The unexpected loss of a working parent can have devastating effects upon the financial future of all surviving family members. For many two-income households that are struggling to make ends meet in today’s cruel economic climate with high unemployment rates, wage freezes and rising gas and grocery prices, halving the amount of money coming into the home as a consequence of the sudden demise of one breadwinner can trigger a seemingly insurmountable personal financial crisis. Taking protective measures by exploring different types of life insurance available is essential, especially for single parent households.
According to an article appearing in USA Today at the tail end of 2010, only 44% of American households have an individual life insurance policy while there exist approximately 11 million households containing one or more children under the age of 18 that carry no life insurance at all. While many of the uninsured blame “other financial priorities” as a reason for not purchasing a life insurance policy, when what is at stake is given careful consideration, life insurance premiums should, in fact, be prioritized as opposed to falling through the cracks. Protecting family members from potential financial ruin following an unpredicted death of a provider is of paramount importance. The price tag on this particular peace of mind is surprisingly low, as evidenced by cheap life insurance quotes.
The unfortunate truth is that many opt to wait too long to purchase life insurance, and wait until an accident or illness befalls a parent before fully grasping the significance of income protection coverage. It is critical to seek out an affordable term life insurance quote early, when rates will be at their lowest. Individuals who choose to sign up for life insurance coverage sooner rather than later are rewarded for their sensible decision by being availed of the choicest policy rates.
During this time of great economic uncertainty, little remains within one’s ability to control. Life insurance is one of the few measures of protection available to be taken to ensure the financial wellbeing of those who matter most.