Long Term Insurance is not only for the Bread Winner
If you are the bread winner of your household then it’s important that you are covered in the event of your death, disability or falling dreadfully ill. As the breadwinner you are responsible for the large portion of the household income. You may be able to afford the luxury of affording all the household expenses on your own, leaving your wife, or husband, to stay at home and run the house while you are at work making sure that everything is taken care of at month end. It may not be a big problem at first, but if your stay at home spouse falls ill and is no longer able to run the house the way it always has then it could become a problem. Lunch does not get made for the children when they have to go to the school, they cannot get dropped off at school on the days that you can’t make it. There will not be anyone to perform any of the daily household functions that would ordinarily be done by the one person that makes the home run at its best.
On the other hand, if you are a part of a dual income family and everyone in the house relies on both parents to make ends meet then you could end up with a serious problem at the end of every month. A parent falling ill or becoming disabled prevents them from attending work and earning that much needed salary to help supplement the other parent’s salary. In most cases a dual income household will share all the financial responsibilities. Parents would take turns to pay for certain expenses in the house by paying the school fees and the food for one month and then covering the cell phone and utility accounts the next. If that responsibility suddenly falls on the one parent alone then it would put some serious pressure on the family as a whole.
Long term insurance will provide cover for income protection and disability or dreaded diseases. All you need to do is take out a policy that covers you for all these shortfalls in the event that they happen. You have the option of choosing what you are covered for and how much the benefit is going to be in the event that something happens. You can choose a lump sum option that pays out one large amount up front or you can choose to have it paid out monthly to assist with all your monthly debts. Also womens insurance is fine thought for home mums.
No matter what option you choose, you won’t regret taking the cover for these shortfalls as they inevitably assist you and your family when you can’t.
Priceline Protects is an Insurance firm. This offers womens insurance, serious life insurance, insurance for women and other critical illness insurance.
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