{"id":296325,"date":"2026-04-23T01:33:18","date_gmt":"2026-04-22T20:03:18","guid":{"rendered":"https:\/\/trybeem.com\/blog\/?p=296325"},"modified":"2026-04-23T01:33:20","modified_gmt":"2026-04-22T20:03:20","slug":"life-insurance-for-households","status":"publish","type":"post","link":"https:\/\/trybeem.com\/blog\/life-insurance-for-households\/","title":{"rendered":"Life Insurance for Households with One Income Vs Two Incomes"},"content":{"rendered":"\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\"><h2>Table of Contents<\/h2><nav><ul><li><a href=\"#life-insurance-for-households-with-one-income-vs-two-incomes\">Life Insurance for Households with One Income Vs Two Incomes<\/a><\/li><li><a href=\"#single-earners-face-special-risks\">Single Earners Face Special Risks<\/a><ul><li><a href=\"#financially-vulnerable-without-extra-money-coming-in\">Financially Vulnerable Without Extra Money Coming In<\/a><\/li><li><a href=\"#not-enough-safety-nets-in-emergencies\">Not Enough Safety Nets in Emergencies<\/a><\/li><\/ul><\/li><li><a href=\"#pros-and-cons-of-two-income-households\">Pros and Cons of Two-Income Households<\/a><ul><li><a href=\"#financial-resilience-together\">Financial Resilience Together<\/a><\/li><li><a href=\"#tax-breaks-are-great-here\">Tax Breaks Are Great Here:\u00a0<\/a><\/li><\/ul><\/li><li><a href=\"#finding-the-right-balance-between-individual-and-family-coverage\">Finding the Right Balance Between Individual and Family Coverage<\/a><ul><li><a href=\"#look-for-overlap\">Look for Overlap\u00a0<\/a><\/li><\/ul><\/li><li><a href=\"#important-factors-to-consider-when-choosing-the-right-policy\">Important Factors to Consider When Choosing the Right Policy<\/a><ul><li><a href=\"#amount-of-coverage-and-length-of-term\">Amount of Coverage and Length of Term<\/a><\/li><li><a href=\"#riders-and-add-ons\">Riders and Add-Ons:\u00a0<\/a><\/li><\/ul><\/li><li><a href=\"#strategies-for-comparing-costs-and-premiums\">Strategies for Comparing Costs and Premiums<\/a><\/li><li><a href=\"#how-to-start-with-life-insurance\">How to Start with Life Insurance<\/a><ul><li><a href=\"#step-1-make-a-list-of-your-money-in-a-spreadsheet\">Step 1: Make a list of your money in a spreadsheet.<\/a><\/li><li><a href=\"#step-2-use-free-tools-to-figure-out-how-much-coverage-you-need\">Step 2: Use free tools to figure out how much coverage you need.<\/a><\/li><li><a href=\"#step-3-get-quotes-from-3-to-5-top-carriers\">Step 3: Get Quotes from 3 to 5 Top Carriers<\/a><\/li><li><a href=\"#step-4-dont-worry-about-the-hassle-go-no-exam-for-quick-wins\">Step 4: Don&#8217;t worry about the hassle, go no-exam for quick wins.<\/a><\/li><li><a href=\"#step-5-look-over-it-every-year-as-life-changes\">Step 5: Look over it every year as life changes.<\/a><\/li><\/ul><\/li><li><a href=\"#conclusion\">Conclusion<\/a><ul><li><a href=\"#fa-qs-for-life-insurance-for-single-earners-vs-dual-income-households\">FAQs for Life Insurance for Single Earners Vs Dual-Income Households<\/a><\/li><\/ul><\/li><li><a href=\"#faq-question-1776886908191\">How much life insurance do single earners need compared to couples with two incomes?<\/a><\/li><li><a href=\"#faq-question-1776886940332\">Are life insurance policies that don&#8217;t require a medical exam a good choice for busy single parents or couples who work?<\/a><\/li><li><a href=\"#faq-question-1776886961312\">What&#8217;s the least expensive way to get life insurance? <\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<p>Life insurance isn&#8217;t just for rich people or old people; it&#8217;s a smart way to protect anyone whose loved ones depend on their income. If you&#8217;re the only one in your family who makes money, like a Chicago mom raising two kids on her nurse&#8217;s salary, you&#8217;re the only one who can keep the roof over your head.&nbsp;<\/p>\n\n\n\n<p>If something unexpected happens, everything could fall apart if you don&#8217;t have extra cash flow. People who live in Seattle and both work in tech have more financial security because they share the load. Let\u2019s explore life insurance for households with one income vs two incomes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"life-insurance-for-households-with-one-income-vs-two-incomes\">Life Insurance for Households with One Income Vs Two Incomes<\/h2>\n\n\n\n<p><a href=\"https:\/\/trybeem.com\/blog\/life-insurance-for-people-with-irregular-or-variable-income\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/trybeem.com\/blog\/life-insurance-for-people-with-irregular-or-variable-income\/\" rel=\"noreferrer noopener\">People who earn only one income<\/a> often need larger policies to fully replace the money they lose, 10 to 15 times their annual income. People with two incomes can aim lower, around 5\u201310 times each, because the surviving partner keeps working in the US, where healthcare costs average $13,000 per person per year, and college tuition at public schools can reach $40,000. If you skip this step, your family could end up in debt. This guide makes it easy to choose the right coverage without too much jargon.