Why Stay-at-Home Parents Need Significant Life Insurance-services

Traditionally, most life insurance policies have been purchased on what is referred to as the family’s “breadwinner.” This is the person charged with earning the largest portion of a family’s income. But as times have changed, many are recognizing the value of a stay-at-home parent. Today, this is a significant part of modern families. Almost one in five (18%) of parents do not work outside the home.

These parents who don’t work outside the home contribute significantly to the family, providing value in ways that may not be appreciated until they are no longer available. Here is a look at how that value adds up.

Childcare

Childcare is a significant portion of a young family’s budget. Stay-at-home parents absorb these costs and may even provide the additional benefit of home schooling. This can potentially save on private schooling and tutoring. Childcare is far from babysitting.

Cleaning and Maintenance

Many of the parents who stay home find themselves in the position of not only cleaning the home but also keeping it well maintained. These far-ranging duties can include laundry, cleaning, and even yard work.

Errands

Simple daily errands can be extremely time-consuming and costly to outsource. There is the shopping, picking up dry cleaning, being a taxi driver for children, oil changes, car washes, and an endless stream of other tasks.

Accounting/Bookkeeping

Frequently, the stay-at-home parents take on the duties of managing the family finances. This includes banking, organizing and paying bills, and tracking budgets and savings. Stay-at-home parents may also be responsible for making sure the family is getting the best value when it comes to cable and cellular bills.

How would the loss of a stay-at-home parent impact your family? With all things considered, it may be more significant than you realize.

We invite you to connect with one of our independent life insurance agents to discuss your situation. Term insurance is affordable and may be the way to secure the coverage you need. We look forward to assisting you.