While health insurance can cover your medical related expenses, you should also consider ensuring that your family’s long-term needs are provided for in the event that you are no longer around.
This is where life insurance plays an important role.
You need to calculate the amount that your family will need in the absence of your financial support. Some things you need to consider include how much loans you currently have, the number of children you have, whether or not your spouse is working and your current monthly living expenses.
What many people don’t consider as well is the additional cost that a surviving spouse may incur to care for the family. For example, a domestic helper may be required to help out with household matters, or that the surviving spouse may need to take a sabbatical from work. These cost additional money and needs careful consideration beforehand.