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"single-earners-face-special-risks\">Single Earners Face Special Risks<\/h2>\n\n\n\n<p>People who only earn one income have a harder time. You&#8217;re not just paying bills; you&#8217;re the whole paycheck. <a href=\"https:\/\/www.federalreserve.gov\/publications\/2023-economic-well-being-of-us-households-in-2022-expenses.htm\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.federalreserve.gov\/publications\/2023-economic-well-being-of-us-households-in-2022-expenses.htm\" rel=\"noreferrer noopener\">The Insurance Information Institute says that 25% of US families live in single-parent households<\/a>, and many of them don&#8217;t have any money saved for emergencies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"financially-vulnerable-without-extra-money-coming-in\">Financially Vulnerable Without Extra Money Coming In<\/h3>\n\n\n\n<p>Imagine that you are a 40-year-old teacher in Florida who makes $60,000 a year. Your kids will lose that right away if something happens to you. Without a policy, they would have to <a href=\"https:\/\/trybeem.com\/blog\/credit-card-refinancing-vs-debt-consolidation\/\" target=\"_blank\" data-type=\"post\" data-id=\"242320\" rel=\"noreferrer noopener\">use their credit cards<\/a> or risk being kicked out. Experts say you should have 10 to 15 times your salary, $600,000 to $900,000, to pay for your mortgage, food, and school for 10 to 20 years.<\/p>\n\n\n\n<p>This gives you a <a href=\"https:\/\/trybeem.com\/blog\/accidental-death-benefit-riders-explained\/\" target=\"_blank\" data-type=\"post\" data-id=\"293774\" rel=\"noreferrer noopener\">tax-free death benefit<\/a> under IRS rules, so it replaces your income right away. It pays off debts like credit cards and car loans, which Americans owe an average of $100,000. Term life insurance (20\u201330-year policies) is the best choice for people with only one income. It costs $20\u201350 a month for healthy people under 50.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"not-enough-safety-nets-in-emergencies\">Not Enough Safety Nets in Emergencies<\/h3>\n\n\n\n<p>When you don&#8217;t have a second income, getting sick or hurt is even worse. A single person with cancer who is unable to work could end up with $200,000 in medical bills before their insurance kicks in. For an extra $10 to $20 a month, you can add riders, such as critical illness coverage, which pays out early for heart attacks and other diagnoses.<\/p>\n\n\n\n<p>In households with two incomes, a spouse can fill in the gaps, but singles can&#8217;t count on that. Policies with death benefits pay out twice as much for crashes, which are the leading cause of death for people under 45. A widow in Ohio received $500,000 from her husband&#8217;s policy to cover rent until her kids finished college. Get started early; premiums go up by 50% after 50.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"pros-and-cons-of-two-income-households\">Pros and Cons of Two-Income Households<\/h2>\n\n\n\n<p>Couples who share paychecks have built-in safety nets, but they shouldn&#8217;t get too comfortable. <a href=\"https:\/\/www.limra.com\/en\/newsroom\/news-releases\/2021\/2021-insurance-barometer-study-reveals-common-misconceptions-that-prevent-americans-from-getting-life-insurance-they-know-they-need\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.limra.com\/en\/newsroom\/news-releases\/2021\/2021-insurance-barometer-study-reveals-common-misconceptions-that-prevent-americans-from-getting-life-insurance-they-know-they-need\/\" rel=\"noreferrer noopener\">According to LIMRA data, 40% of families with two incomes are not fully insured<\/a>, assuming that one salary is enough.