Most breadwinners see their primary role in the family as someone who brings 'bread to the table,' or simply put, to provide for the day-to-day needs of the family—food, clothing, shelter, education.
While being a good provider is very commendable, conscientious breadwinners must realize that providing just for basic needs is not enough. A wise breadwinner makes sure that he or she can provide for the family even if they lose their capacity to do so. For example, when you get hospitalized or get really sick, who provides for your family? If you become incapacitated or disabled, who can your family rely on? And if you should pass away suddenly and unexpectedly, who will take care of your family's needs?
The saying "Man does not live on bread alone" takes on a whole different meaning in this context. It is not enough for breadwinners to simply provide for daily needs —they should also look towards the future and provide for their family's financial protection.
This is how insurance helps breadwinners.
Insurance gives a lump sum amount of money to a breadwinner's family in case he/she gets into a situation that prevents them from earning income—an accident, a disability, a critical illness, or when they pass away. With the amount they receive, the breadwinner's dependents can use the amount to provide for not only their day-to-day needs, but also to pay off medical expenses, tuition, housing loans, or car loans,
With this is mind, here are a few things breadwinners should think about when considering life insurance: