Even Stay-at-Home Parents Need Life Insurance
Many Americans realize that they need life insurance to replace the income that a loved one would lose in the event of a death. But some families forget that stay-at-home parents need life insurance, too.
Salary.com released its 2013 Annual Mom Survey, which calculated that the value of a stay-at-home parent is $113,568Â per year. While parents may be able to pick up some of their spouseâ€™s duties should the other pass away, such as cooking, cleaning and managing the household, some household costs are unavoidable.
Child Care Costs Brings Awareness to Need for Life Insurance Protection
Child care is certainly the most pressing need for a full-time working parent. According to the most recent data from theÂ Bureau of Labor Statistics, updated in August 2013, the median wage for child care workers is $19,510 per year. Parents who’ve had to face the loss of a spouse may see costs for child care (including cooking) as high as $29,510 per year, which could put a strain on household finances.Â Life insurance helps parents in this tragic position replace the value of these services.
Lost Wages for Surving Spouse as Well
In addition to child care expenses, thereâ€™s also the problem of extra time lost from work for surviving spouses when taking children to doctorâ€™s appointments and other activities. Only a legal guardian can bring a child to the doctor for a checkup or treatment. The time lost at work could hurt one’s income in the midst of an already challenging financial circumstance.
The immense value stay-at-home parents provide to their household should be protected with a life insurance policy that can protect the family after a tragedy. Research the many insurance options available to stay-at-home spouses, and be prepared so that the entire family can move on from an unfortunate event financially secure.
Photo credit:Â Spirit-Fire