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"financial-resilience-together\">Financial Resilience Together<\/h3>\n\n\n\n<p>Both jobs mean that neither one is the only way to stay alive. If one person earns $80,000 and the other earns $70,000, they should each have insurance for 5 to 8 times their income, or $400,000 and $560,000, respectively. This keeps the household&#8217;s income at 70% to 80% of what it was before the loss. Insurance companies like Northwestern Mutual offer bundled spousal policies that cut costs by 20\u201330%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"tax-breaks-are-great-here\">Tax Breaks Are Great Here:&nbsp;<\/h3>\n\n\n\n<p>You can&#8217;t deduct premiums, but payouts are tax-free and can go into IRAs. Your policy protects your partner, and their policy protects you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"finding-the-right-balance-between-individual-and-family-coverage\">Finding the Right Balance Between Individual and Family Coverage<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"look-for-overlap\">Look for Overlap&nbsp;<\/h3>\n\n\n\n<p>You&#8217;re paying too much if both buy big policies. First, focus on the person who makes more money. Life changes, like divorce (50% of the time in the US), require flexible plans.<\/p>\n\n\n\n<p>Not having enough insurance on risks and lifestyle drops, vacations get cut, and college funds run out. When one partner&#8217;s policy ran out, a couple from New York learned this. The survivors sold their home. <a href=\"https:\/\/trybeem.com\/blog\/is-estate-planning-tax-deductible\/\" target=\"_blank\" data-type=\"post\" data-id=\"203113\" rel=\"noreferrer noopener\">For estate planning<\/a>, add joint last-survivor plans that pay for final costs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"important-factors-to-consider-when-choosing-the-right-policy\">Important Factors to Consider When Choosing the Right Policy<\/h2>\n\n\n\n<p>Choosing coverage? First, do the math. Policygenius and NerdWallet both have free calculators you can use.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"amount-of-coverage-and-length-of-term\">Amount of Coverage and Length of Term<\/h3>\n\n\n\n<p>Single earners need 20 to 30 years to match the timelines for raising kids. A 35-year-old dad could keep $1 million safe until his kids turn 25.<\/p>\n\n\n\n<p>Do you have two incomes? It usually lasts 15 to 20 years and can later turn into a permanent life. As a general rule, you should have enough money to pay off your debts, live for ten years, and go to school. <a href=\"https:\/\/trybeem.com\/blog\/tag\/how-inflation-affects-everyday-finances\/\" target=\"_blank\" data-type=\"post_tag\" data-id=\"17354\" rel=\"noreferrer noopener\">Inflation eats away at value<\/a> at a rate of 3% per year, so raise it by 20%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"riders-and-add-ons\">Riders and Add-Ons:&nbsp;<\/h3>\n\n\n\n<p>Protection Riders make the basics even better. Waiver of premium stops payments if you become disabled, which is very important for single people who are unemployed. Return of premium refunds the unused costs at the end of the term.<\/p>\n\n\n\n<p>For $5,000 to $25,000 per kid, dual couples love child riders. Quotes from shops: For a healthy 30-year-old man, a $500,000 20-year term costs $25 a month. For a woman, it costs $20 a month.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"strategies-for-comparing-costs-and-premiums\">Strategies for Comparing Costs and Premiums<\/h2>\n\n\n\n<p>For a $1 million term, singles pay $300 to $600 more per year for more coverage. Duals split it, and the total was less than $500.<\/p>\n\n\n\n<p>Plans: Stop smoking (50% off); get a checkup once a year (10% off); or buy online (15% off). <a href=\"https:\/\/trybeem.com\/blog\/life-insurance-for-people-with-irregular-or-variable-income\/\" target=\"_blank\" data-type=\"post\" data-id=\"296073\" rel=\"noreferrer noopener\">Ladder policies with multiple terms<\/a> for needs that are going down. Use sites like Quotacy to compare; top companies like Banner Life have a 98% approval rate.<\/p>\n\n\n\n<p>Examples&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sarah is a single barista in Atlanta who makes $45,000 a year. She paid $30 a month for a $750,000 term. It paid off her debts of over $200,000 and paid for her son&#8217;s tuition at UCLA.<\/li>\n\n\n\n<li>Compare Mike and Lisa, both engineers in Denver, who make $90,000 a year. $600,000 each ($40 a month). Let Lisa stop raising kids after Mike&#8217;s accident; it won&#8217;t change her life.