(iDAD) -- You've probably been thinking about getting a life insurance quote.  But you keep putting it. 

Thankfully Del Bloomer didn’t procrastinate when it came to getting a life insurance quote.

Hardworking, community-minded and successful in the Birmingham, Ala. business world, friends and colleagues assumed the husband and father of two would one day become mayor.  But Bloomer believed life had something different in store for him, so he went beyond getting just a life insurance quote, he actually bought the policy. 

“He had (bad) dreams at night,” says his wife Linda.  “He thought he would not have a long life.”

He turned out to be right.  He suddenly died at the age of 40. He left behind a grieving wife and 8-year-old twins Maya and Matthew.

It was a shocking enough to lose the love of her life.  But because Del had bought life insurance, money was one thing Linda Bloomer did not need to worry about.  She couldn’t be more thankful.

MANY GO WITHOUT

Surveys show up to 85-percent believe they need life insurance.  But four of every 10 American adults have none whatsoever.  And never bother getting a life insurance quote. “If someone depends on you, you need life insurance,” says Jon Dressner, Vice President of the Life and Health Insurance Foundation for Education (LIFE) in Washington, DC.  “It’s not enough that people think it’s important they need to do something about it.”

But sadly many go naked—never taking the time to cover themselves with a life insurance policy.

“Are you willing to chance it?” asks Dressner.  “I’d imagine most dads would say they wouldn’t want to chance it.”

HOW MUCH YOU NEED

The LIFE Foundation says the general rule of thumb is you need 10-20 times your income.  But cost is a factor for most people and you have to determine how much you can afford.

“Just make sure you can hold on to it,” says Dressner.  “You want to buy something you can hold on to.”  Primarily because the older you get, the more expensive the rates.  If you lose your policy and are forced to re-buy, you pay the higher rate.

TYPES OF POLICIES - LIFE INSURANCE QUOTES

There are various types of life insurance policies.  Term life insurance is the most affordable type of coverage.  It lasts for the number of years you elect—usually 20 or 30.  Many term life insurance policies are convertible. The option lets you exchange it for a whole life policy.  It’s the most inexpensive way to get a lump sum in the event of your death.

Universal life insurance is permanent life insurance.  It gives you more flexibility than other types of coverage. With universal life, you get guaranteed life insurance benefits and the money you accumulate can be tax-deferred. You can usually change the amount of your coverage, the premium payments, or the frequency of your premiums.  This is sort of like a retirement savings account, because you can collect the money if you don’t die.

GOING BEYOND THE LIFE INSURANCE QUOTE

If you only can afford one type, Dressner suggests a term policy because it’s “cheaper then it’s ever been and what you don’t want to do is walk about with no life insurance whatsoever.”

The foundation recommends seeking professional advice.

“You really have to find an advisor you can trust.  It’s may be the most important financial decision of your life.”

Get referrals, and then get down to business interviewing advisors.  “Life insurance is not something you do for yourself but for people who depend on you.  If dads realize that you would not find anybody uninsured in America.”

Linda Bloomer couldn’t agree more.

Del has left quite a legacy. Their children are set for college.  And his wife has been able to buy new home and brand new furniture.  She got “a brand new life” and got a fresh start, which she felt like she needed in order to survive. 

Had he not taken the steps to prepare, “it would be awful.  I would probably have to work two jobs just to maintain.”

She has this message for dads and husbands who are waiting until to tomorrow to get a policy:  Don’t. Though she misses her husband immensely, she’s so happy he took care of her and their children by buying life insurance.

“It’s the greatest gift of love a man can do for his family.”

RELATED LINKS:

Info Life Insurance Options

http://www.life-line.org/life.html

Calculate Coverage Needs

http://www.life-line.org/life_how_ineeds.html