Family protection is about more than a paycheck
When a family loses a parent or provider, the financial impact can include more than lost salary. Childcare, transportation, household work, debt payments and future goals may all be affected.
Build the coverage conversation around real obligations
- Monthly household income needs
- Mortgage or rent commitments
- Childcare and dependent care
- Education goals
- Existing savings and employer benefits
- Other debts and recurring obligations
How long is the need expected to last?
A young family may have major obligations that gradually decline as children grow, debts are reduced and savings increase. This is one reason term coverage is often discussed for family protection. Other needs can be longer term and may require a different approach.
Review coverage when life changes
Marriage, a new child, a home purchase, a career change and major debt changes are all reasonable times to review whether existing coverage still matches the family's situation.
Frequently asked questions
Should both parents have coverage?
It can be useful to evaluate both parents because both income and unpaid caregiving can have financial value to the household.
When should a family review coverage?
Major life changes such as marriage, a new child, home purchase, career change or significant debt change are common review points.
Can employer coverage be enough?
Employer coverage can help, but families should review the benefit amount, portability and whether it would remain in place after a job change.