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-to-start-with-life-insurance\">How to Start with Life Insurance<\/h2>\n\n\n\n<p>Getting life insurance doesn&#8217;t have to be as hard as doing your taxes on a Monday. If you follow these simple steps, you&#8217;ll have quotes in a week. You don&#8217;t need a degree in finance; just grab your phone or laptop.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"step-1-make-a-list-of-your-money-in-a-spreadsheet\"><strong>Step 1:<\/strong> Make a list of your money in a spreadsheet.<\/h3>\n\n\n\n<p>Make a list of everything on paper or in Google Sheets. It&#8217;s free and will help you see things more clearly.<\/p>\n\n\n\n<p><strong>Debts:<\/strong> Add up your mortgage (the average US home is worth $300,000), car loans, credit cards (the average balance is $6,500), and student loans (the average amount is $37,000).<\/p>\n\n\n\n<p><strong>Income:<\/strong> The amount of money you get to keep after taxes, like $5,000 a month.<\/p>\n\n\n\n<p><strong>Dependents:<\/strong> Kids&#8217; ages, how much money your spouse makes, and your parents getting older.<\/p>\n\n\n\n<p>For instance, a single dad in Phoenix might need substantial coverage if he has a $250,000 mortgage, $20,000 in credit card debt, and two teenagers. This picture shows gaps; according to GoBankingRates, most Americans only have $177,000 saved.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"step-2-use-free-tools-to-figure-out-how-much-coverage-you-need\"><strong>Step 2:<\/strong> Use free tools to figure out how much coverage you need.<\/h3>\n\n\n\n<p>Don&#8217;t guess; use calculators you can trust. Go to Bankrate.com or NerdWallet&#8217;s life insurance calculator. Use 10 times your annual salary as a safe rule of thumb from the IRS for replacing income.<\/p>\n\n\n\n<p><strong>Add more:<\/strong> $100,000 or more for college (the College Board says the average public college costs $27,000 a year), $50,000 for final expenses, and 3% inflation each year.<\/p>\n\n\n\n<p>A couple with two incomes of $120,000 each might need a total of $1.2 million, or $600,000 each. The tools give you personalized numbers in 2 minutes, taking into account US costs, including the average funeral cost of $12,900.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"step-3-get-quotes-from-3-to-5-top-carriers\">Step 3: Get Quotes from 3 to 5 Top Carriers<\/h3>\n\n\n\n<p>Policygenius or Quotacy lets you compare apples to apples online without an agent pushing you. Guardian has the best claims payout, Prudential has flexible riders, State Farm has local agents, Banner Life has cheap terms, and Protective is the leader in no-exam life insurance.<\/p>\n\n\n\n<p>If you&#8217;re healthy and under 50, you should try term life first. It lasts 20 to 30 years and costs $20 to $50 a month for $500,000 to $1 million. A.M. Best gives ratings of 90% or higher for reliability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"step-4-dont-worry-about-the-hassle-go-no-exam-for-quick-wins\"><strong>Step 4:<\/strong> Don&#8217;t worry about the hassle, go no-exam for quick wins.<\/h3>\n\n\n\n<p>Do you need a medical exam? A lot of the time, you can skip them now. Accelerated underwriting asks health questions through an app, so there are no blood draws.<\/p>\n\n\n\n<p>For less than $50 a month, you can get $1 million in coverage (for example, $35 for a 35-year-old woman who doesn&#8217;t smoke). Great for parents who are always on the go; approval in just a few days. It&#8217;s cheap ($0 out of pocket) and quick if you need tests.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"step-5-look-over-it-every-year-as-life-changes\"><strong>Step 5:<\/strong> Look over it every year as life changes.<\/h3>\n\n\n\n<p>Life changes, like having a baby, getting a divorce, or getting a promotion? Look at quotes again every year. With apps like Ladder, it&#8217;s easy to change your coverage. Set a reminder on your calendar; it only takes 30 minutes to save thousands in the long run.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\">Conclusion<\/h2>\n\n\n\n<p>Single-income households need a lot of extra money to avoid problems, while dual-income households do well with balanced, efficient plans. Life insurance gives you peace of mind, whether you&#8217;re single in Miami or married in Boston. It gives you tax-free cash when you need it. Get personalized quotes today and sleep better knowing your loved ones are safe.