Why Dual-income Families Still Need Insurance

+Today most couples both work. There might be times when one takes some time off while caring for young children but generally speaking most adult members of a modern family earn a monthly income. Statistics show that dual-income families on average make more money per year than single-income ones. It doesn’t take long for this income to be a vital part of a family’s financial security

Judging by the data, dual-income families are better off and potentially more financially secure. There’s little to no need for life insurance, right?

Interestingly, the need for life insurance for dual-income families is no different than that for families with single income earners. Having two income earners in the family usually means both incomes are needed to meet monthly expenses and financial goals. The more people make the more they typically spend; a bigger house, a nicer car etc. It is important to insure this lifetime income so if something happens to one of the family earners all debt is eliminated and there are funds available to continue as if both couples continued to work.

In the end, dual-income families provide increased financial security but only to a certain extent. The surviving spouse will need and benefit from the increased security life insurance can provide. As far as life insurance is concerned, they’re just as vulnerable.