If significant information isn't disclosed, the insurance company could change your premium or deny benefits. For example, providing an incorrect date of birth could lead to a policy readjustment, which may mean less coverage for your family. Falsifying information or omitting serious illness could lead to a voided policy. If that happens, your loved ones would only be refunded the premiums paid prior to your death. My spouse bought life insurance and says I need some, too.
Many households rely on two incomes.
If your income is an essential part of the budget, you probably need protection so your family could continue paying daily living expenses. Life insurance can be used to fund essential services like child care, and household tasks. Back to top. First, think about major medical insurance to protect you in case of a catastrophic illness or injury. Second, you may also want to look at disability coverage to protect your income if you can't work.