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life insurance for stay-at-home parents

Life Insurance for Stay-at-Home Parents

  |   Life & Health Insurance, Life Insurance, Resources   |   No comment

More than 40% of Americans do not have an insurance policy according to LifeHappens.org and the reasons for not having it vary. Some people think it is too expensive, or they are too young to need it, while others think a non-working spouse doesn’t need life insurance.

We have been talking to you about how important it is for the breadwinner in the family to have life insurance, but what about the stay-at-home parent? The stay-at-home parent is often overlooked as a financial asset to a family. According to Salary.com, the average stay-at-home parent’s salary would be roughly $112,000 – that’s an amount not to be overlooked.

Life insurance for Stay-at-home parents is a necessary part of planning for your family’s financial security and future.

Consider the tasks completed in an average week by the stay-at-home parent: cooking, cleaning, carpool, laundry, homework help and so much more. In the unfortunate event that your family lost the stay-at-home parent, it would be more than just an emotional loss.

Life Insurance for Stay-at-Home Parents

Have you considered all the increased expenses after the loss of the stay-at-home parent?

  • Will you need to pay for day care or after school care?
  • Is your emergency fund enough to cover additional expenses – including funeral costs, which can range from $6,000 to $12,000+?
  • Will you need to hire a tutor to help your children with homework?
  • Will you need to hire a babysitter to drive them to their various after school activities and sports?
  • Will you still be able to afford their after school activities and sports?
  • Will you need to hire a housecleaner to maintain a clean and safe home?
  • Will you be eating more meals out of the house, if your spouse had been the primary cook, or possibly because there will be less time available to cook?

The above are all valid immediate concerns that you need to consider when deciding how much life insurance to purchase. We can help walk you through this to make sure the coverage is more than adequate.

What about more long-term concerns? Life Insurance can cover financial obligations, such as:

  • Pay off debts (e.g. mortgage, car, student loans and credit cards). Is your family currently carrying a hefty amount of debt? Will this burden become even heavier with the passing of a spouse? The payout from life insurance can be used to pay off existing debt and help keep financial security.
  • Pay for future educational expenses. With your life insurance policy, you can ensure that your children will have money to cover their educational expenses.
  • Create a financial legacy. Life insurance can help to create a financial legacy for your children and your future grandchildren.

Don’t wait to make sure that your family would be financially secure. Call Cherie, our Life Insurance Specialist, today at 727-748-4226 or email cherie@condonmeek.com and she can review all the options when it comes to life insurance for stay-at-home parents, or any other life insurance questions you may have.