Why stay-at-home parents need life insurance.
While most people only think about securing life insurance for the family breadwinner, stay-at-home parents need this coverage as well. This is because stay-at-home parents are valuable and provide many necessary services for the family. Still not convinced? Then consider this.
- The Cost of Your Service
Just because stay-at-home parents do not bring home a paycheck doesn’t mean that they don’t contribute. Stay-at-home parents wear many hats, including caretaker, cook, housekeeper, chauffeur, and so on. Obviously, this work is valuable and, if you were to put a price tag on this labor, Salary.com estimates that stay-at-home parents contribute the equivalent of $162,581 to their households annually. If a stay-at-home parent were to pass away, then their partner would have to pay for all the services they provide. Because this would cost a considerable amount of money, stay-at-home parents should secure a life insurance policy to offset the expense. Term life insurance policies are a relatively easy and affordable way to get life insurance coverage to last you until your kids are grown and out of the house, your mortgage is paid off, and your debts are taken care of.
- You May Have Debt
From student loans to credits card debt, many stay-at-home parents have debt that does not disappear when they die. If your parents or other loved ones have cosigned on your loans, then they may be on the hook for paying it back on your behalf. To ensure that your loved ones do not have the shoulder the financial burden of your debt, make sure that you secure enough life insurance to cover the combined cost of all your debts.
- Save Your Loved Ones Unnecessary Stress
Losing a partner and a parent is traumatic on its own. However, if your loved ones are worried about making ends meet and replacing your services, then they will not have time to properly grieve. Having life insurance coverage in place will give your loved ones the peace of mind and financial freedom to properly mourn your loss.
These are some of the reasons why stay-at-home parents should secure life insurance. Looking for the right coverage to meet all your needs? Then contact the experts at Duane Weber Insurance, Inc. in Kent, Washington. We are ready to assist you with all your coverage needs today.