For parents, Life Insurance in Murrieta CA is a significant financial responsibility and a great way to ensure that the family has the resources necessary to carry on after the unthinkable happens. It makes sense that that working parents should have insurance because the family relies on the income provided. However, it’s equally important for stay-at-home parents to have coverage. Below are some of the most common reasons for at-home parents to have life insurance.
A Stay-at-Home Parent Has Value
At-home parents may not make a monetary contribution to the household, but the services they provide every day would be expensive to replace, and life insurance could help the family absorb those costs. If a stay-at-home parent were to be paid for everything they do, they’d make almost $120,000 per year according to a national average. However, not everything the at-home parent does would be replaced with hired help, so that number shouldn’t be used as a baseline for determining life insurance needs. It’s clear that at-home parents offer a lot of value, and that’s why life insurance is so important.
Recouping Childcare Costs
An at-home parent’s primary job is to take care of the children, and replacing the job would require the working parent to reduce his/her hours, quit their job or pay for childcare. All are expensive, but most families choose to pay for childcare. Life Insurance in Murrieta CA can help working parents defray the cost of daycare or a live-in nanny.
Paying for Housework
Cleaning, cooking, laundry and grocery shopping are just some of the tasks handled by an at-home parent. In many cases, the working parent takes over some of these responsibilities, but it’s often hard for them to keep up with everything. Hired help can take some of the strain off of the working parent, but it can be costly. However, life insurance can help to cover some of those expenses.
Stay-at-home parents should have life insurance because they work hard and provide value, and it is expensive to replace the work they do. Unless a family already has money set aside to handle those expenses or the working parent’s income is sufficient to cover them, life insurance is a good way to ensure that things are taken care of when necessary. Click Here to learn how life insurance can help families carry on after the loss of an at-home parent.
