Industry research group LIMRA is asking why life insurance shouldn't rank ahead of roses, chocolate, and jewelry as an ideal Valentine’s Day gift.

LIMRA points to a poll conducted in the United States by the National Retail Federation which shows that, on average, Valentine's Day shoppers will spend an average of $142.31 on gifts for their loved ones this year.

“We know from LIMRA research that 3 in 10 consumers believe their spouse or partner should have more life insurance and 80% of consumers believe most people need it,” says LIMRA. “Yet, despite consistent positive attitudes about the importance of life insurance, 63% say they are not buying life insurance because they mistakenly believe it is too expensive.”

Consumers tend to overestimate the cost of life insurance. In its research, LIMRA asked people to estimate the annual cost of a $250,000 term life insurance policy; across all demographic segments, the average estimate was $400. Those under the age of 25, for whom the cost would actually be the lowest, thought the premiums would be more than $1,000 a year. In fact, the annual cost of the policy used in the example was just $150.

"As the annual cost of a life insurance policy nearly equals the average amount spent on Valentine's Day, it presents a conversation starter for advisors with their clients," concludes LIMRA.