Parents who stay home with their children may not earn an income, but they do provide much-needed help to the family. To protect the family’s livelihood, all at-home parents should have a life insurance policy.
Three Reasons Why Stay-at-home Parents Need a Life Insurance Policy
As an at-home parent, you might be under the impression that you don’t need life insurance in Las Vegas because you don’t earn an income. However, this myth is untrue. The services you provide to your family, including childcare, transportation and household management would cost tens of thousands of dollars each year if someone else had to be brought into the home to do them. Consider three reasons why all at-home parents should have a comprehensive life insurance policy.
Continuing the Family’s Way of Life
If a stay-at-home parent suddenly died, the family would still need childcare services as well as all of the other important activities that parents do, from taking the kids to doctor’s appointments to tutoring, grocery shopping and sports practice. The cost of hiring someone to do all these activities could be cost prohibitive. Maintaining a life insurance policy for the parent would allow the spouse and children to maintain their standard of living and usual routines.
Financial Protection for the Family
An unexpected death could be a significant financial burden for a family that is unprepared. Cremation or burial expenses, lost wages during bereavement and counseling sessions for children are all expenses that can quickly add up. Having a life insurance policy in place helps provide funds for these necessary expenses.
Protection for the Wage Earner
After a death, the wage earner may need to take extra time off work to get the household back in order and get the children used to the new way of living. This may force the wage earner to have a decrease in income. A life insurance policy for an at-home parent provides the wage earner with the necessary leeway to make such lifestyle changes. Parents with children of any age benefit from the financial protection and peace of mind provided by a life insurance policy.