Protecting Both of Your Incomes
Do you have a dual-income household? If you do, you're not alone. More and more Americans
are finding that a dual income is a necessity. But it doesn't just sustain their current
standard of living. It forms the base for their financial future.
With that in mind, you've probably taken steps to protect both of your incomes with some
type of life or disability insurance coverage. But needs change, and coverage you had a
few years ago may not match your current situation.
How do you know if you have the "right" amount of life insurance for both wage
earners?
One factor to consider is the value of homemaking services. For example, let's say both of
you have approximately the same income, but one of you does considerably more around the
house. If that person died or became disabled, would the other be able to handle all of
the homemaking alone? If not, the person who had more "household
responsibilities" should probably be insured for more, since it would take more to
replace both a salary and the homemaking services. The added coverage would allow you to
pay for these services.
Whether you have a single- or dual-income family, you'll be more likely to maintain your
standard of living and realize long-term financial goals if you're adequately insured.