<\/p>\n\n\n\n<p><a href=\"https:\/\/trybeem.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Beem<\/a> is a reliable platform that connects people seeking affordable insurance with certified agents who can help them find plans that meet their needs. The AI-powered personal finance app trusted by over 5 million Americans also helps you find the most affordable and comprehensive insurance plans. Apart from health and life insurance, Beem offers plans to protect against <a href=\"https:\/\/trybeem.com\/job-loss-and-disability-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">job loss<\/a>, car theft, and theft of personal devices. Download the app <a href=\"https:\/\/apps.apple.com\/us\/app\/beem-cash-advance-banking\/id1525101476\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"fa-qs-for-life-insurance-for-single-earners-vs-dual-income-households\">FAQs for Life Insurance for Single Earners Vs Dual-Income Households<\/h3>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1776886908191\" class=\"rank-math-list-item\">\n<h2 class=\"rank-math-question \">How much life insurance do single earners need compared to couples with two incomes?<\/h2>\n<div class=\"rank-math-answer \">\n\n<p>If you only make one paycheck, you should aim for 10 to 15 times that amount (for example, $750,000 to $1.125 million for $75,000 a year) to fully replace that paycheck and pay off debts, living expenses, and your children&#8217;s future. Since the survivor keeps working, dual-income families can aim for 5-10 times each partner&#8217;s salary (for example, $400K-$800K per person on $80K income).<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1776886940332\" class=\"rank-math-list-item\">\n<h2 class=\"rank-math-question \">Are life insurance policies that don&#8217;t require a medical exam a good choice for busy single parents or couples who work?<\/h2>\n<div class=\"rank-math-answer \">\n\n<p>Yes, especially for healthy people under 50. Protective or Ethos offer no-exam options that cover terms of $500,000 to $1 million for $20 to $50 a month. You don&#8217;t have to see a doctor; you just have to answer some health questions through an app. Singles like them because they protect only one person quickly, and couples like them because they are cheap extras.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1776886961312\" class=\"rank-math-list-item\">\n<h2 class=\"rank-math-question \">What&#8217;s the least expensive way to get life insurance? <\/h2>\n<div class=\"rank-math-answer \">\n\n<p>You can save 15% to 30% on term life insurance by shopping online at Policygenius. You don&#8217;t need an agent. People who live a healthy lifestyle can save money over the long term (20 to 30 years) by quitting smoking (50% off). Couples with two incomes can get a 20% discount on spousal policies for shorter terms (about $25\/month each for $500K). Compare 3 to 5 quotes every year. The best US carriers, like Banner Life, pay out 98% of claims.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Life insurance isn&#8217;t just for rich people or old people; it&#8217;s a smart way to protect anyone whose loved ones depend on their income. If you&#8217;re the only one in your family who makes money, like a Chicago mom raising two kids on her nurse&#8217;s salary, you&#8217;re the only one who can keep the roof [&hellip;]<\/p>\n","protected":false},"author":73,"featured_media":296327,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"edited-by":[],"class_list":["post-296325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts\/296325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/users\/73"}],"replies":[{"embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/comments?post=296325"}],"version-history":[{"count":3,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts\/296325\/revisions"}],"predecessor-version":[{"id":296329,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts\/296325\/revisions\/296329"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/media\/296327"}],"wp:attachment":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/media?parent=296325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/categories?post=296325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/tags?post=296325"},{"taxonomy":"edited-by","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/edited-by?post=296325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}