It’s a common misconception that only the so-called “breadwinner” of the family needs life insurance to protect their loved ones in case something were to happen. The truth is: Stay-at-home parents need life insurance, too. Here are just a few reasons why.
To replace the value of their labor.
If you’re a stay-at-home parent, you know that your job makes you the caretaker, cook, tutor, housekeeper, chauffeur and counselor to your children. And it’s an around-the-clock, 365 days a year job that comes with a price tag. One report found that stay-at-home parents contribute the equivalent of a $162,581 annual salary to their households. Should the unthinkable happen, the surviving partner would be left with a slew of new expenses to deal with; including things like child care, transportation, groceries, school fees, and more.
To factor in the contributions of any future income.
When kids get older, many stay-at-home parents return to the workforce. Life insurance can bridge the gap that their future earnings would have contributed.
To pay off debt.
From student loans to credit card debt, there are many ways a stay-at-home parent might owe money. Having life insurance can help settle any debts left behind so that they aren’t left for grieving loved ones to deal with in the future.
To cover funeral expenses.
It’s hard to believe, but the average funeral costs between $7,000 – $10,000; and that amount might not even cover the cost of the burial, headstone and additional expenses. It can be difficult to cover the costs of honoring a loved one’s memory, which creates stress on family members. The payout from a life insurance policy can help mitigate these expenses.
To guarantee insurability.
Life Insurance is cheapest when you’re young and healthy. Stay-at-home parents, like all people, should consider this when thinking about getting covered. Your health can change in an instant, so getting life insurance now is a smart idea.
To give loved ones peace of mind.
Losing a parent or partner before their time is hard enough without having to worry about unsettled debts, childcare costs, funeral bills and other expenses. Protecting your loved ones with life insurance is just as important for stay-at-home parents as it is for working parents.
Talk to your Farm Bureau agent today to discuss your options and get coverage that’s right for you!
Information from LifeHappens.org