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Term Life

Do Stay-At-Home Parents Need Life Insurance?

For most parents, it’s fairly easy to see why life insurance is a valuable component of their financial planning. As a parent, you want to do everything within your power to protect your family, and you know the peace of mind associated with a life insurance policy is well worth the expense.

But, what if you’re a stay-at-home parent? Is life insurance really necessary?

Understanding the value a stay-at-home parent brings to a family’s overall income is an important step in deciding the right coverage for your family.

Just because you don’t bring home a paycheck, doesn’t mean the contributions you make to your family’s overall income aren’t significant. Everything you do as a stay-at-home parent – including cooking, cleaning, carpooling and caring for children – has a cost associated with it. The impact on your children and the benefit you bring to the household is invaluable, and your family would immediately take a financial hit if you were to pass away. With childcare costs ranging from $10,000 to nearly $30,000 a year, the cost of caring for your children alone could put a large financial burden on your family.

Don’t make the mistake of leaving your family to navigate these hardships on their own. Dave Ramsey recommends purchasing a policy between $250,000 and $400,000 to offset the increase in expenses your family would incur if you were to die prematurely. To protect your family, you can purchase a 15-20-year guaranteed level term plan that reflects the age of your children. If your children are older and more self-dependent, a shorter and less expensive term period may be a better option for you.

Zander Insurance can help find the right amount of coverage for the stay-at-home spouse in your family. Start with a free quote today.

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