• 31
  Mar
  2010

• My Spouse Earns Enough: Do I Really Need Insurance?

  
  Filed Under: Blogging
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Many a time, people fail to insure their lives simply because their spouse earns a lot of money, and they think their family will be financially secure with the other salary itself. Why do I need term life insurance in that case, many ask. This is especially true of women, more so with women who aren’t even sure if they’ll continue working for a long time.

Term life insurance is a good idea in any case, for several reasons. One, insuring both lives becomes important, because you don’t want your children to suffer if, by an unfortunate turn of events, both you and your spouse pass on.

Also, one other thing to consider is expenses and situations after your passing on. Needless to say, your spouse will have to juggle a ton of things if the unthinkable occurs, and as a result, it is very likely that there is a dip in the family income.

Also, with term life insurance rates as low as they are now, it is best to insure your life and lock in the current rate. You could go in for a lower level of coverage, however, if you think your income does not warrant the standard “20 times the annual income” thumb rule that most term life insurance plans suggest.