If you create a new AppleID then yes you’ll need another email address to do that. And when you use it you’ll create a second iCloud account, another iMessage, FaceTime etc account. Apple service accounts are permanently tied to the AppleID used to first sign in.
You could erase it, set it up as new and sign in with your current AppleID (so its protected by activation lock). Do not enable anything on it other than find my iPhone under iCloud settings and a screen lock passcode. Then, if needed by your wife or son, all you have to do is sign your AppleID out of iCloud on it and they can then sign in with theirs and restore it from their iCloud backup and be up and running with all their stuff (iCloud, emails, contacts, apps, passwords, etc). When they get their device back or a replacement, they just do the same - sign out of iCloud with their AppleID and erase the backup phone. Sign in to their new device with their AppleID, set it up and go.