When it comes to life insurance, people often consider it to be on a provider-only basis. In many cases, however, the provider of a household’s income isn’t the only provider. Stay-at-home parents need support, too, and life insurance serves such a purpose.
Today, about 10.4 million mothers, and two million fathers, live with children younger than 18. These same parents, reports the Pew Research Center, don’t work outside the home. The number of stay-at-home parents is on the rise, but insurers are available to help. Below, we’re covering the top five benefits of life insurance for stay-at-home parents.
Benefit One: More Time for Childcare
Raising a child is tough, but it needn’t be void of available time. Partners who stay home often handle numerous responsibilities, including:
- Home organization and remodeling
- Filing insurance claims
- Paying bills
- Child meal preparation
In 2019, it isn’t feasible to handle childcare without the additional support. The simple act of having a policy, however, can fortify a base schedule for growth and development. So, should that person's support disappears, another party can help provide the child's basic needs.
Benefit Two: Security
If a stay-at-home parent passes away, hiring someone to care for the child would cost a significant amount of money. Of course, it’s possible for the surviving partner to take on some of the expenses. Life insurance can protect a family against the trials of such unexpected losses. It can helping surviving parents and their children get back on their feet.
Benefit Three: More Options
In the realm of healthcare, life insurance offers options. A family might split up, browse nursing homes, have unexpected expenses or move. In these cases, even a small amount of insurance can cover the gaps to assure an easygoing transition.
Benefit Four: Bill Flexibility
A quality policy can make it easier to foot bills for cars, mortgage, credit cards and college, too. Because many life policies provide retirement funds, it isn’t rare to see families utilize their policy to its fullest. The stay-at-home parent can dedicate more time to childcare as opposed to paying bills.
Benefit Five: Ease of Mind
Stay-at-home parents still contribute, too. According to salary.com, they work an average 92 hours per week. That provides an annual salary average of $143,102 to the family.
When a family’s underlying support system buffers itself, its entire financial baseline can expand—providing all members with more ease of mind. At the end of the day, a quality life insurance policy goes a long way.
Also Read: Life Insurance Minimizes Risks to Dependents