If you bring in the majority of the income in your household, you may have asked yourself, should I get life insurance if I’m the main earner?
The short answer is yes. Life insurance can make all the difference for your loved ones if the worst were to happen, it can financially protect your partner, children, or dependents.
Why life insurance matters for the main earner
As the primary source of income, your earnings likely cover essentials such as:
- Mortgage or rent payments
- Household bills and utilities
- Food and everyday living expenses
- School fees or childcare
- Long-term savings and financial goals
Without your income, your family may struggle to maintain their current lifestyle or even meet basic needs. Life insurance provides a tax-free lump sum payout to your loved ones if you die during the policy term, giving them financial breathing space at a very difficult time.
Pros of life insurance for the main earner
- Financial security for your family: Ensures your loved ones can manage living costs and debts.
- Peace of mind: You know that your household is protected, even if the worst happens.
- Tailored to your needs: You can choose the level of cover and policy length to match your financial commitments.
- Affordable while younger and healthier: Premiums are usually lower if you take out cover sooner.
Cons to consider
- Monthly cost: Paying premiums is an ongoing expense, though often surprisingly affordable.
- No payout if you outlive the term: With term life insurance, the policy ends after the agreed period. Whole of life cover avoids this but is usually more expensive.
Alternatives and additional protection
Life insurance is a strong foundation, but you may also want to consider other types of protection:
- Critical illness cover: Pays out a lump sum if you are diagnosed with a serious illness such as cancer, heart attack, or stroke.
- Income protection: Provides a monthly income if illness or injury prevents you from working.
These can complement life insurance, helping to protect not just your family’s future, but also your income during your lifetime.
Final thoughts
So, should you get life insurance if you’re the main earner? For most households, the answer is yes. Your income is central to your family’s stability, and life insurance helps ensure that stability continues, even if you are no longer around.
The earlier you put a policy in place, the more affordable it will be. As a life insurance broker, IGotCover can compare policies from leading UK insurers and find the best option for you. Speak to one of our specialists today and take the first step towards protecting your family’s financial security.
