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Stay-At-Home Parents Still Need Life Insurance

by Connor MacNeil / February 11, 2020

Many parents who provide their family’s sole or main source of income realize they need life insurance so that their spouse and children would still be provided for if they passed away. Parents who work outside the home, however, aren’t the only ones who should consider getting this type of insurance. Stay-at-home parents ought to also think about getting a policy that would financially help the family if anything ever happened to them.

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Parents Who Don’t Work Outside the Home Should Still Consider Getting Life Insurance

Stay-at-Home Parents Have an Economic Value

Even though stay-at-home parents don’t bring in a paycheck, they still have an economic value for their families. They might not be paying the rent or mortgage, so to speak, but the work they do around the house has a financial worth. Childcare can cost thousands -- even tens of thousands -- of dollars each year, depending on how many children a family has. This doesn’t even include the other chores that many stay-at-home parents take on, such as cooking, cleaning and running errands.

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Should a stay-at-home parent ever pass away, the family would suffer a financial loss (as well as an emotional one). While the surviving parent and children might be able to do a little of the work that the stay-at-home parent used to do, they probably wouldn’t be able to everything the deceased parent used to. Some tasks would inevitably need to be outsourced to others. Depending on the age of the children and specific situation, a family might have to pay a daycare, hire a babysitter more frequently, have someone clean occasionally, and eat prepared meals more often.

All of these things cost money, which is why stay-at-home parents should have an insurance policy. Without a policy, the surviving parent may not have enough funds to maintain the family’s lifestyle. Having a policy wouldn’t ease the emotional pain of losing a parent, but, at least, it would ensure that a family could afford to carry on and ease any financial stress during a tumultuous time.

Term Life Insurance Offers an Affordable Solution

Term life insurance policies provide stay-at-home parents an affordable way to get the coverage they need. Unlike other types of policies, term policies don’t last for a person’s whole life. A term policy is only effective for a set number of years, which is the policy’s “term.” A term may be any duration of time, but many policies have 10-, 15-, 20-, 25- and 30-year terms.

After a policy’s term is up, the policy is no longer effective. There are no more premiums to pay on the policy once the term is up (and it won’t pay if the former policyholder passes away after the policy’s term).

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Because term policies are only in effect for a set number of years, they’re often more affordable than policies that last a person’s entire life. For stay-at-home parents, term policies are perfect. They can get a policy with low premiums that will last as long as their children are young. Once their children are grown and on their own -- and there’s no more need to pay for childcare -- the policy can be allowed to expire.

Determine Your Insurance Needs by Contacting an Agent

If you’re a stay-at-home parent with young children, don’t leave your family in a financial lurch if something happens to you. Contact an insurance agent who serves your area. They can help you determine your particular life insurance needs and find an affordable term policy that will protect your family without breaking your family’s budget.

Tags: Life Insurance, Massachusetts Insurance

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