If you are trying to prepare yourself so that you can meet any situation that arises one factor that you need to take into consideration is the amount of debt that you are carrying. Debt is a hard taskmaster. If you have debt you do not have the same freedom to make choices as someone who does not have debt. It may make quitting a bad job more difficult. It may keep you from achieving the long-term goals your family has set.
You should assess your financial situation and make a plan to get out of debt. You need to decide what types of debt you should eliminate first. You should also see what choices have led you into accumulating debt and decide what behaviors need to change in order to stop. Once you have stopped spending and begun the plan, stick with it. You will feel that a burden has been lifted once you are debt free.
If you are in debt you should take that into consideration when you consider the amount of life insurance that you purchase. It would be awful to leave your spouse in a situation that he/she could not handle because of the large debt that will still need to be made. Make sure that you purchase enough life insurance to cover your debts and still leave a nest egg for your family.
When you look at your debt you will need to also take into consideration any other contingencies which might affect your ability to pay and plan for them. You will need to look at would happen if you lost your job, or became sick and were unable to work. You will want to have a backup plan for these emergencies.
Freeing yourself from debt will allow you to better meet any needs of the family. If you need to take a sabbatical to care for a family member, you will be able to do so without too much worrying. If you do not have the stress of debt hanging over your head you can respond to situations differently.