A Personal Story: Why Protection Insurance Isn’t Just for the “Main Income Earner”

I want to start this by sharing a personal story (for those I haven't told yet as part of our journey) - because, as much as I work in this profession, sometimes it takes lived experience for the penny to truly drop. And, somewhat embarrassingly, that was the case for me.

My wife and I are expecting a baby. Originally, we were expecting twins. Because they were monochorionic, sharing a placenta, the pregnancy carried higher risks and required invasive surgery. Tragically, one of our twins passed away. Then, my wife spent weeks in the hospital following a ruptured membrane, with the ongoing risk of very premature birth.

Prior to going into the hospital, my wife and I were earning the same income. We were very much operating as equals financially. Then, almost overnight, she was unable to work. And during that same period, my own ability to work was significantly affected as well.

Here’s where I’ll admit - silly me - even as a financial planner, I didn’t fully appreciate what this would really mean until I lived it.

Like many families (and yes, many advisers too), I had subconsciously viewed protection insurance through a familiar but overly simplistic lens: protect the main income earner. Or perhaps more accurately, protect the person who earns the most - or plans to earn the most - over the long term. Life insurance, income protection, trauma cover - these were seen as most critical for that individual.

Looking back, that way of thinking was… a bit silly.

Because life doesn’t operate in neat, individual silos.

In a true partnership - especially within a marriage - financial well-being is deeply interconnected. When one partner is unwell, injured, or experiencing trauma, the other partner often becomes a carer, advocate, organiser, and emotional support system all at once. Time spent travelling to and from the hospital, sitting at bedsides, attending medical appointments, managing uncertainty, and simply being present all take a toll.

And that toll isn’t just emotional - it’s financial.

Whether you’re employed, self‑employed, running a business, or in a role with limited flexibility, time away from work often means reduced income, delayed projects, disrupted career momentum, or pressure to use leave when your focus is needed elsewhere. Even when income technically continues, energy, productivity, and long‑term earning capacity can be affected in ways people rarely factor into their plans.

That’s when it really hit me.

If something serious were to happen to my wife - through illness, trauma, or Total and Permanent Disability (TPD) - my capacity to work and earn an income would be materially affected. Not because I wouldn’t want to work, but because my priorities would (rightly) change. Families don’t function independently of one another. Parenting, caregiving, household management, and emotional stability are the foundations that allow either partner to show up professionally.

This is why protection insurance should never be viewed purely through the lens of who earns the most today - or who is expected to earn the most in the future.

This is where comprehensive protection planning plays such an important role:

• Life insurance can provide financial stability and breathing room during the unthinkable.

• TPD cover can help fund long‑term care needs, reduce debt, and support lifestyle adjustments if life changes permanently.

• Trauma insurance can allow families to focus on recovery rather than rushing back to work before they’re ready.

• Income protection, even at a modest level, can ease financial pressure during periods when work simply isn’t possible or practical.

These strategies aren’t about pessimism or expecting the worst. They’re about protecting choices - allowing families to prioritise health, care, and presence without compounding an already difficult situation with financial stress.

I didn’t fully appreciate this until I lived it. And as humbling as that is to admit, it’s a lesson I’ll carry into every protection conversation going forward.

Because the real question isn’t, “Who earns the most, or plans to earn the most?”

It’s, “What happens to this family if one person can’t be there the way they usually are?”

In a true partnership, protecting one partner ultimately means protecting the entire family.