6 Reasons Why Stay at Home Parents Need Life Insurance
Updated: Aug 4, 2020
You’re probably already aware how important it is for the breadwinner of the household to have life insurance so that the family continues to have income, but stay at home parents need coverage as well! Here are 6 reasons why.
1. To replace the value of their labor. According to Salary.com reports, stay at home parents contributes the equivalent to $162,581 annual salary to their households. This is because stay at home parents works as caretakers, tutors, cooks, and housekeepers 365 days of the year. If something were to happen, the surviving parent would be on the hook for all these new expenses that they stay at home parent previously took care of.
2. To factor in contributions from future income. Many stay at home parents return to the workforce once their children grow older. Life insurance can factor in how much income that parent would have made for the household in the future.
3. To pay off debt. If the stay at home parent has student loans, credit card debt, a loan from a family member, life insurance can help the family pay off the debt.
4. To cover funeral expenses. Often times, funerals can be as expensive as $7000 to $10,000. Many families wish to give their loved one a proper burial with a ceremony and a headstone. Life insurance can help cover the costs to cover final wishes.
5. To leave a legacy. Life insurance money can be used to as a charitable gift to go towards a place of worship or nonprofit organization of their choice.
6. To give loved ones peace of mind. Losing a parent or a spouse is already hard enough as it is, but leaving your children with debt, child care costs, and funeral bills will make it even harder.
Talk to a life insurance agent today to see what life insurance is best for you. We’d be happy to assist you!
AZ Insurance Team