Life Insurance for Stay-at-Home Parents

Do You Have Enough Life Insurance Coverage?

Many married couples make several mistakes when deciding on life insurance coverage. If one parent is a stay-at-home parent, many couples assume that the life insurance coverage that is needed will be minimal. This isn’t always the case. Below you’ll learn more about life insurance options for couples who have a stay-at-home parent.

Salary Isn't Everything

We’re so conditioned to view the contributions individuals make to society or their families as a reflection of their salaries. If you’re not an employee who regularly gets a paycheck, then you’re not viewed as a contributor.

Anyone who is a stay-at-home mom or dad simply knows that this is not the case. Stay-at-home parents have a very valuable role within the family unit, and just because they don’t receive a paycheck doesn’t mean there won’t be a big financial loss if they die. It’s important to look at the unpaid aspects of parenting when determining how much life insurance to get.

How Much Is Enough?

In order to determine how much life insurance a stay-at-home mother would need it’s necessary to take into consideration everything she does each day. In her absence, someone would need to care for her children, so it might be necessary to hire a nanny. Nowadays, nannies get paid decently, and it is a growing profession. A widowed husband might need $100,000 to employ a full-time nanny or caregiver for a four-year period.

Essentially, it’s necessary to consider how much a widowed parent would need to cover the tasks and responsibilities that the stay-at-home parent does for no pay. The total life insurance amount needed should reflect that.

Life insurance is not something you should skimp on. It also helps to get life insurance when you are younger and healthier and are less likely to be turned down. Many young people fail to worry about life insurance, but it is something they should definitely consider.


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