Stay-at-home parents provide essential support to growing families. A life insurance policy can give them the opportunity to provide financial support and help the family replace the cost of everything they do. Young families will be able to afford term life policies for both parents to protect the interests of their children.
Malhotra & Assoc. Insurance has insurance solutions for everyone who is seeking protection. Let us help your family today. Contact us for more information.
Cover Child Care, Meal, Errand, Household Care Costs
While stay-at-home parents may not be earning an income, they certainly are performing services that would be worth a significant amount to the family if they were to go out of the picture. The cost for the services generally performed by stay-at-home parents has been estimated to be well over $100,000.
Without the stay-at-home parent, the earning parent would have to shoulder that expense. That would mean sending the kids to school and daycare, getting them to sports practice, running errands, preparing meals, tidying the house, caring for pets, and covering the other daily activities that fill the lives of stay-at-home parents.
Be Able to Pay for Children’s Needs
One of the main reasons young parents purchase life insurance is to make sure their children will have enough money to get through schooling if anything were to happen to them. They want to make sure their kids will have the funds to be taken care of. Even if the earning parent has a life insurance policy, the stay-at-home parent can help prepare for this financial event by purchasing a policy with 75% to 100% of the value of the earner’s policy. This will secure the children’s livelihood in case of emergency.
Protect Your Family’s Financial Interests
Life insurance secures your family’s finances in the event of your death. A life insurance policy for the stay-at-home parent gives added security to the family’s finances, which helps the family prepare for expenses like sports, musical instruments, and bigger expenses such as vehicles and college.
Finding Affordable Life Insurance
Term life policies are a great solution for young parents looking to safeguard their finances. A policy can usually be purchased for less than $30 per month for a healthy stay-at-home parent. These types of policies guarantee a set value in death benefit if the insured passes away within the time period of the policy, which can be 10, 20, or 30 years. Term policies make good financial sense for young families because they have affordable premiums and can cover the family until the children are old enough to be independent. If the parents time it right, they can secure coverage through high school or even college. That financial safeguard can be crucial to help pay for the children’s plans.
Permanent life insurance policies are an alternative for families with the ability to pay higher monthly premiums for the promise of coverage over the full lifetime of the parent. These plans will provide a source of financial support for the children and family if anything should happen, and can be used as a way to leave money to the children when you pass away.
Are you looking for a life insurance solution as a stay-at-home parent? Reach out to an agent with Malhotra & Assoc. Insurance for the answers to all of your life insurance questions.
Disclaimer: This blog post is meant for general informational purposes only and may not reflect your specific policy