September 1, 2021
Are you a stay-at-home parent? Even if you’re not contributing monetarily to your family’s income, you still need life insurance.
That’s because you offer support to your family that’s as valuable as the main breadwinner.
Let’s break it down…
The goal of life insurance is to replace income. If the main income earner dies, the death benefit can replace their salary. It offers financial headroom for grieving families to help put their lives back together.
However, a stay-at-home parent provides services for their family that are just as important and can be expensive to replace.
For instance, what if you provide childcare for your family? Replacing your services could cost $8,355 yearly per child.¹
Then factor in other potential costs like…
- House cleaning
- Driving kids to events
- Running errands
- Managing home repairs and yard maintenance
- Planning meals, shopping, and cooking
And so much more! These costs are simply a snapshot of how much life insurance a homemaker could need. It should be enough to cover expenses to replace all the work you do around the house and on your family’s behalf.
If you’re not sure what that number is, contact me. We can sit down, review your family’s situation, and draw up a strategy to help provide for your loved ones, no matter what.
“Parents spend an average of $8,355 per child to secure year-round child care,” Megan Leonhardt, CNBC, May 19 2021, https://www.cnbc.com/2021/05/19/what-parents-spend-annually-on-child-care-costs-in-2021.html