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 that has 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 does 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 no life insurance is needed for that parent. But that overlooks the value the stay-at-home parent brings to the household, some of which is absolutely invaluable and other aspects of which can be measured in tens or hundreds of thousands of dollars.

Think of all the new expenses your family could face if you suddenly lost a stay-at-home parent. Childcare, transportation, housekeeping, cooking, bill paying, dog walking, and a laundry list of other services (probably including laundry itself) would need to be replaced. It’s likely these services would need to be replaced 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 of us are getting any younger.

Settle debts to protect the family’s future

It’s difficult to find a young family that isn’t carrying some amount of 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 the helping hand it needs to get through an already difficult time.

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


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