Information for this post is sourced from Genworth Financial. All opinions are 100% my own.
Did you know that it is just as important for the stay at home parent to have life insurance as it is for the working spouse? Normally when you think of life insurance, you consider getting it for the person who is gainfully employed. However, given how much is done by the stay at home spouse, it is important to have life insurance for that person as well.
Stay At Home Parents Need Life Insurance
How can you possibly put into dollar terms what you do as a stay at home parent? Running a household is not easy; it takes a lot of work. It is to some respects the thankless job.
Work taken care of by the stay at home parent may include the following:
- Getting kids off to school
- Grocery shopping
- Taking kids to activities
- Household cleaning
- Family financials
- Taking care of children
That is a lot covered by one person. If something should happen to that person, how much would it cost to pay someone to do those tasks? Hiring a nanny would be the best route to go, but that is a huge expense that would be put upon by the surviving spouse. You want to ensure that this is an expense that can be covered by your spouse. It will not only help to maintain the household, but also help alleviate at least some of the stress.
Remixed. Photo Source.
Both my husband and I have Term Life Insurance. It is one of the more affordable routes to go. It also gives us some peace of mind knowing it is there if the worst should happen. This type of life insurance is for a “term”. Meaning you pay on it monthly for so many years until the term is up. Most term life insurance policies have the option to renew.
I read an article about how much life insurance we should have, and it turns out we do have adequate policies. Hopefully neither one of us will have to experience just how adequate they are.
Did you know September is Life Insurance Awareness Month? This may be just the time for you and your spouse to take a deeper look into Life Insurance coverage. Genworth Financial has a team of experts who can help you with all of your Life Insurance questions. They offer a wide variety of Life Insurance plans to choose from when it comes to protecting the future of your loved ones.
If you enjoyed this post, please consider subscribing to my daily emails.