The Home Insurance Guru

Please call  Lee from  USAsurance Powered by WeInsure & Calle Financial. 954-270-7966 or 833-USAssure at the office. My email is lee@myUSAssurance.com . I am Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance, Mortgage protection, Financial Products, Business  & Commercial Policies, & Group Products for business owners to give Employees benefits at no cost to the employer. My email is lee@myUSAssurance.com

John CsiszarFebruary 26, 2021·4 min read

Life insurance comes in many forms, so it’s important to pick the right insurance for you and your family. Although sometimes life insurance can seem like an unnecessary expense, for most families it’s absolutely essential. One of the guiding ideas behind life insurance is to ensure that any large financial obligations are satisfied in the event that your family experiences a loss of income. So, the key to picking the right life insurance for your family is to analyze where your income comes from and what your large financial obligations are. Although every family’s situation is different, here’s a look at some of the most common uses of life insurance and how it can act as a safety net for your family.

The focus of most life insurance policies is on the breadwinner in the family, for obvious reasons. If a family loses its primary source of income, then the financial security of a family is immediately thrown into doubt. Life insurance can provide a relatively immediate source of funding to take care of a household’s monthly bills until a source of income can be restored.

Learn More: Why Now Is the Time To Hire a Financial Advisor

Secondary Coverage: Nonearning Spouse

Although there’s a clear need for insurance coverage for the primary breadwinner in a household, a nonearning spouse should usually be covered as well. Life insurance can help pay for services that used to be covered by the nonearning spouse, such as child care, cleaning or home maintenance. These services, which can often be taken for granted, are quite expensive when you have to hire outsiders. For example, according to the Economic Policy Institute, the average cost of infant care in California is $16,945 per year, or almost double the cost of in-state tuition at a public college. Professional house cleaning can cost anywhere between $120 and $300 in major cities across America.