Why stay-at-home parents need life coverage.
Being a stay-at-home parent is the toughest job in the world. It’s a tough gig that never ends. A stay-at-home parent is responsible for caring for the child, cooking, cleaning, household chores, transportation, and more. There’s a misconception that only the breadwinner of the household needs life insurance coverage because they are the ones bringing home a salary. However, this couldn’t be further from the truth. Here are just a few reasons why stay-at-home parents need to consider life insurance.
- Stay-at-home parents add value
Although the stay-at-home parent doesn’t bring in a salary, they do provide a lot of work that would otherwise need to be paid for, such as cooking, childcare, and cleaning. This means that if something were to happen to the stay-at-home parent, the surviving parent would either have to forgo income to stay at home or forgo income to hire someone else to do it. Life insurance could step in to help cover these costs if the stay-at-home parent were to pass suddenly.
- Coverage for debt
From student loans to credit card debt, there are a lot of ways to owe money. A surviving parent may have to face these debts alone if something were to happen to the stay-at-home parent, putting more pressure on their finances. Life insurance can help settle any debts left behind so that they don’t create stress for grieving loved ones.
- Coverage for funeral expenses
The average funeral runs between $7,000 and $10,000, and that may not cover the cost of the burial, headstone, and other expenses. Many families want to honor a loved one’s memory, but have trouble finding the funds to cover the costs. Fortunately, the payout from life insurance can help to cover final wishes.
There are plenty of reasons why stay-at-home parents need life insurance. Work with a trusted life insurance expert that can help you find and secure reliable coverage. For more information on how you can get the correct amount of life insurance coverage for your needs, contact the Bristol team at C.V. Mason Insurance Agency.