Your Valentine Will Love You For This

Here’s what every woman in love wants this Valentine’s day.

The thought of being driven to her favourite restaurant, having the car door opened for her, enjoying a romantic, candlelit dinner for two accompanied by red roses, champagne, dancing, and being told that she’s the most special woman in the world.

Come to think of it, plenty of men want the same thing, and who can blame them? Yes, we know Valentine’s Day involves a lot of emotional blackmail, but honestly, we could all do with a little more romance in our lives.

Of course, there will always be the cynic who sees Valentine’s day as nothing more than a marketing scam – and judging by the price of red roses on the day – they’re absolutely right. But they’d better make sure their partner agrees with them or the situation could become quite frosty 🙂

And then there’s the other type of person on Valentine’s Day – the realist. Yes, they’re going to spoil their partner on Valentine’s day, but they also do this every other day of the year. Valentine’s Day is no different to any other day.

It’s for this person that we have a special suggestion this Valentine’s…

What do you give the person who means everything in the world to you?

An expensive smartphone might work for some. An all-expenses-paid overseas holiday will definitely work for most. But have you ever thought of giving them the gift of thoughtfulness around their financial security?

‘’Are you saying that I must give them the gift of life insurance?’’

No, that’s not romantic at all. What we’re saying is to remind them of how special they are by updating them on your existing life insurance. Let’s explain…

You’ve heard of people renewing their wedding vows, haven’t you? That alone is an excellent Valentine’s gift. But what if you used Valentine’s Day as an opportunity to dust off your life insurance policy and refresh their memory? The conversation might go something like this:

“I spoke to my life insurer today about my life insurance.”


“Well, I was thinking of how important you are to me and how I couldn’t bear the thought of you being left in a situation where you might struggle financially.”

“Are you telling me that your romantic idea was to tell me about your life insurance?”

“Well, I just so happened to find out that I still have my Estate nominated as the beneficiary of my life insurance and not you. Once I found out what could happen because of that, I immediately changed that to you.”

 Why is nominating a beneficiary so important?

There are a couple of scenarios that come to mind.

  • The wrong person has been nominated as the beneficiary

 For instance, take someone who just gone through a divorce – you will be surprised to discover how many remarried couples still have their ex-spouses as the beneficiaries on their life insurance. Imagine the shock of finding out that your spouse’s life insurance is going to the ex?

  • Leaving the proceeds to your Estate

There are valid reasons for leaving life insurance to your Estate. One of them is for the settling of outstanding debt such as mortgage bonds and income taxes. But leaving your life insurance to your Estate does have its own problems.

One problem is that there is no guarantee that the spouse is going to get any of the proceeds once all the debts are paid – basically, they’re last in the queue. The second problem is that the Executor of your Estate is entitled to charge a fee based on all assets flowing into the Estate. Since your life insurance is paying into your Estate, your Executor is entitled to charge a fee on the amount.

Regularly reviewing your beneficiary nomination ensures that the correct person inherits the money and that unnecessary expenses are kept to a minimum.

It’s the thought that counts.

Life insurance might not be as sexy as that diamond, but believe us, that special person isn’t going to complain when they inherit. Letting your partner know that you’re still paying your life insurance, how much it is, and that he or she is the beneficiary is one way of telling them how much they mean to you.

Showing that you care about your partner’s financial wellbeing after you’re no longer around is, we think, as thoughtful as it gets.

Have a thoughtful Valentine’s day.

Until next time.

The Wise About Life Team

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