When you are depending on only one income, that income is worth protecting. If something were to happen to the wage earner, the surviving spouse would find rebuilding the family’s income impossible. Life insurance is important to a single-income family; it is the only tool that allows you to secure your family’s future when a tragedy occurs. Most single-income families know that life insurance is vital to their lifestyle, but many people procrastinate buying a policy. Putting off that decision until it’s too late is a mistake.
One reason that people postpone buying a life insurance policy is that they feel uncertain about what to buy, what company to buy from, and how much they should expect to pay. Life insurance is a complicated product, and few people feel as though they fully understand it. But the basics aren’t hard to grasp, and with so much riding on making this decision, taking the time to learn about the policies that are available is worth the effort. Once you feel comfortable with the product, you’ll feel much more in control of the buying process.
To begin, learn what makes term, permanent, and whole life policies different from one another, and know which one suits your needs. Taking a fun quiz from Health IQ about picking a life insurance policy will test your understanding of these types of policies and offers some education along the way. Once you feel more confident about your knowledge of life insurance, you’ll be ready to secure your family’s financial future.