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Andrea and Ryan have three kids. All of the kids are age 5 or younger. Ryan...

Andrea and Ryan have three kids. All of the kids are age 5 or younger. Ryan works full-time and makes enough to support the entire family. Andrea does not have a job and stays at home to take care of the kids. Is there an economic justification to purchase life insurance for Andrea? You must provide an explanation for why or why not.

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Answer #1

Andrea need not have Life Insurance. The prime reason for this is that she is not an earning member of the family. Her death will not economically impact the family in any manner. Since Ryan is working full time and making enough money to support the family he is the sole earning member of the family and he needs to have sufficient Life Insurance.

Neither Ryan nor the children will be impacted economically on her death and so andrea need not have Life Insurance.

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