A good life insurance policy doesn’t just cover the costs of funeral expenses. It looks at the totality of your life’s picture and delivers the funds to fill the gaps. For example, if you have a mortgage balance, your life insurance policy should pay off this balance so that your loved ones aren’t left in the lurch to cover an enormous debt by themselves. The same applies to needed income or access to critical medical care. But, there are also costs covered by the work of a stay-at-home parent that aren’t immediately obvious and which the prudent family will want coverage for. Because of its flexibility and immediacy, term life insurance is particularly suited for stay-at-home parents.
Most of our thoughts for life insurance come from the angle of the employed spouse–after all, quite often their employers will offer policies as part of a benefits package. It makes total sense for the employed spouse to be covered as they are the breadwinners, and adding a spouse onto an employee’s plan can seem costly and redundant. There is no question an employed spouse needs life insurance to protect their family from the loss of their income in the event of a tragedy, but don’t stay-at-home parents need life insurance as well?
Just because one parent might stay at home doesn’t mean they’re not working full-time….. they are and then some!! Between child care, cleaning, meal prep, budgeting, social events, and travel and maintenance for your children’s extracurriculars, a stay-at-home parent has an enormous amount of responsibilities to handle and there is no paid time off!
So what happens if disaster strikes and suddenly, all those necessary components of life can’t operate as before? Chaos and unnecessary suffering at the time we need it the least. And just because we can’t predict when disasters will strike doesn’t mean we should let them financially ruin our lives.
It’s true that everything the stay-at-home parent used to do can be covered by hired help. But of course, this costs money–meal prep, dog walking, daycare, house cleaning, babysitting…these costs add up. Sure, you can do it yourself, but that takes time and the effort of two people to get the job done. Is a bereaved spouse supposed to transform into a superhuman during a time when probably what they will need more than anything else is space to grieve? A life insurance policy affords you the option to process your new chapter in life while ensuring that the lives of your children and the sanctity of your home remain on track.
Having an individual term life insurance policy is especially useful for the stay-at-home parent since most group life insurance plans may only be available to full-time employees. We can’t always predict when tragedy will strike, but we can plan for when it would be most devastating and protect our families accordingly. Low Cost Life Insurance even offers 24-hour turnaround time for term life insurance policies to create that immediate peace of mind. Stay-at-home parents need life insurance too and there are options available to cater to your specific needs.
