Life insurance for stay-at-home parents.
When most people think about getting life insurance, they almost always imagine getting protection for a primary breadwinner. As life insurance is partially designed to make up for the deceased’s lost wages, this makes sense. However, this brings up the question if non-incoming parents require the same coverages. Read on to find out if stay-at-home parents should invest in life insurance.
In the barest terms, yes; stay-at-home parents absolutely require life insurance coverage. While these parents might not be generating income, they are still responsible for many important and indisposable family tasks. For instance, stay-at-home parents generally handle responsibilities such as daycare, shopping, housekeeping, chauffeuring, counselling, and many other tasks. While some may take these activities for granted, the loss of a stay-at-home parent would take a significant toll on the family.
When you consider the monetary value of all the services that a stay-at-home parent provides for the family, then it’s easy to see why you need to protect these parents’ financial worth. For instance, think about what it would cost to provide 24-hour childcare or nanny services for your children. This cost alone would be staggering, and this is only a tiny portion of what a stay-at-home parent brings to the table.
By getting the right life insurance for a stay-at-home parent, you can ease the financial burden on the surviving parent and provide a sense of financial stability for the entire family. Additionally, this coverage would allow the other parent to secure the right help to enable them to continue to work as well.
Interested in securing the right life insurance coverage to protect your loved ones? Then don’t hesitate to contact the experts at Pierce Insurance Group. Our dedicated team is ready to get you the coverage that you need today.