It is hard to know when tragedy will strike — especially a life-altering tragedy such as losing your stay-at-home spouse. Even if you are not the primary or sole breadwinner of your family, a parent who stays at home should also have life insurance.
Learn more about why stay-at-home parents should have life insurance below.
Why a Stay-at-Home Parent Should Have Life Insurance
Stay-at-home parents make countless contributions to a household. Their valuable contribution often allows the other parent to go to work to support the family. If the unthinkable were to happen to the stay-at-home parent in your life, the other spouse would be left to handle everything. In addition to working to cover your family’s overhead expenses, they would also be responsible for caring for the children, which is almost impossible to do if you are unable to work from home. Because of this, additional expenses, like childcare, would be necessary. To cover other costs, many families are looking into life insurance options for the stay-at-home parent.
How Much Life Insurance Does a Stay-at-Home Parent Need?
Many stay-at-home parents do not get the credit they deserve. When it comes to determining life insurance coverage, do not discount how much a stay-at-home parent brings to the table. Stay-at-home parents make many selfless contributions and are tasked with many daily responsibilities, such as:
- Tending to children
- Preparing and cooking meals
- Keeping a clean and organized home
- Handling the laundry
- Household errands
- Carting children around from one activity to the next
- and more!
Instead of determining if a stay-at-home parent should have the same, more, or less life insurance coverage as a working parent, decide how much your family requires based on the value of their household contributions. While stay-at-home parents do not receive an actual salary, Salary.com has set a hypothetical salary for a stay-at-home mom at nearly $120,000, working more than 90 hours each week.
Of course, you cannot place an actual price on their hard work, but you need to think about how much it money you would spend if you had to hire out the practical items, such as laundry, cooking, cleaning, and childcare, if something were to happen to the stay-at-home parent in your life. To assess how much life insurance you will need, ask yourself and your significant other, if a tragedy were to occur, how much money would it take to hire a person to take over and continue your current level of living.
Contact Bear River Mutual Insurance
Ease the burden of unexpected tragedy with life insurance. Contact Bear River Mutual Insurance to find out more about life insurance options for stay-at-home parents. Our knowledgeable team of professionals is ready to help you get the best protection and rates, giving you the peace of mind you and your family deserve. We will find the perfect balance of value and security for you and your loved ones. Contact Bear River Mutual Insurance today to receive a quote or learn more about your life insurance options.