After considerable research on what do the experts think about if it is really necessary to get life insurance, it is easy to see that it is a personal matter and there are no pat answers to such questions. For a couple on a tight budget that would struggle to afford any premium payment the solution seems to be term life insurance.
Let’s face it, the subject is not a comfortable one to think about or to discuss with the person who needs to die for the insurance to ever pay out. It seems what is really being purchased with term insurance is the peace of mind that comes with knowing if the family breadwinner is no longer there to provide the income that there will be money to buy time to get past the devastation. It is not realistic that the value of a policy that can be purchased on a limited budget would make the family rich but it should buy a considerable amount of time in order to figure out how to carry on alone.
Insurance of any kind is a way to mitigate the risk of something bad happening. A term life insurance policy would be a hedge against the worst case, which is loss of the life of the person who the whole family depends on for financial survival. It seems much less devastating for the “other” parent to die. Not that the wife who’s role it is to care for the children and who makes the home a wonderful environment ever plans to depart the family prematurely, well the husband certainly has no plans to die either. It is the fact that he is the income source for the family that seems to make it a completely different decision process on whether to insure his life or not.
The driving factor might just be the worry that comes with having no life insurance. It is, after all, a personal decision.