Stay-at-home picture

Why Stay-at-Home Parents Need Life Insurance

We tend to think of life insurance as income replacement, and in many cases, that’s one of the primary purposes it serves. However, if your household is one of the many households with a stay-at-home parent, you may be surprised to learn about some of the reasons both parents need life insurance.

The work, a stay-at-home parent, can’t be replaced for free.

When we look at life insurance as income replacement and note that one parent has no income or very little income, it may be easy to think you need no life insurance for that parent. You should not overlook the value a stay-at-home parent brings. Think of all the new expenses your family could face if you suddenly lost a stay-at-home parent. You will have to consider who handles childcare, transportation, housekeeping, cooking, bill paying, dog walking, and a laundry list of other services (probably including laundry itself). These services would likely need to change for many years to come.

Don’t forget about future income.

Stay-at-home parents don’t always stay at home forever. Kids reach an age where they are more independent, and it’s common for both parents to return to work. Waiting until there’s an income to replace can be a costly choice. Not only do you lose preparedness for all the services you may need to replace, waiting until the kids are older also costs more in the form of higher premiums. Life insurance rates increase with age. Some of us are younger than others, but none are getting any younger.

Settle debts to protect the family’s future.

It’s challenging to find a young family that isn’t carrying some debt to make ends meet. Whether it’s a mortgage, a car payment, or a few stubborn credit card balances, life insurance can help put these debts behind. Giving your family a helping hand it needs to get through an already difficult time is the purpose of this protection.

If you don’t have coverage for all the adults in your household or aren’t sure how much life insurance you need, reach out. We can discuss your options and design a customized coverage strategy to meet your family’s needs.

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