Life Insurance for the Stay-At-Home Parent

When deciding to purchase a life insurance policy, many people consider the financial burden placed on their families in the event of something happening to them.  How could my family afford to pay all of our bills without my financial contribution? It’s probably the #1 reason why people buy life insurance, actually.  This simple truth suggests however, that if someone, perhaps a stay at home parent, was not contributing to the family monetarily, they wouldn’t need to be covered under a life insurance policy.  Makes sense, right? Not according to Frank N. Darras, and the PRWeb article, “Stay-At-Home Parents Need Life Insurance Too.”  I once read an article in my local newspaper that suggested if a stay-at-home parent was actually paid for the work that they do, they’d earn a six-figure income.  They may not be the breadwinner of the family, but if they weren’t around to perform their “duties,” it would be quite difficult, and outrageously expensive, to replace them, which is why one of the nation’s leading insurance lawyers has compiled a list of considerations to ponder if one of the adult’s in your household has chosen the occupation of stay-at-home parent.

Whether it’s shuffling the kids from soccer to ballet, keeping the house clean, or preparing meals for the family, the stay-at-home parent has several responsibilities that would be challenging for a working parent to keep up with.  With the loss of a non-employed parent comes the need for preschool, a nanny, or an after-school care program.  Additionally, there could be household duties that will need to be completed by outside help; a cleaning service, lawn maintenance, even food preparation perhaps.  Never mind all of the unexpected emergencies that would require missing work. Purchasing a life insurance policy for a stay-at-home parent is equally as important as for the family’s breadwinner, as it also ensures that the family will be financially prepared in the event of losing a loved one.  In the above mentioned article, Darras recommends considering all of the responsibilities of the stay-at-home parent and how they would be distributed if something were to happen to them.  In order to determine how much life insurance to purchase, Darras suggests pricing out any services that would need to be obtained and calculating a “salary” based on these figures.   It’s never too early to consider buying a life insurance policy, especially if you have little ones at home.  By purchasing when you’re young, you’ll not only lock in the lowest rates, but you’ll be protecting the future of your loved ones, which is all most parents ever hope to do.