I'm the sole provider of a household of two - myself and my wife. I make enough to keep us both afloat, with a sizeable chunk of luxury on the side.
For practical numbers, I am a month away from paying off a student loan (less than $600 remaining) and one year into a 5-year car payment loan (about $8,000 remaining). My income is $4,100/Mo after taxes and health insurance (which is around $150/mo for both of us), rent is $1,300 a month (a bit higher than I'd like, but the neighborhood and quality of our home is well worth it).
The problem is - I'm the sole provider for our home, and if something terrible should happen to me, my wife would be stuck with our apartment lease and car loan with no practical way to pay it back (we currently have almost no savings). Which is why I'm considering life insurance.
Through our car insurance company, I can get $500,000 of life insurance for about $25 a month.
My question is - as a safety net for emergencies, is purchasing life insurance a practical investment(In the metaphorical sense)?