Father’s Day Gift Perfect For Your Dad, A Life Insurance Policy

With Father’s Day approaching, you might be looking for the perfect gift to give your dad. Instead of that new tool kit or even the comfy socks, why not give him an inexpensive gift that keeps on giving? We’re talking about a term or permanent life insurance policy! This gift not only puts your father at ease knowing you’re taken care of, but also can help set him up for a comfortable retirement without working.

We get it. A permanent life insurance policy wasn’t the first gift that came to your mind, but think about the benefits! Instead of a gift that will only last a year or two, as long as the policy continues to be paid, a permanent life insurance policy stays with him for the rest of his life. And while that is a great feature, there’s an even better one – it builds cash value! The premium payments are contributing towards a tax-deferred cash account that your dad can use while he’s still alive. This can be used to pay premiums or ensure your parents have a comfy retirement.

If there’s one thing dads want to do, it’s to protect their family. Life insurance does just that – it gives your family financial protection for the future. This is especially true if your father was the primary breadwinner of the household. When someone passes away, their debts don’t go with them. Instead, they are passed on to the next of kin. This could be your other parent or you. If that’s the case, a life insurance death benefit would come in handy. A death benefit is an agreed-upon amount of money that will be paid out to the beneficiary of the policy. The amount depends on the policy size and the needs of your family. For example, maybe you will want enough to cover a mortgage that gets left behind or the cost of tuition for children who are left behind. Whatever you want to cover, you’ll purchase a policy with that amount of coverage.

To determine how much coverage you’ll need, check out our Life Insurance Needs Calculator.

Finally, we understand that money can be an issue for some families. However, life insurance can be inexpensive for healthy individuals. For example, a healthy dad around the age of 50 with $100,000 coverage, the monthly premium would sit around $45 a month. While it is an investment, you and your dad will appreciate the peace of mind that this gift brings.