Why Stay-At-Home Parents need Life Insurance

Too often in our society we harbor in our minds the mistaken idea that a stay at home parent has no economic value to a family and are often overlooked for life insurance.  Life insurance is purchased to protect an individual or family from the economic losses incurred from the death of a family member. Loss of a stay at home parent changes an entire family's life in a multitude of aspects. Aside from the change in family dynamic, there are a number of costs that may be involved in the death of a stay at home parent. 

1. Funeral costs alone are a good reason to have a life insurance policy. Generally ranging from 5,000 to 15,0000 dollars depending on the desires of the family, a funeral is enough to put an already emotionally suffering family in financial crisis.  

2. Along with funeral costs, medical expenses incurred from a fatal accident or illness can cripple family finances. Deductibles and copayments are a known factor, but if there was a long-term hospital stay, then lodging and travel costs can pile up while helping to tend to a dying loved one. 

3. Stay-at-home parents contribute to family finances by being the primary caretaker for their children every day. Upon his or her death, child care will be a new expense to the family. Daycare's or Nanny's can charge well over $600 a month per child. A life insurance pay-out can help manage this cost at least temporarily until the family's budget/situation has been reassessed. 

4. Stay-at-home moms or dads usually take care of all the household cleaning and meal preparation. If they die, it is difficult for the spouse left behind to be able to work full time and maintain the household as well. They may need to hire someone to help them maintain cleanliness in the home. 

5. Tutoring or emotional counseling may be desired for children of a deceased stay at home parent. Often the parent at home will help their children with homework and studying. Aside from not having that person there to help them with school work, children can, understandably, have a very hard time adjusting to the loss of a parent. Progress in school and many other aspects of their life can suffer due to grief and depression. It may be necessary to seek professional help for surviving children either emotionally, or academically.  

Aside from the death of a stay-at-home parent, with role changes occurring at various times, the stay-at-home parent may become the outside the home earner at any time. By purchasing the life insurance at the earliest possible age, a better rate can be locked in for either term or permanent coverage. The loss of a stay-at-home parent presents its own unique challenges, and with that there are unique reasons for that individual to have a life insurance policy. The death of any loved-one is tragic, but none have more impact financially or emotionally than the stay-at-home mom or dad.