attention to manage your investments.

Term to 100 life insurance

Term to 100 is whole life insurance that does not allow you to cash out and pays after you die. After age 100 you stop paying premiums.

Burial or final expense

This type of policy has a small death benefit that can be used by the beneficiaries to cover funeral expenses or for other purposes.

What are life insurance riders?

A life insurance rider is a common way to customize your life insurance policy. Some life insurance policies include riders in their premiums but adding a rider generally adds to the cost of the premium.

  • An accidental death rider provides extra coverage if the death of the insured person is an accident.
  • A long-term care rider covers costs for assisted living when the policy holder needs help with daily activities.
  • A disability income rider pays out if the policyholder becomes disabled and unable to work.
  • The waiver of premium rider stops the insured from having to make premium payments if they become unable to work.
  • Adding an accelerated death benefit rider means that the policyholder would receive the death benefit (or part of it) if diagnosed with a terminal illness.

Life insurance is a useful and thoughtful Valentine's Day gift and your Western Financial Group broker can help you choose the right coverage by helping you select the right type of policy and any riders you may need.

Speak to a Licensed Life Insurance Expert Now 888-594-3105

GET A QUOTE

Recent Blog Posts

Mark Missal Farm Insurance
Western's Farm Insurance Has Roots in Our Communities

May 8, 2025


Spring Cleaning Boat
Why You Need to Clean Your Boat in the Spring

May 7, 2025


Car Kill Switch Theft Prevention
Will a Kill Switch Stop My Car from Being Stolen?

May 5, 2025


Western Financial Group

2025 Western Financial Group. All rights reserved.

Privacy / Legal | Accessibility Guidelines | Fair Treatment of Customers Policy | Terms of Use | Compensation Disclosure | Complaints Process | Media Relations | Mergers & Acquisition | Careers | Sitemap