Even with your surviving spouse’s income, would that be enough to pay off debts like credit card balances and car loans, let alone cover the monthly rent and utility bills?
Married With Kids:
Could your family continue their standard of living on your spouse’s income alone? Would their plans for the future–like college–stay intact?
With so much responsibility resting on your shoulders, you need to make doubly sure that you have enough life insurance to safeguard your children’s financial future.
Just because you don’t earn a salary doesn’t mean you don’t make a financial contribution to your family. Childcare, transportation, cleaning, cooking, and other household activities are all important tasks, the replacement value of which is often severely underestimated.
Just because your kids are through college and the mortgage is paid off doesn’t necessarily mean you no longer need life insurance. If you died today, your spouse would still be faced with daily living expenses.