Life Insurance for Stay at Home Parents
While most people are aware of the financial benefits of securing life insurance for an adult with a job outside of the home, focusing on this alone leaves out the contributions of a parent staying at home. These individuals, too, should have the protection offered by life insurance.
The loss of a parent who stays at home can be very disruptive and emotionally challenging for all involved, but especially children. Attempting to hire someone to replace the many services provided by an at-home parent could mean looking for a cook, chauffeur, nanny, gardener, or housekeeper. Hiring someone fulltime to carry these responsibilities could reasonably cost $100,000 or more.
In the aftermath of losing a spouse who provided critical care for children at home, life will be difficult enough already. Attempting to help your children adjust to the loss of a loved one can be very challenging. In the wake of the grief and other difficulties you might already be struggling with, you do not need the added pressure of trying to figure out how to help keep things going financially.
Larger face amounts on a life insurance policy, however, could help protect the contributions offered by stay at home parents. It could help to replace the necessary care for children for several years into the future. Having life insurance on the parent who works outside the home alone may not be enough protection for you and your family. This is where life insurance helps to fill the gap.
Certainly, the parent who works outside the home might carry more financial responsibilities like the payment of the mortgage. This is why life insurance should be carried on both individuals so that in the event of a beloved spouse passing away, the other party is able to piece things back together.
A party who works outside the home would likely need to continue to work after the loss of a loved one. The paycheck afforded by a job outside the home can be critical to floating general household expenses like a mortgage, bills, and groceries. Often, though, it can be overwhelming to attempt to handle a full time job in addition to all the responsibilities linked to a stay at home parent. After losing a spouse, your focus should be on grieving your loved one and figuring out the best situation to help your family move forward into the future.
Having the additional pressure of trying to replace all of the contributions made by a stay at home parent can be simply too much. That’s why there are life insurance policies that will carry the full time employee as the primary policyholder while also writing up to fifty percent of the benefits on a stay at home spouse. This coverage is affordable term life insurance that gives parents peace of mind while children are younger and growing. If you have not considered the benefits of life insurance protection for stay at home parents, do your research today to learn more.